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Global Mobility as a Service Market Size, Share, Comprehensive Analysis to 2025 Lead By Lyft, Uber, Beeline Singapore, SKEDGO, UbiGo AB, Whim App, Moovel Group, QIXXIT, Splyt Technologies, Smile Mobility

06-10-2019 08:00 AM CET | IT, New Media & Software

Press release from: The Insight Partners

Global Mobility as a Service Market

Global Mobility as a Service Market

The global Mobility as a Service (MaaS) market accounted for US$ 44.33 Bn in 2017 and is expected to grow at a CAGR of 36.4% during the forecast period 2018 – 2025, to account for US$ 476.34 Bn in 2025.

The mobility as a service (MaaS) market has experienced significant growth and adoption rate in the past few years and is expected to experience notable growth and adoption in years to come. Currently, the mobility as a service (MaaS) market is experiencing staggering growth that has been by a numerous factor. The most significant factors that have impacted the growth of this industry are rapid urbanization and consequently more number of passenger cars on the roads leading to congestions and parking problems. Apart from the application platform providers, large automotive OEMs have announced their plans to invest in this large business opportunity. MaaS is expected to be a key driver in the growth and profitability of the automotive industry outpacing the profits earned by only manufacturing cars by these automakers.

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Some of the leading players in global market are Lyft, Inc., Uber Technologies Inc., Beeline Singapore, SKEDGO PTY LTD., UbiGo AB, Whim App (MaaS Global Oy), Moovel Group GmbH, QIXXIT, Splyt Technologies Ltd., Smile Mobility

The growth of this technology is very high as significant investments are being collected to implement this technology for a better traffic management and public transportation system. In the forecasted period, the mobility as a service (MaaS) market is estimated to grow at a good pace. Some of the key players contributing significantly to the market are Uber Technologies, Inc., Bridi, Moovel, Whimm and Qixxit. Asia Pacific region in global mobility as a service (MaaS) market is expected to witness a CAGR growth rate of 7.3% in the coming years.

Frequent travelers for inter-city, inter-state and inter-countries have to face various hassles with regards to planning and boarding different modes of transportation and thereby reach the intended last mile. Some modes of transportation provide node-to-node transportation service while the others provide last mile connectivity. Planning a trip in such circumstances where a traveler needs to hire three or more different modes of transportation requires lots of planning as well as time bound constraints. As a result of this, there has been increasing demands for more integration into the transportation systems for efficient, seamless and hassle-free travels as well as hassle free payments. MaaS enables individual users to make payments for the entire trip beforehand and also allows for monthly subscriptions for frequent travelers. This factor has been driving the mobility as a service (MaaS) market across geographies over the years. Similar trend is anticipated to drive the growth of mobility as a service (MaaS) market.

MaaS is a service based business model that has witnessed rapid growth as a result of growing penetrations of smartphones and related devices in the global market. As the service is a digital data driven service, it is anticipated to be benefited with the advancements in the digital world such as analytics. Analytics would enable the mobility service provider company to understand the preferences of each customer and thereby send out optimized routes & means of transport to the customer. Also, Big Data and IoT invasion have added significant value to service providers in terms of provisioning the best-available services to the customers. Combining big data with new autonomous transport systems will enable opportunities to innovate and refine MaaS offerings. Younger people, who are the most likely to adopt new mobility models, are increasingly deciding to not own cars. Transport authorities are looking to new technology platforms to help them manage the use of their assets. The advancement of various technological platforms is foreseen to fuel the mobility as a service (MaaS) market in the coming years.

The global mobility as a service (MaaS) market by service type is segmented into categories namely; self-driving car service, ride-hailing service, car sharing service, bi-cycle sharing service and bus sharing services. The rapid mobility demands in the consumer’s market has created a huge imbalance in the supply and demand side for automobile sharing. This has led to increased offerings on the supply side for fulfilling the mobility needs of the consumers. Today, the mobility services are characterized as reliable, convenient, efficient, seamless, hassle-free and easily accessible to consumers. Also, they offer easy payment options so that a consumer can travel without the need for carrying cash. Apart from this, the mobility services have significantly contributed to reduced demands for parking of vehicles, reduced pollutions & congestions on the roads, as well as provide transportation cost savings & energy savings. Each of the different mobility service serves to the purpose of a specific group of consumers. Bus sharing segment is the fastest growing service type segment in mobility as a service (MaaS) market and is expected to grow at a prestigious CAGR during the forecast period.

The application platform segment in mobility as a service (MaaS) market are Android, iOS and others. The Other operating systems include Symbian, Windows, and web-based platforms. The broad categorization of various application platforms is done into open-source operating and proprietary platforms. The business factors that are involved in the discussion leading up to the selection of a particular application platform includes time-to-market, management of licenses and intellectual properties, cost of the solution, maturity of the solution, supporting standards and the future roadmap of the platform. The Android segment in the mobility as a service (MaaS) market is expected to surge at a prime rate during the forecast period.

The vehicle type segment in mobility as a service (MaaS) market are passenger cars, bikes, and bus. The emergence of new transportation options has been witnessed in the last few years. These transportation options strive to fulfill the needs of movement as well as access to places of people and goods in a holistic way. Enabled by emerging connectivity technologies, these mobility services provide more convenient, flexible and efficient travel experience to their users. For a point-to-point transportation service to be provisioned at an optimized cost with optimum time span, different modes of transportation are to be used. Passenger cars lead dominance in the MaaS market for vehicle types as more number of users prefer for car sharing service as it provides them point-to-point transportation and on-demand mobility. The Bus segment in the mobility as a service (MaaS) market is expected to surge at a prime rate during the forecast period

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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