Mobility as a Service Market worth $40.1 billion by 2030

Mobility as a Service Market is projected to grow from USD 5.7 billion in 2023 to USD 40.1 billion by 2030, at a CAGR of 32.2% over the forecast period.

The increasing need to reduce carbon emissions and awareness of environmental issues have driven a growing interest in sustainable transportation options. MaaS promotes the use of shared mobility services, electric vehicles, and public transit, which are generally more eco-friendly than private car ownership. MaaS often offers cost-effective options for travelers. By comparing various transportation options and choosing the most suitable and economical routes, users can save money compared to traditional modes of commuting, such as owning a private car.

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Ride Hailing service type to dominate the services provided by MaaS application.

Historically, more and more consumers are opting for car-sharing apps and ride-hailing services. Some ride-hailing apps, such as Uber and Lyft, have already observed a meteoric rise; there are several startups entering the space as well which is likely to intensify the competition level. Ride-hailing services are likely to witness the growth of rates upward of 30% annualized. Several established OEMs are getting involved in car-sharing initiatives. Incorporating both car-sharing and car rental services within the MaaS framework enhances the diversity of transportation options available to users, catering to a wide range of travel needs and preferences. The car-sharing and Car rental market is likely to grow up to ~ USD 27 billion. This increasing demand for car-sharing services will, in turn, drive mobility as a service market.

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.

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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