Chicago, May 26, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the “Mobility as a Service Market by Service (Ride-Hailing, Car Sharing, Micro Mobility, Bus Sharing, Train), Solution, Application, Transportation, Vehicle, Operating System, Business Model, Propulsion & Region - Forecast to 2030" size is projected to reach USD 40.1 billion by 2030 from an estimated USD 3.3 billion in 2021, at a CAGR of 32.1% from 2021 to 2030.
The Mobility as a Service Market is expected to witness rapid growth due to increasing smart city initiatives, the need to reduce CO2 emissions, improved 4G/5G infrastructure, and penetration of smartphones.
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Four-wheelers segment to hold largest market share during the forecast period.
The four-wheelers segment is projected to be the largest vehicle type segment due to the growing popularity of ride hailing and car-sharing services across the globe. Apart from conventional ride-sharing transport modes, MaaS also offers the use of autonomous and electric cars. With rapid developments in electric and autonomous cars, along with increasing acceptance from consumers, the four-wheelers segment is likely to continue to witness strong growth over the forecast period. According to the European Automobile Manufacturers Association (ACEA), the market share of battery electric vehicles and plug-in hybrids is expected to be around 5-10% of all passenger cars across the European Union by 2030. Luxury cars are also accessible using MaaS, which would otherwise not be possible.
Insurance services are expected to be fastest-growing segment from 2021 to 2030.
Insurance companies play a vital role in a transit user’s life and mobility. The move towards MaaS is gaining momentum; however, it is early to predict with certainty how it will affect the dynamics of auto insurance. The present form of insurance is likely to be replaced by commercial insurance of fleets of MaaS vehicles. Selling insurance products to end-users could allow MaaS providers to maintain their position in the market, especially in developing economies. The insurance services market will see a successive increase with the growth of MaaS as more vehicles will be integrated. Hence, by solution type, the insurance services segment is projected to register the highest CAGR of 37% during the forecast period.
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Moovit Inc. is mapped to be the top player in the market due to its strong focus on organic as well as inorganic growth strategies. In February 2020, Moovit released a new augmented reality (AR) feature for better navigation. It announced the beta version of its Way Finder, a feature that leverages augmented reality to better locate stops and stations. This feature has been rolled out to iOS users worldwide. Primary respondents have also ranked this company as the leading player in the market.
MaaS Global Oy’s Whim is another leading player in the MaaS market, followed by Citymapper, Mobilleo, and SkedGo Pty Ltd. MaaS Global Oy’s Whim is also a leading MaaS app due to its diversified MaaS solutions across different modes of transportation. The company reported multiple partnerships with start-ups and transport companies for mobility as a service in 2018–2020. For instance, MaaS Global and Mitsui Fudosan, a leading global real estate company, announced their strategic partnership to incorporate MaaS Global’s platform, Whim, into urban development in Japan in 2019. With over four million trips completed since its launch in Europe in November 2017, Whim is the first all-inclusive MaaS solution commercially available on the market. The parties collaborated with local transport service providers (TSPs) and conducted a proof of concept in the Greater Tokyo area in 2019 to accelerate the collaborative relationship.
Key Market Players:
The Mobility as a Service Market is dominated by major players such as Moovit Inc. (Israel), MaaS Global Oy (Finland), Citymapper (UK), Mobilleo (UK), SkedGo Pty Ltd (Australia), UbiGo (Sweden), Splyt (UK), Qixxit (Germany), Communauto (Canada), and Tranzer (Netherlands).
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