Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global mobility as a service market size is projected to hit USD 774.93 billion by 2029 and exhibit a CAGR of 18.5% during the forecast period. The market size stood at USD 187.31 billion in 2021 and USD 236.42 billion in 2022. European countries to reduce CO2 emissions by 2035, to make Europe first Automotive Emission free continent in world, such factors boosting the mobility as a service market size in Europe. Increasing trend of digital payment to augment adoption of service.
Industry Development
- February 2022: Uber proclaimed the development of its offering to involve a B2B service called “Uber Bus for Business” as a global first from Egypt. The service provides corporations with a customized transport program for the daily commute of their workforce. The service also solves Cairo’s jamming challenge by decreasing traffic on streets.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 18.5% |
| 2029 Value Projection | USD 774.93 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 236.42 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 157 |
| Segments covered | By Service Type, By Application Type |
| Growth Drivers | Asia Pacific to Lead Backed by Rapid Urbanization and Growing Need for Transportation |
| Rising Focus on Digitalization and Digital Payment Solutions to Fuel Market Growth |
Regional Insights
Asia Pacific to Lead Backed by Rapid Urbanization and Growing Need for Transportation
Asia Pacific is projected to hold the largest mobility as a service market share during the forecast period and was valued at USD 74.45 billion in 2021. The surging cost of vehicle ownership, prompt urbanization, and escalating fuel prices, specifically in nations, such as India and China, are a few of the primary explanations that are predicted to assist Asia Pacific to continue dominating the market in the forecast period.
On the contrary, North America is estimated to hold the second-largest position in the market during the forecast period. Rising consciousness among the consumers concerning growing releases and increasing traffic congestion are the prime aspects aiding this region to maintain its position in the market.
Moreover, numerous nations in Europe are expansively implementing Electric Vehicles (EVs) and installing charging stations to charge these EVs. Such chief aspects are extensively influencing the market growth.
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Market Drivers-
Rising Focus on Digitalization and Digital Payment Solutions to Fuel Market Growth
Governments across the world are taking initiatives to endorse digital payments. For instance, the Indian government introduced the Digital-India initiative that emphasizes on nurturing cashless dealings and digital payment processes across the nation. The surging number of e-commerce corporations and the rising usage of e-wallets for making transactions are fueling the mobility as a service market growth. The advancement of greatly safeguarded and secure payment gateways is also projected to fuel the market during the forecast period.
Market Segmentations-
Ride-Hailing Segment to Lead Market in the Mentioned Period as it Provides Several Payment Choices
By service type, the market is segregated into ride-hailing, car sharing, taxi services, and others. The ride-hailing segment is predicted to lead the market during the forecast period.
Low Price of Android OS Compared to Others to Bolster Segment Growth
By application type, the market is classified into iOS, Android, and others. Among them, the Android segment is predicted to display dominance in the market during the forecast period.
By region, the market is categorized into Europe, North America, Asia Pacific, and the Rest of the World.
COVID-19 Impact
COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth
The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Mobility as a Services amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.
Competitive Landscape-
Vital Business-related Declarations by Prime Players to Sway Market Dynamics
Chief corporations in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either in a favoring manner or adversely. Players purchase companies, introduce novel products, involve in partnership deals, sign contracts with government establishments, and so on.
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Companies Profiled in the Mobility as a Service Market Research Report:
• Uber Technologies Inc. (U.S.)
• Lyft, Inc. (U.S.)
• Didi Chuxing Technology Co. (China)
• ANI Technologies Pvt. Ltd. (India)
• Grab (Singapore)
• Shuttl. (India)
• BMW Group (Germany)
• Moovel Group GmbH (Germany)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisition, and Partnerships
4.2 Porter’s Five Forces Analysis
4.3 PEST Analysis
4.4 Technological Developments
4.5 Company Investments
4.6 Growth and Penetration Analysis
4.7 Vendor Landscape
4.8 Impact of COVID-19
5. Global Mobility as a Service Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Service
5.2.1 Ride Hailing
5.2.2 Car Sharing
5.2.3 Taxi Services
5.2.4 Others
5.3. Market Analysis, Insights and Forecast – By Application
5.3.1 iOS
5.3.2 Android
5.3.3 Others
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Rest of the World
6. North America Mobility as a Service Market Analysis, Insights and Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Service
6.2.1 Ride Hailing
6.2.2 Car Sharing
6.2.3 Taxi Services
6.2.4 Others
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1 iOS
6.3.2 Android
6.3.3 Others
6.4. Market Analysis, Insights and Forecast – By Country
6.4.1 United States
6.4.1.1 By Service
6.4.1.2 By Application
6.4.2 Canada
6.4.2.1 By Service
6.4.2.2 By Application
6.4.3 Mexico
6.4.3.1 By Service
6.4.3.2 By Application
7. Europe Mobility as a Service Market Analysis, Insights and Forecast, 2018-2029
Continued…
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