Mobility as a Service Market is projected to rise at a remarkable CAGR of 30.2% during the forecast period, till 2029.
The factors driving grow of the Mobility as a Service Market includes increase in traffic congestion in the urban areas, rise in the number of smart cities around the world, commercialization of 5G technology, growing demand for intelligent transportation systems and improvements in the living standards. Moreover, entrance of new players, rising popularity of autonomous cars and electric vehicles, technological advancements in the mobility as a service solution, increase in the launch of new services and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, rising disposable incomes, strategic mergers and collaborations between key industry players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Mobility as a Service Market is hindered due to rising demand for car rentals or station-based car rental services.
The major players operating in the market are UbiGo Innovation AB, Splyt Technologies Ltd., Beijing Xiaoju Technology Co, Ltd., Moovit Inc., MaaS Global Oy, Citymapper, Communauto, Mobilleo, SkedGo Pty Ltd., and ANI Technologies Pvt. Ltd., among others.
Based on Type, the Ride Hailing segment is predicted to grow at significant CAGR during the forecast period
Ride hailing services provides consumers convenience in booking rides and reduces traffic congestions, growing focus on reducing air pollution and increase in the number of riders hailing service providers, are some of the factors pushing Mobility as a Service Market size.
Based on Business Model, the Business-to-Consumer segment is projected to expand at a remarkable CAGR over the forecast period
Rapid growth in the travel and tourism industry, increasing fuel prices around the world and low cost of sharing mobility, are propelling growth of the segment.
Based on Region, the European region is anticipated to capture the largest market share during the forecast period
Presence of the leading players such as Bolt, Gett, Cabify and BlaBlaCar, increasing demand for smart transportation services, rapid industrialization, rise in traffic congestions in cities, growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the European region.
- In 2020, Indian taxi app Ola, by ANI Technologies Pvt. Ltd., introduced ride-hailing application London city with 25,000 drivers signing up to Ola’s platform.
- In 2019, Toyota Motor Corporation signed an agreement with Didi Chuxing (DiDi) to expand its Mobility as a Service (MaaS) in the Chinese Market. As part of this agreement, Toyota will invest 600 million U.S. dollars in DiDi and form a joint venture to establish with GAC Toyota Motor Co., Ltd. (GTMC) for vehicle-related services for ride-hailing drivers.
Segmentation by Service Type
- Ride Hailing
- Car Sharing
- Bus Sharing
- Train Services
Segmentation by Transportation Type
Segmentation by Business Model
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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