Mobility as a Service Market to Generate Revenue Worth $347.6 Billion by 2024 | Top Players are Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), ANI Technologies Pvt. Ltd. (Ola), Hertz Global Holdings Inc., Sixt SE, Car2Go Ltd.,

In 2018, the mobility as a service (MaaS) market generated a revenue of $171.5 billion and is expected to reach $347.6 billion in 2024, advancing at a 11.9% CAGR during the forecast period (2019-2024). The market is growing due to the increasing concerns regarding greenhouse gas emissions, urban road congestion, cost-effective and convenient mobility option, and supportive government initiatives for facilitating the adoption of MaaS. The integration of different transport services in one single mobility offer, with active mobility and an efficient public transport system as a basis is referred to as MaaS.

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The deployment of electric fleet in mobility services is a key trend being witnessed in the mobility as a service market. In addition to taking initiatives for encouraging the adoption of shared mobility services, governments and companies are also focusing on introducing electric vehicle fleets for mobility services. For example, in 2018, Volkswagen AG announced regarding the launch of an all-electric carsharing service under the brand name WeShare, by the second quarter of 2019. The fleet would include 1,500 Volkswagen e-Golf and 500 Volkswagen e-up! in the later part of the year.

The introduction of autonomous vehicles in MaaS is predicted to create wide opportunities for the players operating in the mobility as a service market. Autonomous taxis are expected to offer ride sharing services at much lower costs, attributed to the higher utilization rates as compared to mobility services which are currently present. This will further result in the shifting interest of consumers from buying personal vehicles and adopt autonomous MaaS.

The surging concerns regrading greenhouse gas emissions is a key driving factor of the mobility as a service market. The rapid environmental degradation due to the depletion of ozone layer is resulting in the rising concerns toward environmental protection. Environmental agencies are particularly getting concerned regarding the surging amount of exhaust fumes from vehicles. In order to take care of this situation, different countries are formulating strict regulations, attributed to which the government is taking several initiatives to encourage the adoption of MaaS, as it could help reduce the number of vehicles on the road.

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Geographical Analysis of MaaS Market

Globally, Europe is expected to be the fastest-growing region in the MaaS market, during the forecast period. The MaaS concept is proliferating in the region, mainly due to the implementation of a broad range of individual business models that have emerged over time, which is leading to an increased consumer base and more competition. This has enhanced the pricing structure, which has further improved the consumer perception toward the market. This is expected to raise the share of the European MaaS industry in the near future.

Competitive Landscape of MaaS Market

The global MaaS market is moderately consolidated and characterized by the presence of players such as Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), ANI Technologies Pvt. Ltd. (Ola), Hertz Global Holdings Inc., Sixt SE, Car2Go Ltd., Lyft Inc., Grab Holdings Inc., Enterprise Holdings Inc., Avis Budget Group Inc., and Europcar Mobility Group S.A.

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