Global Mobility as a Service Market to Grow at a CAGR of 30.30%, during Forecast Period
Published | 28 September 2022
Global Mobility as a Service Market is flourishing owing to the growing worries about greenhouse gas emissions, urban traffic congestion, the cost-effectiveness and ease of MaaS, as well as expanding government initiatives are boosting MaaS adoption, which will likely drive market growth.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Mobility as a Service Market was worth USD 3.48 billion in the year 2021. The market is projected to grow at a CAGR of 30.30%, earning revenues of around USD 22.15 billion by the end of 2028. Because of the cutting-edge facilities and technologies provided to clients, the market for mobility as a service is likely to grow rapidly. Improved modes of transit from one end to the other improved mobility management. There are three domains involved in wireless communications between modes: consumer, driver, and supporter. Smartphones are used to schedule transportation utilizing wireless internet connectivity. Improved internet connectivity technology, including quicker internet speeds, improved performance, and increased output. Mobility as a service has gained the trust of its users due to safe travel, lower costs, arriving at the destination ahead of schedule, the transmission of information about traffic jams over the lanes via smart devices, and a reduction in pollution due to fewer vehicles on the road and lower carbon dioxide emissions. However, the integration of various stakeholders and increasing fuel prices, in turn, may act as a huge restraining factor for market growth.
Smart City Initiatives and Rapid Urbanization
The adoption of mobility as a service is being driven by regulations and an increasing focus on smart city initiatives. To encourage the use of mobility as a service in transportation, nations are creating new policies. For instance, the Finnish Act on Transport Services, which went into effect in 2018, aims to encourage the adoption of mobility as a service, among other things. In terms of innovative mobility programs and concepts for mobility as a service, France is likewise at the forefront. On November 19, 2019, the French Parliament approved the "Mobility Orientation Act," which regulates all facets of land travel, including private and shared automobiles, carpooling, buses, trains, and chauffeured vehicles, as well as micro-mobility like rental cycles or electric scooters.
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Government Assistance
Governments in the area have helped with the creation and introduction of passenger cars and electric cars, such as buses, which have enhanced transportation options. They have also built infrastructure for electric car charging stations and make investments. This aids in the market's quick expansion. Additionally, the market rate has increased due to an increase in transportation modes combined with improved solutions such as traffic management, parking management, mobility management, and less emission, which has resulted in the development of smart cities and green cities, lower costs, and fewer accidents. During the anticipated period, each of these drivers will contribute to the global mobility as a service market's growth (2022-2028).
Challenge: Bringing together Various Stakeholders
The deployment of mobility as a service platform necessitates the collaboration of numerous stakeholders, including telecom operators, infrastructure suppliers, service providers, manufacturers, the public sector, and user groups. Several areas' governments favor the Public-Private Partnership (PPP) approach for project implementation. This strategy allows the private sector to participate in government efforts or vice versa to deploy and finance projects. Integrating public and commercial transportation companies becomes a difficult undertaking. Private transportation is on-demand, whereas public transportation is determined by the supply and demand ratio. The availability of infrastructure for mobility as a service is a big barrier because it is dependent on individual governments and their policies or willingness to adapt. This, together with difficulties of public approval and authority/leadership inside commercial or public enterprises, could provide a significant hurdle to mobility as a service market. The issue of leadership is central to the evolution of mobility as a service. According to experts, while public-sector leadership is critical for the creation and execution of mobility as a service, private-sector leadership may also be required to establish novel services.
Segmental Coverage
Global Mobility as a Service Market - By Application Type
Based on application type, the Global Mobility as a Service Market is segmented into Personalized Application Services, Journey Management, Journey Planning, Flexible Payments & Transactions, and Others. The rising necessity to choose a mode of transportation based on preferences is likely to cause the journey management sector to lead the global market in terms of revenue contribution throughout the forecast period. Dynamic trip management offers users travel options based on real-time, anticipatory, and planned data, based on data algorithms, and is anticipated to propel the segment's revenue growth throughout the projection period.
Global Mobility as a Service Market - By Transportation Type
Based on transportation type, the Global Mobility as a Service Market is segmented into Public and Private. Due to rising urbanization and a decline in car ownership, the private sector is anticipated to lead the market in terms of revenue contribution throughout the projection period. The need for private transportation is anticipated to rise in response to consumers' growing desire for comfortable, secure, hygienic, and individualized travel options. All these factors boost the growth of the Global Mobility as a Service Market during the forecast period (2022-2028).
Impact of COVID-19 on Global Mobility as a Service Market
Increased demand for station-based and rental-car services following the epidemic, Station-based mobility is expected to rise in popularity as a result of the COVID-19 pandemic's growing desire to adhere to societal distance rules. Commuters, on the other hand, may prefer to use car rental services rather than public transportation to have less contact with other people. Rather than using car-sharing services, commuters would place more trust in automobile rental businesses to sanitize their vehicles as needed. The market for mobility as a service would face a short-term fall as demand for multimodal transportation choices such as car-sharing, bus-sharing, and rail services declined.
Competitive Landscape
The leading market players in the Global Mobility as a Service Market are Lyft, Grab, Gett, Uber, Ola, Didi Chuxing, Daimler AG, Bayerische Motoren Werke AG (BMW), Deutsche Bahn, Xerox Corporation, MaaS Global Oy, Moovit, Inc., SkedGo Pty, Ltd., GrabTaxi Holdings Pte Ltd., Moovel Group GmbH, Beijing Xiaoju Technology Co. Ltd., Communauto, Inc., Citymapper Ltd., UbiGo Innovation AB, and other prominent players.
The Global Mobility as a Service Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Mobility as a Service Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Mobility as a Service Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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