The ‘Global Mobility as a Service Market Size, Share, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global mobility as a service market, assessing the market on the basis of its segments like service type, solution type, transportation type, vehicle type, application, and region.
Mobility as a Service Market Share, Size, Trends, Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 188.21 billion
- Forecast CAGR (2023-2028): 17.60%
- Forecast Market Size (2028): USD 494.46 billion
The global mobility as a service market is witnessing significant growth due to the rising popularity of electric vehicles, which provide cheaper, more commodious, and environmentally responsible transportation options. Along with reducing congestion, mobility as a service (MaaS) can help to improve air quality, reduce carbon emissions, and promote sustainable mobility. MaaS can encourage people to choose more environmentally friendly means of transportation, like biking or utilising public transportation, by offering a choice of mobility options.
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MaaS platforms can also contribute to a reduction in the environmental impact of transportation by offering more environmentally friendly mobility alternatives. Changes in consumer preferences, particularly among younger generations that value convenience, flexibility, and cost-effectiveness in their mobility alternatives, is another significant factor driving the mobility as a service market.
Due to rapid digitalisation, the development of efficient ride reservation and monitoring technologies has further aided the growth of the global market for mobility as a service. With increased internet availability, especially through fast 5G and 4G LTE connections and wireless interactions with drivers via telecommunications using smartphones, the market for mobility as a service has increased. The mobility as a service market is further experiencing rapid growth as a result of the growing use of smart devices for planning and carrying out their journeys, utilising smart devices for everything from navigation to payments and insurance.
Industry Definition and Major Segments
Mobility as a service (MaaS) refers to the combination of numerous modes of transportation onto a single platform to provide complete mobility services. MaaS providers partner with payment gateway suppliers to provide consumers with a pay-per-use option, and also provide real-time traffic and weather information from data service providers. Numerous services and solutions can be integrated, including car leases or rentals, public transportation, taxis, and combinations of any of these.
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By service type, the market is divided into:
- Car Sharing
- Micromobility
- Ride Hailing
- Bus Sharing
- Train Services
On the basis of solution type, the market is categorised into:
- Technology Platforms
- Telecom Connectivity Providers
- Ticketing Solutions
- Payment Engines
- Navigation Solutions
- Insurance Services
By transportation type, the market is bifurcated into:
- Public
- Private
Based on vehicle type, the market is categorised into:
- Four-Wheelers
- Buses
- Micromobility
- Trains
By application, the market is segmented into:
- Personalised Application Services
- Journey Management
- Journey Planning
- Flexible Payments and Transactions
On the basis of region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
One of the key trends projected to fuel the global mobility as a service market is the rise in urban parking problems and traffic congestion, which has expedited the development of regularised public transport systems and increased the need for MaaS. It is anticipated that more travellers are choosing to use ride-sharing and taxi services across the world. As a result, this will likely encourage key players to improve the features and broaden their operations that are offered through mobile applications in order to hold onto their respective market shares in the competitive market.
Rising population and increasing costs of vehicular ownership are also crucial trends in the mobility as a service market. Depending upon the region, ownership and operating costs of vehicles can be high, due to increasing fuel prices and additional costs for insurance. Mobility as a service is emerging as a popular and low cost alternative to owning a vehicle, particularly for consumers with occasional travelling needs.
Regionally, the Asia Pacific is anticipated to witness rapid growth in the market for mobility as a service, fuelled by increasing workforce, rapid urbanisation, and expansion of key market players. In countries such as China, China, Japan, South Korea, and Singapore, there are significant investments towards mobility infrastructure, offering lucrative opportunities for the mobility as a service market in the forecast period.
Key Market Players
The major players in the global mobility as a service market report are MaaS Global Ltd., Moovit App Global Ltd., Uber Technologies Inc., SkedGo Pty Ltd, and FOD Mobility UK Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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