The Mobility as a Service Market is expected to reach over USD 754.341 Billion by the year 2032 registering a CAGR of 17.4%. Mobility as a Service operation is carried out by integrating various modes of transportation to a single platform with the help of mobile application. The technology helps the customer in planning the travel including the various transportation methods and payment details. The Mobility as a Service is customer centric and leads the customer to obtain energy efficient and cost efficient way of commute. Various modes of transportation can be accessed on demand. Mobility as a Service operation is carried out with the help of data service providers that acquires real-time information regarding weather and traffic. The transportation manufacturers and governmental bodies take higher responsibility for efficient functioning of MaaS.
Figure 1:Â Mobility as a Service Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Mobility as a Service works in collaboration with the various gateway options to help the customers pay digitally. The recent reports published by the World Health Organization shows that over 50% of world population are already living in urban areas where the roadway transportation is already congested. The percentage is likely to increase over 60% by 2025. The increasing population in the urban areas has increased the congestion in the roadways and created issues with the parking personal vehicles. The reduction of personal vehicle can slowly address the issue. Hence the Mobility as a Service market is likely to witness tremendous growth in the traffic congested areas.
The pandemic has prevented crowds and restricted the movement across the globe. The automotive industry like any other crucial industry has witnessed a sharp decline due to the health crisis. The rising health concerns due to the pandemic have increased the fear of spread of the disease in several countries. Hence a large number of people have reduced utilizing the services.
The public transport has stopped working in majority of countries. The work-from-home condition has reduced the overall transportation services. These factors have adversely affected the Mobility as a Service market value in the recent years. Unavailability of drivers for the infected people, fear among the public, cost of sanitation are some of the factors that impact the Mobility as a Service market.
The significant shift to technology upgrades due to compounding crises such as the Covid19 pandemic and climate change, along with increased traffic congestion and changed travel patterns, have presented CitySwift with an exciting opportunity. These funds will be used to fast-track expansion plans and fuel the company’s goal to help the public transport industry to respond to issues like fuel hikes, funding uncertainty, and Covid-19 recovery.
Instead of owing the vehicle and bearing a huge cost of ownership and maintenance costs for the vehicle, Mobility as a Service offers better comfort and easy commute ways in the transportation services. The insurance premium, fuel costs, parking expenses can be eliminated when the consumer prefers to use the MaaS technology. Additionally, the users are allowed to enjoy the perks of driving the personal vehicles without owning them. The payment is considerate and depends on the number of miles covered. Expenses like fuel, insurance, parking are covered by the service provider.
The countries who are largely focusing in reducing the carbon dioxide emission have encouraged their citizens to utilize the Mobility as a Service technology, the on growing usage of smartphones and enhanced 5G technology infrastructure have increased the Mobility as a Service market demand in the recent years.
Further, Hero MotoCorp will have multiple variants and modularity options, such as B2B vehicles, multiple form factors across electric mobility, advanced driver assistance, and autonomous vehicles, with the Vida V1. The company also plans to offer differentiated services like mobility as a service (MaaS) & battery as a service (BaaS), and insurance & warranty.
Several developed countries are highly focusing in developing smart cities and are increasingly investing in those projects. They have incorporated solutions that are eco-friendly in those smart cities. Hence there are stringent limitations involved in the usage of carbon emitting vehicles. These factors have increased the opportunity for the growth of Mobility as a Service market.
Several countries like Europe are increasingly adopting Electric vehicles and installing power stations to fuel these vehicles. Such factors are increasingly impacting the Mobility as a Service industry. Additionally the advent of autonomous taxis and vehicles has reduced transportation costs. Such factors have increased the demand of Mobility as a Service market.
Since the Mobility as a Service is operated with the help of internet, the data transmission is at risk of getting hacked by potential hackers. The payment details, personal details shared during the process involves risks. This factor is expected to impede the Mobility as a Service market growth.
The authority and leadership issues are the major challenge in the Mobility as a Service market. The private and public sector leaderships are essential to carry out the operations.
The effective functioning of Mobility as a Service market includes several sectors like telecom operators, service operators, manufacturers, automotive industry, public sector, user groups and so on. Hence the challenge might arise in any of these sectors.
Several governmental organizations will approve the project only if it imbibes with the Public-Private Partnership model. The model recommends the service provider to participate in any government initiatives. This factor is considered as the crucial restraining factor for the Mobility as a Service market.
The private transportation can function on demand, but the public transportation can’t. The supply and demand ratio plays vital role in this sector. This is also a major challenge in carrying out the project.
