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Mobility As A Service Market Is Anticipated To Reach USD 510.22 Billion at a CAGR of 27.74% by 2030 - Report by Market Research Future (MRFR)

Growing Efforts to Promote Smart Mobility Drive Market

New York, US, Nov. 09, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Mobility as a Service Market Research Report: By Type, Service Type, Business Model, Application Platform and Region - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 510.22 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 27.74% during the assessment timeframe.

Mobility as a Service Market Overview:

The mobility as a service market is forecasted to garner rapid revenue growth on the global platform. Growing consumer interest in smart mobility would support the market growth. Mobility as a service (MaaS) refers to an interface that enables users to plan, book, and pay for various mobility services for their traveling needs. MaaS offers the best value proposition providing a convenient, sustainable, and cheaper alternative to the private car. Thus, MaaS helps minimize the additional traveling costs otherwise spent while navigating myriad fragmented transport services.

With rapidly growing urbanization worldwide, every major city faces more issues related to accessibility and livability. In such scenarios, MaaS can play a causal role in improving living conditions and accessibility in cities and rural areas. Also, the transport sector undergoing significant disruption, grappling with new technologies, products, and services, and changing customer expectations & opportunities re-establishes the importance of MaaS.

Leading players in the Mobility as a Service Market are-

  • Daimler AG (Germany)
  • Bayerische Motoren Werke AG (BMW-Germany)
  • Deutsche Bahn (Germany)
  • Xerox Corporation (US)
  • Beijing Xiaoju Technology Co. Ltd (China)
  • Lyft Inc (US)
  • GrabTaxi Holdings Pte Ltd (Singapore)
  • MaaS Global Oy (Switzerland) 

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Mobility as a Service Market Report Scope:

Report Metric Details
Revenue forecast in 2030 USD 510.22 Billion
Growth Rate CAGR of 27.74% from 2022 to 2030
Base Year 2021
Study Period 2022-2030
Key Market Opportunities They have incorporated solutions that are eco-friendly in those smart cities
Key Market Drivers The insurance premium, fuel costs, parking expenses can be eliminated when the consumer prefers to use the MaaS technology.

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Key Industry Trends

The key driving force behind the market growth is government initiatives emphasizing building equitable and sustainable transport capabilities at the state and city levels to address problems associated with urban transport. Moreover, increasing consumer interest in micro-mobility & smart mobility options and investments in developing mobility as a service and customer engagement technologies drive market growth. 

Increasing government initiatives to help operators embrace MaaS technology and deliver turnkey ticketing solutions to their customers influence market adoption. Mobility as a service provides a multi-tenant fare payments platform for the pay-as-you-go model and a rich source of real-time data on journeys and ticket sales. MaaS solutions are becoming a reliable and trustworthy ticket booking medium for the general public with their high customer-centric functionality. 

The growing interest in on-demand services for the flexibility and additional features it offers, such as real-time feedback, vehicle tracking, and rating, pushes the market growth. Additionally, the emergence of numerous mobile applications that make it easier to find available passenger cars and compare fares positively impacts Mobility as a Service Market growth. 

Mobility as a Service Market Segments

The mobility as a service market report is segmented into services, solutions, transportation types, vehicle types, applications, operating systems, business models, and regions. The service segment is sub-segmented into ride-hailing, car sharing, micro-mobility, bus sharing, train services, and others. 

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The solution segment is sub-segmented into technology platforms, navigation solutions, payment engines, telecom connectivity providers, ticketing solutions, insurance services, and others. The transportation type segment is sub-segmented into public and private. The vehicle type segment is sub-segmented into micro-mobility, four-wheelers, buses, trains, and others. 

The application segment is sub-segmented into journey management, journey planning, personalized application services, flexible payments & transactions, and others. The operating system segment is sub-segmented into Android, iOS, and others (Linux, Blackberry OS, Symbian OS, Windows, and KaiOS). The business model segment is sub-segmented into business-to-business, business-to-consumer, and peer-to-peer. The region segment is sub-segmented into the Asia Pacific, Middle East & Africa, North America, Europe, and rest-of-the-world.

Mobility as a Service Market Regional Analysis

Europe dominates the global mobility as a service market, witnessing the growing inclination toward micro-mobility in the region. Besides, the growing adoption of on-demand transportation services drives the market. Growing consumer interest in micro-mobility has also encouraged key manufacturers such as BMW and Daimler to invest in rental scooter services through MaaS. 

North America is another rapidly growing market for mobility as a service. Huge advances & easy access to futuristic technology and the highest GDP in the world impact the market scenario positively. Besides, key MaaS solution developers & providers in the region boost the market size. The evolving cloud technology and increasing applications of intelligent transport solutions across the cities substantiate the region’s market shares. The US accounts for the largest Mobility as a Service Market in North America.

The mobility-as-a-service market in the Asia Pacific is growing briskly. Especially in India, the smart-transportation market has been catching up with a vast momentum, and smart ticketing solutions are launched in major cities across the country. Also, governmental initiatives to improve highway and transport infrastructures, alongside digital transformation and technological developments, define the growing Mobility as a Service Market landscape. 

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Mobility as a Service Market Competitive Analysis

The MaaS market witnesses significant strategic initiatives, such as collaboration, mergers & acquisitions, expansion, and advanced technology integration. Matured industry players make strategic investments in driving research & development activities and expansion plans. The market witnesses several innovative product launches and related technology launch each year. Their expansion initiatives of services focusing on venues and promoter partnerships into emerging Mobility as a Service Market help revenue growth. 

For instance, on Oct. 11, 2022, Thales announced that it had successfully delivered a new payment and ticketing platform in greater Jakarta for transport company PT Jakarta Lingko Indonesia. 

These solutions, account-based ticketing (ABT) and mobility-as-a-service (MaaS) technologies, will support Jakarta’s master plan to improve public transportation, increase its use to 60%, and expand its coverage area further on all roads to 80% in Greater Jakarta by 2029. The integrated fare for multi-mode public transport operators of Jakarta was launched with the support of the government of Jakarta province on Aug. 08, 2022.

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