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The global Mobility as a Service (MaaS) market size was USD 3.40 Billion in 2021 and is expected to register a revenue CAGR of 32.3% during the forecast period

NEW YORK, NY, UNITED STATES, June 14, 2023/EINPresswire.com/ -- The size of the global Mobility As A Service (MaaS) Market was USD 3.40 billion in 2021 and is projected to achieve a compound annual growth rate (CAGR) of 32.3% in terms of revenue during the forecast period. The market's revenue growth is expected to be driven by the increasing significance of digitalization and digital payment solutions, the rapid adoption of autonomous vehicles, and the growing demand for micro-mobility. Mobility as a Service refers to the concept of transforming mobility services and solutions into an on-demand service.

Instead of individuals owning and managing their own vehicles, MaaS providers offer a wide range of transportation options to users when they need them, enabling them to travel both short and long distances. MaaS services encompass various offerings such as ridesharing applications (Uber), peer-to-peer rental services (GoGet, Flexicar), and micro-mobility services (Lime Scooters, Jump Bike).

Governments in different countries are implementing strict rules and regulations to limit environmental pollution caused by conventional vehicles. This is expected to drive the demand for micro-mobility and subsequently contribute to the revenue growth of the market. In certain instances, regular commuters have been compelled to utilize various modes of transportation. To address issues of transportation inequality, sustain commuting, and safeguard infrastructure, Lights Out Management (LOM) was established. Its objective is to provide innovative, sustainable, and accessible transportation options such as carpooling, autonomous shuttles, and on-demand transportation to underserved areas.

Mobility as a Service introduces a fresh perspective on modern transportation and places accessibility at its core. Companies like Uber, Lyft, and Ola have already pioneered the concept of user-centric and integrated mobility. Users can access a diverse range of transportation options and related services through a single payment interface. The adoption of these services has contributed to the revenue growth of the mobility as a service industry. Due to the high demand for mobility services, customers can now combine various vehicle sharing, bike-sharing, and micro-mobility services, including both docked and dockless bicycle schemes. The MaaS concept is built upon a foundation of public transit services such as buses and trains, combined with private mobility choices.

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Segments Covered in the Report

The Mobility as a Service (MaaS) market offers a variety of service types to cater to different transportation needs. These service types can be categorized as follows:

Bi-Cycling Sharing: This service type focuses on providing shared bicycles for users to rent and use for short-distance travel. It promotes eco-friendly and active modes of transportation.
Ride Hailing: Ride hailing services, such as Uber and Lyft, connect users with drivers through mobile applications, allowing them to book and pay for rides on-demand.
Car Sharing: Car sharing services enable users to access shared vehicles for a specific duration, providing a flexible and cost-effective alternative to traditional car ownership.
Bus Sharing: Bus sharing services aim to optimize public transportation by offering efficient and shared bus rides, reducing traffic congestion and promoting sustainable mobility.
Self-Driving Car Service: This service type involves autonomous vehicles that can transport passengers without the need for a human driver. It represents the future of transportation with potential benefits such as increased safety and efficiency.

In terms of vehicle types, the MaaS market encompasses the following:

Micro-Mobility: Micro-mobility refers to small and lightweight vehicles designed for short-distance travel, such as electric scooters and bicycles. These vehicles are often part of shared mobility services.
Four Wheelers: This category includes conventional cars and other four-wheeled vehicles that are used for private or shared transportation, providing users with more space and convenience for longer trips.
Buses: Buses are an integral part of public transportation systems and play a significant role in providing mass transit options for commuters and travelers.
Trains: Trains are a key mode of transportation, offering fast and efficient long-distance travel options. They are commonly utilized in both urban and intercity contexts.

MaaS can be further classified based on the type of service provider and user interaction:

Public: Public MaaS services are operated and managed by governmental or public entities. These services focus on enhancing public transportation systems and providing accessible options for all.
Private: Private MaaS services are offered by private companies and are typically designed to cater to specific user groups or communities, offering tailored transportation solutions.
The MaaS market also includes various business models to facilitate service delivery:

Business-to-Business (B2B): B2B models involve MaaS providers offering their services to businesses or organizations, such as corporate transportation solutions or fleet management services.
Business-to-Customer (B2C): B2C models target individual customers, providing them with direct access to MaaS services through mobile applications or online platforms.
Peer-to-Peer (P2P) Rentals: P2P rental models enable individuals to share their personal vehicles with others, allowing for more flexible and localized transportation options.

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Strategic development:

In June 2021, MaaS Global Oy, one of the prominent platforms for mobility-as-a-service, acquired Wondo, a Ferrovial mobility company based in Spain. This acquisition is expected to bring significant changes to the transportation industry, as both Whim and Wondo are poised to make an impact. Whim, which is already operating in Asian and European markets, has plans for future product launches to further enhance its services.

In April 2020, Moovit introduced an Emergency Mobilization On-Demand solution in response to the COVID-19 pandemic. This solution was specifically designed to assist essential personnel by transforming car fleets into an on-demand service. It allowed key personnel to reach their destinations safely without compromising their health. This innovative approach has already been implemented in several cities, facilitating the safe commuting of employees.

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Competitive Landscape:

UbiGo AB, OLA (ANI Technologies Pvt. Ltd.), Uber Technologies, Inc., Lyft, Inc., Moovel Group GmbH, DiDi Chuxing Technology Co., Citymapper, Shuttl (Super Highway Labs Pvt. Ltd.), Communauto Inc., and Moovit Inc.

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