The global Mobility as a Service Market size is projected to reach USD 70.4 billion by 2030, from an estimated USD 4.7 billion in 2020, at a CAGR of 31.1%. The growth of global mobility as a service market is influenced by factors such as increasing urbanization and smart city initiatives, growing overall on-demand mobility services, need to reduce CO2 emissions, and improved 4G/5G infrastructure and penetration of smartphones. Therefore, mobility as a service market is expected to witness significant growth in the future.
Electric Mobility as a Service is boosting the mobility as a service market. It combines highly innovative technologies and new business models to create conditions for the large-scale adoption of electric vehicles. For example, more than 20% of Communauto’s fleet consists of electric vehicles. The use of electric vehicles not only reduces carbon emissions but also lowers noise and air pollution. It can also be cheaper to run per mile and reduces dependency on fossil fuels. Along with the use of electric vehicles, autonomous self-driving vehicles are expected to be used for ride-sharing purposes and would create immense opportunities for MaaS.
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With the growing popularity and usage of MaaS solutions, the journey management segment is expected to register the highest growth rate of 37.9% from 2020 to 2030. Journey management includes creating a seamless travel experience (single or multi-modal). It also includes providing a range of data generated by users over their transit to the network operators to better understand the network operation and feedback/requirements of users. Journey management allows users to choose any multi-modal commute along with personalization options. It is a dynamic service that gives users real-time information about traffic congestion for an optimized commute.
The bus sharing segment is expected to grow at the highest CAGR of 39.5% from 2020 to 2030. MaaS players provide monthly passes or subscriptions for bus services, prompting customers to avail buses as a preferred mode for short as well as a long-distance commute. Bus sharing is an emerging concept with multiple pilot projects running across the world. The integration of bus services with private transport like ride-hailing and car sharing services will be the key to the success of the market for mobility as a service in this segment. Buses and cars are widely used for enterprise/corporate mobility. Thus, integrating on-demand car-sharing transportation with bus-sharing services will be highly efficient and easy to implement.
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Asia Oceania is estimated to be the second-fastest-growing market due to growth in China, Indonesia, Singapore, and Australia. The region is expected to lead the market by 2030. The Asia Oceania MaaS market is witnessing impressive growth with increasing mergers and acquisitions, collaborations, and MaaS offerings. In 2018, Grab acquired Uber’s Southeast Asia operations and merged Uber’s ride-hailing and food delivery businesses with its own operations. In the same year, Toyota collaborated with Grab to expand ride-sharing and MaaS in Southeast Asia. Toyota invested USD 1 billion in Grab to boost its operations in more than 200 cities in the Southeast Asian region. In 2019, Grab integrated public transportation options in its app, and became the first company to introduce MaaS solutions for mass consumers in Thailand.
Key Market Players:
The global mobility as a service market is dominated by major players such as Moovit Inc. (Israel), MaaS Global Oy (Finland), Citymapper (UK), Mobilleo (UK), SkedGo Pty Ltd (Australia), UbiGo (Sweden), Splyt (UK), Qixxit (Germany), Communauto (Canada), and Tranzer (Netherlands). These companies offer extensive MaaS services and have strong distribution networks at a global level. These companies have developed new solutions; adopted expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market for mobility as a service.
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