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Mobility As A Service Market Report 2024 - Growth, Insights & Forecast Analysis
Mobility As A Service Market Report
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According to The Business Research Company's, The mobility as a service market size has grown rapidly in recent years. It will grow from $180.38 billion in 2023 to $210.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to rise of smartphone adoption, environmental sustainability goals, government initiatives for smart cities, integration of public and private transportation, economic and operational efficiency, demographic shifts and changing lifestyles, expansion of micromobility options, consumer demand for seamless travel.
The mobility as a service market size is expected to see rapid growth in the next few years. It will grow to $406.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to advancements in autonomous vehicles, integration with smart infrastructure, increased focus on user-centric design, global growth of urban populations, digital identity and personalization, focus on health and safety, innovations in payment and subscription models, policy support for maas implementation. Major trends in the forecast period include digital ticketing and payments, real-time data and analytics, iot and connectivity, in-app mobility services, cybersecurity measures, multiple transportation modes, last-mile connectivity solutions, partnerships and collaborations.
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Market Drivers and Trends:
Improvement of 4G/5G infrastructure and penetration of smartphones is expected to propel the growth of mobility as a service market. 4G and 5G infrastructure refers to the network infrastructure and technology that enables the deployment and operation of fourth and fifth-generation mobile communication networks, respectively. A smartphone is a portable computing device that combines mobile telephone functions and personal computing functions into one unit. 4G and, more recently, 5G networks provide the high-speed, low-latency connectivity essential for MaaS operations and Smartphones serve as the primary interface for MaaS users, allowing them to access and utilize MaaS platforms. For instance, in 2023, according to international telecommunication union, an estimated 64.4% of global population, or 5.16 billion people will be using the internet. Further, in March 2023, according to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions for businesses of all sizes, the percentage of UK households using smartphones reached 91.43% in 2021. This percentage is projected to increase to 93.8% in 2026. Therefore, improvement in 4G/5G infrastructure and penetration of smartphones will increase demand for mobility as a service market.
Technological innovation is a key trend gaining popularity in the mobility as a service market. Major companies operating in the market are developing innovative technologies, such as integrated mobility as a service to sustain their market position. Integrated mobility refers to the collaboration of mobility service providers to provide appropriate transportation options at each route stage. For instance, in August 2021, SUN Mobility, an India-based provider of energy infrastructure and services for electric vehicles (EVs), launched Integrated Mobility-as-a-Service (MaaS). This integrated service offering offers consumers an all-inclusive bundle solution that includes electric vehicles and the flexibility of an unlimited swap plan. SUN Mobility hopes to onboard over a million vehicles to its battery-swapping platform by 2025 with the help of this creative MaaS product.
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Major Key Players of the Market:
Uber Technologies Inc., SkedGo Pty Ltd, Moovit Inc., Moovel Group GmbH, UbiGo Innovation AB, Citymapper Ltd., Communauto Inc., Lyft Inc., ANI Technologies Pvt Ltd., Avis Budget Group Inc., Beijing Xiaoju Technology Co. Ltd., Grab Holdings Inc., Hertz Global Holdings Inc., Europcar Mobility Group S A, Sixt SE, Didi Chuxing Technology Co. Ltd., Ola Cabs Technology Pvt. Ltd., BlaBlaCar SAS, Zipcar Inc., Car2Go North America LLC, DriveNow North America LLC, LimeBike Inc., Bird Rides Inc., Spin Inc., Jump Mobility Inc., Transit App Inc., MaaS Global Oy, Beeline Singapore Pte Ltd, Karhoo Technologies Ltd., Bolt Technology OU, Free2Move Services, Wunder Mobility GmbH
Mobility As A Service Market 2024 Key Insights:
• The mobility as a service market size is expected to see rapid growth in the next few years. It will grow to $406.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%.
• The Global Surge In Shared Mobility Adoption And Its Impact On The Growing Mobility As A Service Market
• Integrated Mobility As A Service Initiatives Reshaping The Market Landscape
• Asia-Pacific was the largest region in the mobility as a service market in 2023
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