PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515373
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515373
Mobility as a Service Market size was valued at USD 5,651.2 Million in 2023, expanding at a CAGR of 31.9% from 2024 to 2032.
Mobility as a Service (MaaS) is a concept that combines multiple types of transportation services onto a single, easily accessible platform. It seeks to give customers smooth, convenient, and efficient mobility solutions that are suited to their specific requirements. MaaS allows consumers to access a variety of transportation choices, including public transit, ridesharing, bike-sharing, car-sharing, and, increasingly, electric vehicles (EVs).
Mobility as a Service Market- Market Dynamics
Increased Focus on Digitalization and Digital Payment Solutions to Drive Market Growth
The increased emphasis on digitalization and digital payment solutions has emerged as a critical driving force behind the worldwide mobility as a service (MaaS) sector. As digital technologies progress, customers are increasingly using digital platforms for a variety of purposes, including transportation. This trend is altering the mobility landscape and accelerating the global use of MaaS solutions. Digital platforms provide more convenience and efficiency for planning, booking, and paying for transportation services. With the ubiquitous availability of smartphones and internet connectivity, customers may readily utilize MaaS applications to research various transportation alternatives, compare pricing, and schedule rides or journeys in real time. The seamless integration of transportation services into digital platforms improves the overall user experience and promotes the use of MaaS solutions.
Mobility as a Service Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 31.9% over the forecast period (2024-2032)
Based on Solution segmentation, the application was predicted to show maximum market share in the year 2023
Based on Service segmentation, ride-hailing services were the leading type in 2023
Based on Transportation Type segmentation, the public transportation sector dominated the market in 2023.
Based on Propulsion Type segmentation, the electric vehicle (EV) segment is expected to increase rapidly over the projection period.
Based on Payment Type segmentation, in 2023, the on-demand category will account for the majority of market share.
Based on region, Europe was the leading revenue generator in 2023
The Global Mobility as a Service Market is segmented based on Solution, Service, Transportation Type, Propulsion Type, Payment Type, and Region.
The market is divided into five categories based on Solutions: Journey Planning & Management Solutions, Payment Solutions, Booking & Ticketing Solutions, Application Technology Solutions, and Others. The application technology solutions segment dominated the market in 2023. The segment's expansion is mostly attributable to mobility as a service application, which encompasses a variety of technology solutions meant to enable seamless integration of transportation modes and services. For example, Application Programming Interfaces (APIs) promote linkages between various transportation providers, allowing for data sharing and smooth service integration inside the mobility as a service framework. Furthermore, cloud-based platforms efficiently manage the large amounts of data created by mobility as a service application, ensuring scalability and strong data protection measures.
The market is divided into five categories based on Service: Ride-hailing Services, Ride-sharing Services, Micromobility Services, Public Transport Services, and Others. In 2023, ride-hailing services controlled the mobility services market. Ride-hailing services assist meet the growing demand for transportation services by offering users last-mile connections. Ride-hailing services allow consumers to choose their own journey time, route, and car type. Mobility as a service platform provides consumers with a comprehensive range of transportation alternatives by integrating ride-hailing services. This allows them to select the most appropriate mode for their needs from a single application.
Mobility as a Service Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. In 2023, Europe dominated the mobility services industry. Europe's significant emphasis on sustainability is a major driver driving growth. Integrating electric automobiles, bike-sharing, and public transit choices into the mobility as a service platform is consistent with the aim of lowering emissions and encouraging environmentally friendly transportation. Furthermore, the regulatory structure is clear and supportive of innovative technology. Regulations promote open data sharing, fair competition, and public transit integration, which strengthens the European MaaS market.
Asia Pacific is expected to be the fastest-growing regional market from 2023 to 2032. Asia Pacific has a technologically adept population that rapidly embraces new digital solutions. Asia Pacific countries, such as China and India, have already adopted effective shared mobility services such as ride-hailing and bike sharing. Mobility as a service builds on this trend by incorporating these services into a full mobility ecosystem. Cities have high population densities, making effective transportation critical. Mobility as a service platform can integrate many means of transportation, allowing people to travel to heavily populated places with ease.
In the mobility-as-a-service market, there are those players that compete in offering integrated transportation solutions to consumers. They include Lyft, Inc., INTEL CORPORATION (Moovit, Inc.), UBER TECHNOLOGIES, INC., BlaBlaCar, GRAB HOLDINGS LIMITED, and MaaS Global, among other major MaaS market players. They primarily deal in ride-hailing and are gradually expanding into other modes of transport such as e-scooters and bike-sharing services. These companies provide convenient and efficient ways of movement by developing digital platforms for the same. Moreover, conventional transport companies-public transit providers, car-sharing, and bicycle-sharing providers-also integrate into the MaaS market to give consumers a wide range of tools for movement. The competitive landscape of the MaaS market is driven by technological innovation, forming strategic partnerships with cities and transportation providers, and developing seamless multi-modal transportation solutions to meet the evolving needs in urban mobility.
In July 2023, UBER TECHNOLOGIES, INC. has teamed with RideCo Inc., an on-demand solutions provider. The agreement will assist transit agencies in managing cost strategies and scaling operations up or down based on demand. Customers will benefit from the two organizations' pooled technology knowledge in the form of individualized services and reduced wait times.
GLOBAL MOBILITY AS A SERVICE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Lyft, Inc.
INTEL CORPORATION (Moovit, Inc.)
UBER TECHNOLOGIES, INC.
BlaBlaCar
GRAB HOLDINGS LIMITED
MaaS Global
SkedGo
Moovel North America, LLC.
Fluidtime
Cubic Transportation Systems, Inc.
Others