Mobility as a Service Market Trends [2023-2030]
Mobility as a Service Market

Mobility as a Service Market Trends [2023-2030]

With rapid urbanization, congestion and traffic-related challenges are increasing. MaaS offers a solution by providing users with multimodal transportation options, which in turn reduces the number of private vehicles on the road, and alleviates traffic congestion. In most cases, these services are flexible and highly customized per independent user. ?Faster internet connectivity, falling vehicle ownership, and the need to reduce traffic congestion and vehicular emissions will fuel the demand for seamless MaaS applications for end-to-end multimodal transport solutions.

The global mobility as a service market size is valued at USD 5.7 billion in 2023 and is expected to reach USD 40.1 billion by 2030, at a CAGR of 32.2% over the forecast period.

Various secondary sources, directories, and databases have been used to identify and collect information for an extensive study of the mobility as a service (MaaS) market. The study involved four main activities in estimating the current size of the MaaS market: secondary research, validation through primary research, assumptions, and market analysis. Exhaustive secondary research was carried out to collect information on the market, such as the service types as well as the upcoming technologies and trends. The next step was to validate these findings, assumptions, and market analysis with industry experts across the value chain through primary research. The top-down approach was employed to estimate the complete market size for different segments considered in this study.

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B2B to dominate the revenue generation business model.

A business-to-business (B2B) model is one in which a business deals in commercial transactions with another business. B2B mobility sharing allows the sharing of mobility services with other businesses to reduce vehicle parking space and the number of fleets by enabling car-sharing services within an organization; this helps to lower traffic congestion and emission from vehicles. The utilization of B2B mobility services improves business processes and results in higher employee satisfaction with improved productivity of the workforce. Major service sector regions like the US and Europe thus have a dominant share in the segment. IoMob (Spain) is the first B2B player to develop and launch a MaaS solution that simultaneously offers intercity mobility travel coupled with intracity and micro-mobility services. For instance, for the Renfe project in Spain, IoMob integrated Renfe’s high-speed and suburban rail service between Madrid and Barcelona with a range of services such as taxis and ride-hailing (Cabify), bike sharing, and car sharing. Europe and North America are expected to drive the B2B business model in the market for mobility as a service, while the Rest of the World is projected to be the fastest-growing regional market. Europe and North America were estimated to account for approximately 71% of the market in 2021. Key players operating in the B2B mobility sharing market include Car2go (Germany), Lyft (US), Sixt (Germany), and Uber (US).

Technology Platforms solutions leads the mobility as a service market in terms of value.

Mobility as a Service (MaaS) technology platforms play a crucial role in enabling the seamless integration of various transportation services and modes into a single, user-friendly interface. The technology platform is basically an app that serves as an open platform for integrated mobility. The purpose of this platform is to facilitate the opening up, interoperability, and utilization of existing services to bring them together and make them accessible. The technology platforms segment in Europe was estimated to hold approximately 38% of the market in 2022. The region is a major contributor to the MaaS sector because of the presence of prominent players such as Moovit (US), Citymapper (UK), and MaaS Global (Finland). Moovit relies on big data technology and released public transit trends during the pandemic, thus promoting the use of technology platforms to refine its services.

Mobility as a Service Market Dynamics

Driver: Improvements in 4G/5G infrastructure and penetration of smartphones

As an internet-enabled service, connectivity is a basic requirement for MaaS. According to the International Telecommunication Union, by the end of 2023, an estimated 64.4% of the global population, or 5.16 billion people, will be using the Internet. Smartphones are vital infrastructure for new mobility models since mobility services like ride-sharing run on smartphones and require good connectivity. Over the last few years, smartphone use has increased significantly across the world, with developed countries accounting for around 80% of smartphone ownership.

5G network and better telecom infrastructure are expected to pave the way for a revolution in cities and in inter-city mobility. Wireless communication technologies (such as DSRC) can help improve traffic safety and increase traffic flow throughput. With onboard units (OBU), connected and automated vehicles (CAVs) can reduce the driver's perception-reaction time and improve safety. Vehicular communication can enable CAVs to collect information from other vehicles and roadside units (RSUs) and coordinate with other CAVs to control and manage the platoon, such as merging, splitting, and maintaining a particular gap. The ongoing development of OBU, RSU, etc., enables and enhances the MaaS of vehicle platooning and would require better and faster telecom infrastructure. Hence, the increasing penetration of smartphones with efficient telecom infrastructure will not only assist vehicle platooning for MaaS but also assist in seamless navigation and payment services through MaaS mobile applications

Opportunities: Inclusion of on-demand ferry and freight services

Urban transportation systems are usually run by state-owned companies, while intercity transport is mostly run by private entities. Thus, pricing for urban transportation is not flexible in general, while ferries (and airlines as well) adopt flexible pricing schemes based on modern revenue-management techniques. With the advent of electrification, automation, and process digitalization, transportation is becoming a high-technological-opportunity industry where profitability promotes innovation. These principles easily apply to MaaS and, more specifically, MaaS in the ferry industry.

In the urban context, mobility is largely based on transport mode ownership. Hence, MaaS aspires to transform the existing asset ownership model into a subscription-based mobility model. However, in the case of sea passenger transportation, very few people own a vehicle (i.e., a ship/catamaran/yacht, etc). Consequently, for sea trips, the main objective of MaaS is to fill the need for an integrated system that offers different transport solutions together and consolidates trip planning and ticketing for every part of the total trip.

Asia Pacific region holds the largest market share in the mobility as a service market in terms of value.

Asia Pacific owing to its large population will hold a significant share of the MaaS market. The region is a growing market for mobility as a service, with China (a global hub for EVs) and Japan (an important automotive hub with a focus on autonomous vehicles) being the major countries driving growth. The presence of prominent ride-sharing providers, MaaS applications, and automotive OEMs such as Uber, Grab, Didi, Toyota, Hyundai, and Honda are expected to prompt product development and push automakers to adopt the technology in their models. A high population growth rate in the region, as well as increasing urbanization, have intensified the need for efficient transportation. Developing countries in the Asia Pacific, especially India, and Indonesia, are projected to experience significant growth in urban transportation, while most other countries are also shifting their focus to smart personal mobility to reduce travel time and congestion. China, being a hub for electric vehicles, is expected to showcase increasing demand for MaaS due to the increasing sales of EVs. The Asia Pacific market is also expected to be driven by the emergence of MaaS in Singapore, Indonesia, and India.

Key Market Players

The global mobility as a service market is led by established players, such as Moovit (Israel), MaaS Global (Finland), Citymapper (UK), FOD Mobility UK Ltd. (UK), and SkedGo (Australia), all of which adopted several strategies to gain traction in the market.

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