Mobility As A Service Market growth 2022 | Business Outlook 2031

Author : Mohit BISResearch | Published On : 28 Nov 2023

Mobility as a Service is a comprehensive transportation concept that integrates various modes of transportation into a single, user-centric platform, often accessible through a smartphone app. It aims to simplify and enhance urban mobility by offering a seamless and interconnected experience for travelers. Users can plan, book, and pay for their entire journey, including public transit, ridesharing, bike-sharing, and more, within one app. MaaS promotes sustainable and efficient transportation options, reduces traffic congestion, and enhances the overall convenience of getting from one place to another, ultimately contributing to more sustainable and accessible urban transportation ecosystems.

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.

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.

As MaaS helps in the decongestion of traffic, cost reduction, and efficient travel, the future of mobility services is expected to change rapidly. The platform is flexible to integrate new modes or products without interfering with the existing service operations; the integration of autonomous vehicles is expected to be adopted on a commercial scale, thereby increasing car-pooling services and reducing the use of privately-owned cars. The popularity of MaaS is expected to reduce the total travel costs.

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Passenger Transportation Segment Accounts for Majority of The Market

Mobility as a service by application encompasses passenger transportation, freight transportation, and micro-mobility. Among these, the passenger and transportation segment accounted for the largest market share, with the rise in population growth in urban areas requiring an efficient and reliable way to transfer passengers from one point to another. Moreover, the growing number of users who prefer car-sharing services is also a major factor boosting the market.

China to Witness the Highest Growth in the Market During the Forecast Period (2020-2031)

The mobility as a service market holds a significant share in different regions of North America, China, and Europe, owing to the availability of fast commuting options across the regions. China is leading in the Asian market and has been investing heavily in smart transportation infrastructure and planning more investments to improve urban transportation. The demand for mobility as a service varies according to various regions, depending on the end-use application segment demand.

Competitive Landscape

The competitive landscape of the MaaS market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by MaaS providers are new product launches, business expansions, partnerships, and collaborations. Among all the strategies adopted, partnership has been the most prominent strategy adopted by the MaaS providers. For instance, in April 2022, Capitello Move and MaaS Global signed a strategic partnership to launch the world’s first eco-friendly mobility platform. Moreover, 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.

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To increase their overall global footprint, MaaS providers are expanding their businesses and are also merging to increase their customer base. In March 2022, MaaS Global acquired Quicko, the leading MaaS player in Brazil. Whim and Quicko are both on a mission to transform the global transport sector by providing people in cities with a more sustainable alternative to a private car. Moreover, in January 2022, Arval and Ridecell entered into a strategic partnership. The aim is to accelerate the development of end-to-end mobility solutions for Arval’s European customers. 

Uber, Lyft, Ola, Grab, and BlaBlaCar, are some of the leading players in the MaaS market. 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.

Key Questions Answered in the Report:

• What are the driving factors for the global mobility as a service market from 2020 to 2031?

• What are the major challenges and growth opportunities for MaaS within the mobility market?

• What are the impacts of the COVID-19 pandemic on this industry?

• Who are the major players, and what strategic measures have been taken to increase market penetration and market share? What are the key developmental strategies implemented by the key players to sustain in the competitive market?

• Which product type or solution will lead the global mobility as a service market by 2031?