Chicago, July 18, 2023 (GLOBE NEWSWIRE) -- Mobility as a Service Market 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, according to a new report by MarketsandMarkets™.
Browse and in-depth TOC on "Mobility as a Service Market"
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47 – Figures
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Scope of the Report:
| Report Attributes | Details |
| Market size value in 2021: | USD 3.3 Billion |
| Projected to reach 2030: | USD 40.1 Billion |
| CAGR: | 32.1% |
| Base Year Considered: | 2020 |
| Forecast Period: | 2021-2030 |
| Largest Market: | Asia Oceania |
| Region Covered: | North America, Europe, Asia Pacific, and Rest of the World |
| Segments Covered: | By Service Type, Solution Type, Transportation Type, Vehicle Type, Application Type, Operating System, Business Model, Propulsion Type, MaaS Market for Electric Vehicle, By Mode, and Region |
| Companies Covered: | 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). |
The growth of the mobility as a service market is influenced by factors such as increasing smart city initiatives, growing adoption of on-demand mobility services, need to reduce CO2 emissions, improved 4G/5G infrastructure, and penetration of smartphones. Therefore, the mobility as a service industry is expected to witness significant growth in the future.
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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Europe is estimated to lead mobility as a service market in 2021.
Currently, Europe contributes a share of approximately 32% to the overall market. It is the largest market since it has been an early adopter of MaaS. Countries such as the UK, Germany, France, and the Netherlands have been continuously investing in smart transportation infrastructure. Developed economies such as Finland and Germany are early adopters of MaaS, making Europe the largest market. Also, countries such as the UK, France, and the Netherlands have been investing in smart transportation infrastructure, thereby ensuring the market’s growth in Europe. Planned investments to improve urban transport and traffic infrastructure are expected to drive the European MaaS market. The region is expected to hold a dominant share in the MaaS market for the next 3-4 years as well as post-2025.
Key Market Players
The mobility as a service companies are 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). These companies offer extensive mobility as a services and have strong distribution networks at a global level. These companies have developed new solutions; adopted expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market for mobility as a service.
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