Global Mobility as a Service (MaaS) Market Set to Generate Over $300.0 Billion Revenue by 2024

One of the key factors responsible for the popularity of the mobility as a service (MaaS) concept is the soaring number of government initiatives and policies aimed at encouraging the adoption of shared transport across the world. These measures are primarily adopted for reducing the pollution and traffic congestion caused due to the wide-scale utilization of personal vehicles. For instance, the mayor of London announced his plans of building parking spaces for shared mobility vehicles, in 2018, in order to reduce vehicle ownership amongst the people.

Market Players are:
1. ANI Technologies Pvt. Ltd.
2. Lyft Inc.
3. Uber Technologies Inc.
4. Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing)
5. Grab Holdings Inc.
6. Hertz Global Holdings Inc.
7. Avis Budget Group Inc.

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Driven by the above-mentioned factors, the global mobility as a service (MaaS) market generated revenue of $171.5 billion in 2018, and it is predicted to attain a value of $347.6 billion by 2024, with a CAGR of 11.9% during the forecast period (2019-2024). There are multiple ways through which MaaS is offered -- ride sharing, bike sharing, ride hailing, car rental, car sharing, and shuttle services. Amongst these, car rental services recorded the highest usage in 2018, mainly due to the wide-scale adoption of online booking systems for transportation and expanding travel and tourism industry across the world.

Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Service Type

1.3.2 Market Segmentation by Vehicle Type

1.3.3 Market Segmentation by Commuting Pattern

1.3.4 Market Segmentation by End Use

1.3.5 Market Segmentation by Region

1.3.6 Analysis Period

1.3.7 Market Data Reporting Unit

1.3.7.1 Value

1.4 Key Stakeholders

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Geographically, Europe is predicted to register the fastest growth in the adoption of the MaaS concept during the forecast period. This is mainly attributed to the rapid development of a wide array of individual business models, aimed at implementing mobility services, in the region. These blossoming businesses are enhancing the customer base for shared mobility services, which is, in turn, making the pricing structure more convenient, thereby encouraging a large number of people to adopt these services in the region.

Therefore, it is clear that due to the increasing popularity of shared mobility services over owning personal vehicles, owing to the numerous advantages offered by them, and surging government initiatives aimed at encouraging the use of shared mobility services, the MaaS concept is expected to observe tremendous popularity in the coming years.

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