Mobility as a Service Market Dynamics: Latest Innovations, Opportunities & Challenges | Size is projected to reach USD 248.56 billion by 2025
A major benefit of MaaS is that it helps to reduce traffic congestion and it is a more convenient and sustainable option to conventional transport services.
Dallas, United States – April 20, 2021 /MarketersMedia/ —
MOBILITY AS SERVICE MARKET
Rapid urbanisation majorly driving infrastructure developments and smart city initiatives, rising demand for mobility services, increasing environmental concerns leading to growing consumer awareness and need for reduction of CO2 emissions, extreme smartphone market penetration and improvised 4G/5G infrastructure are excessively driving the growth of the mobility services market. Owing to the worldwide impact of COVID-19 the drastic measures undertaken by countries all across the globe have affected many businesses temporarily or long-term. The mobility services market especially took a hit and witnessed a major drop in revenue with complete lockdown deeply affecting transportation. With heavy losses incurred the mobility services market is facing greater challenges to retain the profit.
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Nonetheless, the major factor driving the growth of the mobility services market includes excessive increase in population with majority of it concentrated in urban spaces which will create opportunities for the mobility services and transportation industry to develop innovative solutions to overcome the traffic congestion. With government initiatives to develop better and convenient transportation projects such as inter-city public transport systems and intra—city busses, high-speed rail, metros and light trail the mobility services market is expected to grow exponentially over the next few year providing, faster, more convenient and less expensive mobility services.
The mobility services market provides a range of services such as car sharing, ride hailing, bus sharing, micro mobility and train. Amongst the broad range of services, the ride hailing services segment successfully accounts for the largest market share mainly due to easier booking options, elevated passenger comfort and convenience. Based on the type of vehicle, the mobility services market is segmented as four-wheelers, micromobility, trains and buses. With heavy applications of android smartphones as compared to iOS the regions of Asia Oceania are expected to project higher growth rates owing to the predominant use of Android whereas North America and Europe finds majority of population using iOS systems.
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The major players of global mobility as a service market are Uber Technologies, Inc., Ola Cabs, Shuttl, Splyt Technologies Ltd., Transit Systems Pty Ltd., Lyft, Inc., Didi Chuxing Technology Co., Grab, Whim, Citymapper, SkedGo Pty Ltd, Moovit Inc., Moovel Group, Splyt Technologies Ltd., Ubigo Innovation AB, etc.
Segment Overview of Global Mobility as a Service Market
Service Overview, 2018-2025 (USD Billion)
• Ride-hailing
• Ridesharing
• Self-driving car service
• Others
Vehicle Type Overview, 2018-2025 (USD Billion)
• Four Wheelers
• Three Wheelers
• Others
Regional Overview, 2018-2025 (USD Billion)
• North America
o The U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• South America
o Brazil
o Rest of South America
• The Middle East and Africa
o UAE
o South Africa
o Rest of Middle East & Africa
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