Pune,India, June 29, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Mobility as a Service (MaaS) Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2025 - COVID-19 Impact and by Service Type, Application Platform, Business Model, Vehicle Type, and Geography”, the mobility as a service (MaaS) market was valued at US$ 44.33 billion in 2017 and is projected to reach US$ 476.34 billion by 2025; it is expected to grow at a CAGR of 36.4% from 2018 to 2025. The increasing urbanization and smart city initiatives, and Improved modes of transportation from one end to another. However, the lack of awareness among the people is expected hinder the growth of the market.
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Global Mobility As A Service Market: Segmental Overview
Based on service type, the mobility as a service market is segmented into self-driving car service, ride-hailing service, car sharing service, bi-cycle sharing service and bus sharing services. The ride-hailing service segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on application platform the market is categorized as android, iOS, and others. The android segment held the largest share of the mobility as a service market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. On basis of business model, the mobility as a service (MaaS) market is classified as B2B, B2C, and P2C. The B2C segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period. Based on vehicle type, the mobility as a service market is segmented into passenger cars, bike, and bus. The passenger cars segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period
Increasing Use of Autonomous Cars And Electric Vehicles Lucrative Opportunities for Mobility As A Service Market
The increasing use of autonomous cars and electric vehicles (EVs) presents a significant opportunity for the Mobility as a Service (MaaS) market. MaaS refers to providing transportation services on-demand, offering users access to various modes of transportation through a single platform. The rise of autonomous cars and EVs enhances the potential and attractiveness of MaaS in several ways. Autonomous cars have the potential to revolutionize the transportation industry by providing safe, efficient, and convenient mobility solutions. As autonomous technology continues to advance, the need for individual car ownership may decline, giving rise to shared autonomous vehicles as a primary mode of transportation. MaaS providers can integrate autonomous cars into their service offerings, allowing users to access self-driving vehicles on demand. This reduces the need for private car ownership and enhances the overall efficiency of transportation networks, leading to reduced traffic congestion and environmental impact. The increasing adoption of EVs aligns well with the sustainability goals of the MaaS market. Electric vehicles offer lower carbon emissions and reduced dependence on fossil fuels compared to traditional internal combustion engine vehicles. MaaS providers can prioritize including electric vehicles in their fleet, promoting green mobility solutions, and supporting the transition towards sustainable transportation. By offering EVs as part of their service, MaaS providers contribute to reducing air pollution and promoting environmentally friendly transportation options. Furthermore, using autonomous cars and EVs can enhance the operational efficiency and cost-effectiveness of MaaS. Autonomous cars have the potential to optimize routes, reduce congestion, and minimize idle time, leading to more efficient use of transportation resources. On the other hand, electric vehicles have lower maintenance costs and operational expenses than traditional vehicles due to fewer mechanical components and lower energy costs. By leveraging these benefits, MaaS providers can offer cost-effective and efficient transportation services, attracting more users and fostering market growth. Integrating autonomous cars and EVs into the MaaS ecosystem opens up opportunities for seamless and integrated mobility experiences. Users can access different modes of transportation, including autonomous cars and EVs, through a single MaaS platform. This integration allows for convenient and efficient trip planning, ticketing, and payment systems, simplifying the travel experience. MaaS providers can leverage technology and data analytics to optimize the utilization of autonomous cars and EVs, ensuring reliable and accessible transportation options for users.
China has emerged as a leader in the Mobility as a Service (MaaS) market, taking a prominent position due to several key factors. Firstly, China's massive population and rapid urbanization have created a high demand for efficient and convenient transportation solutions. The country's dense urban areas and extensive transportation networks provide an ideal environment for the growth of MaaS. With many people relying on public transit, ridesharing, and other shared mobility options, there is a strong foundation for adopting MaaS services. Secondly, China's digital ecosystem and tech-savvy population have contributed to the success of MaaS in the country. Chinese consumers are known for their widespread adoption of mobile apps and digital payment platforms, essential components of MaaS. This tech-savvy culture, combined with a strong focus on innovation and technology, has facilitated developing and deploying advanced MaaS solutions. Furthermore, China's supportive regulatory environment has played a crucial role in the growth of MaaS. The government has promoted sustainable transportation and smart city initiatives, offering favorable policies and regulations to encourage the development and adoption of MaaS services. This support has attracted domestic and international MaaS providers to invest in the Chinese market, further driving its growth. China's dominant position in the ride-hailing industry has contributed significantly to its leadership in the MaaS market. Additionally, China's investment in smart transportation infrastructure and emerging technologies, such as artificial intelligence and connectivity, has further accelerated the growth of MaaS. Integrating these technologies allows for improved efficiency, real-time data analysis, and optimized transportation networks, enhancing the overall MaaS experience for users.
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Global Mobility As A Service Market Analysis: Competitive Landscape and Key Developments
Lyft, Inc., Uber Technologies, Inc., Moovel Group GmbH, Beeline Singapore, Whim App (MaaS Global Oy), Splyt Technologies Ltd., Qixxit, UbiGo AB, Tethys Technology, Inc., Smile Mobility, SkedGo Pty Ltd, Transit Systems Pty Ltd., and Citymapper are a few of the key companies operating in the mobility as a service market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In January 2023, ride-hailing company Uber plans to introduce 25,000 electric cars in India over the next three years through its platform. A memorandum of understanding signed with Tata Motors envisages the phased delivery of 25,000 units of Tata’s Xpres-T EV electric car from the month of January.
In October 2021, Honda launched Ashirase, a wearable device that helps visually impaired individuals navigate their surroundings using vibrations and audio guidance. The device is part of Honda's efforts to expand mobility services beyond traditional vehicles.
In May 2020 , mobility as a service Global Oy collaborated with Finland largest, Enfuce to startup new payment mode to introduce a payment through card through mobility app. The collaboration gave rise to issue master card prepaid cards and to the mobility as a service market
In April 2019, Mobilleo introduced a hailing ride transportation option that can connect wirelessly for contacting nearby car or taxi ride services. Collaboration with multiple services and the ability to connect globally from anywhere for mobility services such as ride hailing.
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