The Mobility as a Service operators are capable of obtaining the real-time data about the weather, traffic, easy routes, costs incurred, various options and potentially all the information related to the travel with minimal hassle. The increasing utilization of smart phones and easy way of accessing using the mobile platforms has increased the overall demand for the Mobility as a Service industry. Currently, the global Mobility as a Service industry value is expected to reach over 485 billion by the year 2024 registering a CAGR of 39.40%. The integration of several platforms and sharing, leasing options have increased the popularity among the end-users.
As the countries who are highly investing in the eco-friendly products and services encourage the Mobility as a Service sector with their citizens which help in reducing the number of vehicles on the roads. The countries like Asia-pacific are increasingly suffering from road congestions which propelled the Mobility as a Service market growth in the recent years and expected to reach the mentioned value in the forecast period.
The countries that are increasingly suffering from road congestions are implementing projects like intra-city buses, metro projects, light rail, high-speed rail systems, and so on. Apart from all of those projects, the Mobility as a Service market is expected to witness tremendous growth owing to the services like traffic management, payment, self-driving unit, and autonomous vehicle driving, etc.
Consumers who are looking for a hassle-free commute prefer to choose Mobility as a Service for their regular commute to work or essential places. The proliferation of wifi, 5G, Bluetooth, IoT devices have increased the Mobility as a Service market value in recent years. The highly technological transportation, subscriptions schemes, and affordable transportation have encouraged customers to adopt the technology.
The development of autonomous driving is a key focus area for the Volkswagen NEW AUTO strategy. In highly automated driving as a service (MaaS/TaaS), the manufacturer consolidates its development partnerships with Cariad, Bosch, and Horizon Robotics in China.Â
The Mobility as a Service market is expected to witness booming growth in the countries like North America, Europe, Asia-pacific. Among these countries, Europe is significantly focusing on developing solutions and services that are eco-friendly. They are thriving to reduce carbon emissions and introducing electric vehicles across the country. The economic conditions of these countries and the changing preference of consumers and riders have positively impacted the Mobility as a Service market in recent years.Â
Currently, North America is holding the second-largest revenue holder of the global Mobility as a Service market which was valued at USD 9.63 billion in the year 2018, despite the lockdown and the restrictions, the market is appearing to be booming in the forecast period.Â
The Suishenxing app also rewards registered users with credits for every metro or bus service used to promote environmentally friendly modes of transport. Through the public transportation service, users can avail of a swipe-for-all pass, including all codes needed to take public transport.
This report has covered
MaaS Market By Service Type
Mobility as a Service Market By Solution Type
By Transportation Type
MaaS Market By Vehicle Type
By Application Type
Mobility as a Service Market By Operating System
By Business Model
By Region
| Attribute/Metric | Details |
| Â Â Market Size | Â Â USD 178.456 Billion By 2032 |
| Â Â CAGR | Â 17.4% From 2022 to 2032 |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â Â 2024 to 2032 |
| Â Â Historical Data | Â Â 2018 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â By Type, Business Model |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific |
| Â Â Key Vendors | Â Â Daimler AG (Germany) Bayerische Motoren Werke AG (BMW) (Germany) Deutsche Bahn (Germany) Xerox Corporation (US) Lyft Inc (US) MaaS Global Oy (Switzerland) GrabTaxi Holdings Pte Ltd (Singapore) Beijing Xiaoju Technology Co. Ltd (China) |
| Â Â Key Market Opportunities | Â Â They have incorporated solutions that are eco-friendly in those smart cities. |
| Â Â Key Market Drivers | Â Â The insurance premium, fuel costs, parking expenses can be eliminated when the consumer prefers to use the MaaS technology. |
Mobility as a Service Market Highlights:
Frequently Asked Questions (FAQ) :
The Mobility as a Service market is predicted to expand at a 17.4% CAGR over the review period.
The rapid expansion of public infrastructure and in regulatory policies, and the integration of telecom service providers, is expected to create opportunities for the market over the review period.
The MaaS system operates through the internet which can be susceptible to hackers which can impede the MaaS market growth over the forecast period.
The business to business (B2B) segment is expected to record the highest market share by 2024.
the European mobility as a service market is anticipated to witness highest growth at a CAGR of 37.1% over the review period.
A few market players in the global market for Mobility as a Service technology are Daimler AG (Germany), Bayerische Motoren Werke AG (BMW) (Germany), Deutsche Bahn (Germany), Xerox Corporation (US), Lyft, Inc (US), and others.
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Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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