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Mobility as a Service Market to Generate Revenue Worth $347.6 Billion by 2024

Published Date:   December 2019

Valued at $171.5 billion in 2018, the global mobility as a service (MaaS) market is projected to generate $347.6 billion revenue in 2024. The market is predicted to grow with a CAGR of 11.9% during the forecast period (2019–2024).

Among all service types, the car rental category held the largest share in the market during the historical period (2014–2018). The growing travel and tourism industry across the world and shift from the conventional offline system to the online system, with regards to booking vehicles for transportation, are boosting the growth of the car rental category in the market.

Deployment of Electric Fleet in Mobility Services is a Trend in MaaS Market

The key trend being observed in the MaaS market is the increasing acceptance of electric vehicles in public sharing fleets. Governments of several countries are stepping up efforts to implement different policies and regulations, to promote the deployment of these vehicles in shared mobility services. Several companies are also focusing on the introduction of electric vehicle fleets for their mobility services. For instance, in 2019, Hyundai Motor Company announced its intention of introducing carsharing service, comprising only electric vehicles. Thus, major players making efforts for the introduction of electric vehicles in their fleets is an emerging trend in the market.

Government Initiatives Facilitating Increasing Adoption of MaaS

The growing government initiatives for the adoption of shared mobility is the major driver for the growth of the MaaS market. With countries around the world emphasizing on the public mobility model over vehicle ownership, to minimize traffic congestion and pollution, various government policies are taking shape. Apart from national governments that are reforming policies to facilitate the implementation of mobility programs, city and state authorities are also taking initiatives on the local level. For instance, in November 2018, the Mayor of London announced his plans to initiate the building of parking spaces for shared public vehicles, with the intention of reducing vehicle ownership. Such factors are boosting the growth of the market in several countries.

Segmentation Analysis of MaaS Market

Mobility as a Service (MaaS) Market

Among all vehicle types, the car category generated the highest revenue in the MaaS market in 2018. During the forecast period, the market is expected to witness the fastest growth in the bus category. The category has reported double-digit growth in recent years, on account of the expanding operations of market players in cities and the increasing acceptance of bus shuttle services in developing nations.

The daily commuting category, under the commuting pattern segment, held the largest share in the MaaS market in 2018, and it is expected to hold the largest share in 2024 as well. The market growth in this category can be mainly attributed to the increasing demand for shared mobility services among the youth, such as students and young professionals, for meeting their daily commuting needs.

Services utilized for personal use account for the larger share in the MaaS market. Majority of the customers use shared mobility services for personal work, which may include going to the workplace; running errands, such as grocery shopping; and undertaking short trips, such as escorting someone to the airport.

Geographical Analysis of MaaS Market

Geographically, the largest revenue in MaaS market is generated by Asia-Pacific (APAC). The APAC market has witnessed exponential growth in recent years, mainly on account of the rising consumer demand for shared mobility services, increasing disposable income, and growing government concerns over air pollution in the region, especially in Taiwan and India. Additionally, the rapid industrialization and urbanization are playing a major role in boosting the growth of the market.

In an effort toward curbing the pollution levels and reducing the rate of personal vehicle ownership, the governments in these countries are focusing on developing infrastructure and road network and adding more electric vehicles to the MaaS fleets. Such factors are propelling the growth of the Maas market in the region.

Competitive Landscape of MaaS Market

The global MaaS market is moderately consolidated, characterized by the presence of players such as Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), ANI Technologies Pvt. Ltd. (Ola), Hertz Global Holdings Inc., Sixt SE, Car2Go Ltd., Lyft Inc., Grab Holdings Inc., Enterprise Holdings Inc., Avis Budget Group Inc., and Europcar Mobility Group S.A.

Browse report overview with detailed TOC on "Mobility as a Service (MaaS) Market Research Report: By Service Type (Bike Sharing, Ride Sharing, Ride Hailing, Carsharing, Car Rental, Shuttle Service), Vehicle Type (Two-Wheeler, Car, Bus), Commuting Pattern (Daily Commuting, Last-Mile Connectivity, Occasional Commuting), End Use (Personal, Business) - Industry Size, Share Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/maas-market

In recent years, the key players in the MaaS market have taken several strategic measures, such as service launches, mergers and acquisitions, and partnerships, to stay ahead of the competition. For instance, in July 2019, BLU Smart Mobility selected Ridecell Inc. to launch the Blu Smart Mobility ride share service in India, would be the first ever electric ride sharing service in the Indian sub-continent. Ridecell Inc. will offer a driver application, a cloud-based operational dashboard that controls vehicle assignment, ride pricing, and other critical components that will allow Blu Smart to offer a fully customized mobile application. Initially, 70 electric vehicles would be made available for the public in New Delhi.

MaaS Market Segmentation

Market Segmentation by Service Type

  • Bike Sharing
  • Ride Sharing
  • Ride Hailing
  • Carsharing
  • Car Rental
  • Shuttle Service

Market Segmentation by Vehicle Type

  • Two-Wheeler
  • Car
  • Bus

Market Segmentation by Commuting Pattern

  • Daily Commuting
  • Last-Mile Connectivity
  • Occasional Commuting
  • Others

Market Segmentation by End Use

  • Personal
  • Business

Market Segmentation by Region

  • North America Mobility as a Service Market
    • By service type
    • By vehicle type
    • By commuting pattern
    • By end use
    • By country – U.S. and Canada
  • Europe Mobility as a Service Market
    • By service type
    • By vehicle type
    • By commuting pattern
    • By end use
    • By country – Germany, U.K., France, Italy, Netherlands, and rest of Europe
  • Asia-Pacific (APAC) Mobility as a Service Market
    • By service type
    • By vehicle type
    • By commuting pattern
    • By end use
    • By country – China, Japan, India, Australia, and rest of APAC
  • Rest of the World (RoW) Mobility as a Service Market
    • By service type
    • By vehicle type
    • By commuting pattern
    • By end use
    • By country – U.A.E., Brazil, and others