Dublin, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The "Mobility As A Service Market - A Global and Regional Analysis: Focus on Mobility As A Service Applications - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
Global Mobility As A Service Market: Industry Overview
The global mobility as a service market was estimated to be at $39.23 billion in 2021, which is expected to grow with a CAGR of 25.7% and reach $379.66 billion by 2031. The growth in the global mobility as a service market is expected to be driven by rising urbanization and smart city initiatives, increasing adoption of on-demand mobility services, the growing trend of smart mobility with better in-vehicle facilities, and increasing parking problems, and emphasis on reducing CO2 emissions.
Market Lifecycle Stage
MaaS providers are the companies that deal with the customers firsthand since they provide the customers with multimodal transportation solutions. The growth of global mobility as a service market is majorly attributed to the growing inclination toward micro-mobility.
Growing investment in research and development activities by various manufacturers in mobility as a service is expected to propel the market. Additionally, MaaS companies have tended toward collaborating with other companies to expand their mobility capabilities.
Furthermore, favorable government policies, the adoption of more environmentally friendly and renewable energy vehicles, and an increase in competition in the electric vehicle are projected to offer new avenues for mobility as a service market. There are some challenges in the market, such as low awareness regarding total lifetime cost for private vehicle ownership and service ownership, non-availability of required infrastructure, and data privacy and security concerns. The ongoing vital developments in the market are expected to overcome them in the forecast period.
Impact of Mobility As A Service Market
- Mobility as a service (MaaS) is a futuristic modern transportation service, with a complex network of collaborators, strategists, and technicians making up the ecosystem. The on-demand insured ride with accompanying value-added features is a key aspect of this service. It also provides customers with various options, including commuting kinds, pricing options, service duration, driver selection, and real-time journey optimization, among others.
- Government regulations and a growing focus on smart city projects are driving the use of mobility as a service. New regulations are being drafted to stimulate the use of mobility as a service in transportation. France is at the forefront of new mobility schemes and mobility as a service model development.
- The adoption of MaaS is expected to facilitate numerous changes, such as reducing vehicles on the road, owning vehicles on a contract basis, boosting optimization, utilizing existing infrastructure for different economic scales, and reduction in personally owned vehicle expenses. For instance, carpool not only reduces the overall running cost of the vehicle through a shared operating cost of the vehicle but also reduces the number of vehicles on the roads. Additionally, the customer experience is enhanced since MaaS offers innovative and diversified modes to commuters from different economic backgrounds.
Market Segmentation
by Application
- Passenger Transportation
- Freight Transportation
- Micro Mobility
by Product
- Ride-Hailing
- Ride Sharing
- Carpool
- Rental
by Solution
- Payment Engines
- Navigation Solutions
- Connectivity Providers
- Ticketing Solutions
- Insurance Solutions
Recent Developments in Global Mobility As A Service Market
- In April 2022, Capitello Move and MaaS Global signed a strategic partnership to launch the world's first eco-friendly mobility platform.
- In June 2021, Grab, a mobility services provider, further enhanced the partnership with Hyundai to encourage utilization of MaaS and accelerate EV adoption, especially in Singapore, Indonesia, and Vietnam.
- In 2019, Lyft had invested over $1.5 billion in the R&D division. The company is keen on developing its in-house mapping platform.
- In January 2022, Arval and Ridecell entered into a strategic partnership with an aim to accelerate the development of end-to-end mobility solutions for Arval's European customers.
- In January 2020, Uber acquired Careem for $3.1 billion to help expand its operations in the Middle East.
Demand - Drivers and Limitations
Drivers:
- Rising Urbanization and Smart City Initiatives
- Increasing Adoption of On-Demand Mobility Services
- Growing Trend of Smart Mobility with Better In-Vehicle Facilities
- Increasing Parking Problems and Emphasis on Reducing CO2 Emissions
- Growing Inclination Toward Micro Mobility
Challenges:
- Low Awareness Regarding Total Lifetime Cost for Private Vehicle Ownership and Service Ownership
- Data Privacy and Security Concerns
Opportunities
- Growing Trend of Autonomous Vehicles
- Increased Demand for Electric Vehicles with Comfortable and Clean Transport at A Lower Cost
Key Topics Covered:
1 Markets
2 Application
3 Products
4 Regions
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
Companies Mentioned
- BlaBlaCar
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- Citymapper
- DiDi Chuxing
- Grab
- Lyft
- Moovit Inc
- Ola
- Ridecell Inc.
- Uber
- Zoox
- Whim
- Floatility
- Easy Mile
- Bridj
- Careem
- Ofo
- Moovel
- Bussr Technologies
- Iomob
- Bird Rides, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/89u7i9
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