Mobility as a Service Market is All Set to Accelerate with 36% CAGR During the Forecast Period (2017-2023): MRFR

Overview:

The mobility as a service (MaaS) market has hit the right key at the perfect time to zoom ahead with a stellar speed. Its impact has been revolutionary in the transportation sector. Mobility as a Service Market can be integrated into a single mobile application with which the system can book, plan, buy tickets, and make payments for transportations in both public and private sector. The global mobility as a service market is expecting an excellent 36% CAGR during the forecast period (2017-2023) and reach a valuation of USD 253.16 billion in that time. Market Research Future’s (MRFR’s) report on the same market puts a light on the factors that can help the MaaS market grow. The rapid development of public infrastructure and in regulatory policies, improved networks with higher speed and greater proliferation, better cashless payment systems, integration of telecom service providers, along with public and private transportation providers, and mobility management players hold the key for the future MaaS market growth.
However, the mobility as a service market can find a privacy policy a hurdle not easy to overcome. The MaaS system operates using the internet which can be threatened by hackers which can prohibit the MaaS market growth during the forecast period.

Segmentation:

The Mobility as a Service (MaaS) market can be segmented by type, deployment, services, and application platform.
On the basis of type, the Mobility as a Service market is categorized into public type and private type.

By services, the Mobility as a Service market is sub-segmented as e-hailing services, bike sharing services, car sharing services, pop up bus services, self-driving car services, and others.
Based on deployment, the MaaS market can be segmented into on-premises and on-cloud.

On the basis of the application platform, the Mobility as a Service market comprises an Android platform, iOS Platform, and others.

Regional Analysis

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Region-specific approach to analyze the Mobility as a Service market includes namely North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).

Europe is registering significant growth in the MaaS market. Germany, Finland, the U.K., and France are countries that are contributing substantially to the regional market growth. These nations are also benefitting more than the rest reaping the best of the beginner’s charm.

The APAC market is huge with Hong Kong, Australia, China, New Zealand, India, Japan, Malaysia, Taiwan, Singapore, and South Korea joining the bandwagon. A considerable increase in the number of urban population index, are growing disposable income boosting the market. Furthermore, the concept of car sharing is picking up the pace which is also helping the market score more in terms of revenue. China is doing remarkably good. Smartphone user’s number is quite high in China and India which is helping people in getting the MaaS at their fingertip.

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Competitive Analysis:

The MaaS market is getting benefitted from strategic developments integrated and implemented by major market players. These tactical moves include merger, acquisition, new product launch, research and development, and other methods that take the individual companies ahead in sync with the market expansion.
Ola, in 2018, has taken several steps such as the acquisition of Ridlr, a ticketing app to strengthen their mobility platform with public transportation infrastructure.

Latest news reveals that Uber is in talks with Careem for a big acquisition. Careem is Uber’s biggest Middle East competitor. This acquisition would help Uber in expanding their market reach.
MaaS Global has recently secured a USD 10 million fund to expand their region-based operation in Finland, as well as, in other countries. Their app Whim is the world’s first mobility service provider.

Some of the key players of Mobility as a Service market include BMW Group (Germany), Alliance Corporation (Canada), Apple Inc. (U.S.), Xerox Corporation (U.S.), Lyft, Inc.(U.S.), Uber Technologies Inc. (U.S.), MaaS Global (Finland), Deutsche Bahn (Germany), Daimler AG (Germany), Communauto (Canada), Car2go (U.S.), Hailo (U.K.), Bridj (U.S.), Ola (India), Ridepal (U.S.), Make My Trip (India), and others.