NEWARK, Del, Dec. 07, 2023 (GLOBE NEWSWIRE) -- In 2023, the market for mobility as a service was expected to be valued at US$ 137.6 billion. It is anticipated that this market will be valued at US$ 185.6 billion by the end of 2024. The global market for mobility as a service is expected to expand at a rate of 38.30% CAGR throughout the forecast period, reaching a valuation of US$ 4,739.80 billion by 2034.
The increasing need for mobility as a service is fueling demand globally. Customer preferences are changing from ownership to access and from flexible to economical to on-demand transportation alternatives, which is one of the main factors driving this need. A commitment to sustainable practices and growing environmental consciousness have led to an increase in the use of mobility as a service. This is pushing the market and offering environmentally sustainable transportation options.
It might be challenging to integrate different transportation modes seamlessly under mobility as a service due to varied and conflicting legal regimes. To maintain and increase user confidence in mobility as a service platform, robust security measures are required since large-scale personal data management raises privacy and data security concerns for users.
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Key Takeaways from the Market Analysis
- The market for mobility as a service expanded at a 33.50% CAGR throughout the historical period.
- Throughout the projected period, the mobility as a service market in the United States is expected to expand at a rate of 36.10% CAGR.
- Japan's market for mobility as a service is expected to develop at a 39.50% CAGR between 2024 and 2034.
- By solution type, the application technology is anticipated to gain a 25% market share by 2024.
- It is anticipated that the public transportation industry would reach a 59% global market share by 2024.
“The untapped potential of both rural and suburban regions represents a significant opportunity in the mobility as a service (MaaS) sector. By bringing MaaS solutions to these regions, it will be possible to close transportation gaps, offer complete, integrated mobility services, and greatly increase market reach,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Competitive Landscape
Companies operating in the mobility as a service (MaaS) market are heavily investing in smooth user interfaces and utilizing advanced technologies to provide integrated transportation solutions. Major players engage in partnerships with both public and private organizations, spearheading innovation in route optimization, data analytics, and customized services.
Startups in the Mobility as a Service (MaaS) market are breaking new ground by specializing in data driven platforms, innovative applications, and micro mobility solutions. They aim to challenge established transportation paradigms, lessen their impact on the environment, and improve user accessibility. These agile firms bring vitality to the market, fostering its development and expansion.
Key companies profiled
- 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
Key Developments
- In 2023, the ride sharing startup Lyft Inc. is trying to concentrate its efforts on its main business, therefore they are thinking about selling the bike and scooter division of the company or finding a partner. Various other companies have showed strong interest in their bike and scooter sharing division.
- In 2023, in an effort to achieve its goal of having no emissions on its worldwide platform by 2040, Uber launched its first electric motorbike service in Africa in Kenya. This year, there will be a "potential announcement" for the remaining markets in the area, subsequent to the implementation in Kenya. In less than six months, Uber's new environmentally friendly offering in Kenya, called Electric Boda in reference to the Swahili word for motorbike taxis, will include 3,000 bikes, or just less than 5% of its total fleet.
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Restraints:
Challenges persist within the MaaS sector, predominantly concerning regulatory hurdles, interoperability issues among transportation modes, and data security concerns. Additionally, the high initial infrastructure costs pose a barrier to entry for some markets.
Segmentation Analysis of the Mobility as a Service Market
By Solution:
- Journey Planning & Management Solutions
- Payment Solutions
- Booking & Ticketing Solutions
- Application Technology Solutions
- Others
By Service:
- Ride hailing Services
- Ride sharing Services
- Micromobility Services
- Public Transport Services
- Others
By Propulsion Type:
- Internal Combustion Engine (ICE) Vehicle
- Electric Vehicle (EV)
- Compressed Natural Gas (CNG)/Liquefied Petroleum Gas (LPG) Vehicle
By Payment Type:
- On demand
- Subscription based
By Application:
- Business to Business (B2B)
- Business to Consumer (B2C)
- Peer to Peer (P2P)
By End User:
- Automotive
- Government
- Healthcare
- Retail
- Entertainment
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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