Mobility-as-a-Service Market size is set to grow by USD 639.92 billion from 2024-2028, Increase in use of smart connected devices boost the market, Technavio

NEW YORK, May 30, 2024 /PRNewswire/ -- The global mobility-as-a-service market size is estimated to grow by USD 639.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 35.15%  during the forecast period. 

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Segment Overview 

1. Service 
• 1.1 Ride hailing
• 1.2 Car sharing
• 1.3 Bus sharing and others
2. Vehicle Type
• 2.1 Cars
• 2.2 Buses
• 2.3 Two-wheelers
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Ride hailing-  The ride-hailing segment in the mobility-as-a-service market is experiencing significant growth due to its flexibility and affordability. Major players, Uber and Lyft, are increasing brand awareness through extensive advertising efforts. Ride-hailing services offer reduced waiting times, real-time location updates, and advanced pricing algorithms. Millennials are particularly drawn to these user-friendly services. Urbanization and rising disposable income are also driving market growth. These factors will continue to fuel the expansion of the ride-hailing segment during the forecast period.

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Market Driver

The mobility-as-a-service (MaaS) market is experiencing significant growth due to the increasing interest from independent car-hailing companies and automotive manufacturers. Notable players, such as Daimler AG, Uber Technologies Inc., and BMW AG, are investing in developing their own MaaS platforms.

Uber aims to expand its mobile app into a multimodal platform, offering seamless access to car-hailing, bike-sharing, and public transit networks. Automobile manufacturers, including Daimler AG's Moovel Group, Volkswagen AG, General Motors, and Tesla, are also investing in MaaS platforms to broaden their service offerings. These investments will fuel the growth of the global MaaS market during the forecast period. 

The Mobility-as-a-Service (MaaS) market is experiencing significant growth, with technologies like Transit API and Real-time Electronic Ticketing becoming key drivers. Carbon-neutral modes of transport such as bike-sharing and ride-sharing are trending, with companies providing comprehensive solutions including parking and traffic management.

Consumers are increasingly looking for convenient, cost-effective, and sustainable transport options. The use of vehicle provisioning and traffic prediction technologies is also on the rise, enabling seamless and efficient mobility solutions. The market is expected to continue growing, with a focus on enhancing user experience and promoting sustainable transport. 

Market Challenges

• The mobility-as-a-service market faces challenges due to the high power consumption and bandwidth requirements of connected devices, particularly in transportation. Seamless connectivity for multiple devices necessitates high-bandwidth networks. Expensive Internet connections with sufficient bandwidth are necessary for managing devices and sensors in transportation vehicles.
• Vendors must implement MaaS solutions to reduce bandwidth usage and optimize network traffic. Accessing cloud-based data requires efficient IT systems and high bandwidth for faster retrieval. Cloud-based solutions offer benefits such as faster data access and smooth operations. However, connectivity issues, data isolation, and low bandwidth in cloud-infrastructure can hinder market growth.
• The Mobility-as-a-Service market is experiencing significant growth, with an increasing number of consumers turning to transportation solutions that are convenient and efficient. However, this market also faces several challenges. One challenge is the integration of various modes of transportation, such as cars, buses, trains, and bikes, into a seamless and interoperable system. Another challenge is the development of cost-effective and sustainable solutions that can cater to the diverse needs of consumers.
• Additionally, ensuring the security and privacy of user data is a major concern. Furthermore, traffic management and congestion are ongoing issues that need to be addressed to ensure the smooth operation of Mobility-as-a-Service systems. Lastly, regulatory frameworks and policies need to be put in place to ensure the safe and reliable operation of these services.

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Research Analysis

In the rapidly evolving mobility landscape, Technology plays a pivotal role in transforming traditional Transportation modes. The emergence of Ride sharing and Car sharing services, along with Bike commuting and Public transport, is revolutionizing consumer behavior. Smart Cities are embracing these innovations, integrating them with Infrastructure and 5G/4G LTE networks for seamless Journey planning and Utilization.

Electric Vehicles and Commercial vehicles are key components of this transition, reducing Carbon dioxide emissions. However, Trust remains a critical factor, with safety and Government support essential for widespread adoption. Consumers increasingly demand awareness and knowledge of various Transportation modes, including Wi-Fi connectivity during their Journey. Accidents and infrastructure challenges necessitate ongoing improvements.

Market Research Overview

The Mobility-as-a-Service (MaaS) market refers to the delivery of various forms of transportation services through a single interface, allowing users to plan, book, and pay for multiple modes of transport as part of a single journey. This concept integrates various modes of transport, including public transportation, ride-hailing services, bike-sharing, and car-sharing, among others. MaaS aims to provide a seamless and efficient transportation experience, reducing the need for personal vehicle ownership and promoting sustainable mobility solutions.

The market is driven by factors such as increasing urbanization, growing demand for flexible and convenient transportation options, and the integration of advanced technologies like artificial intelligence and the Internet of Things. MaaS is expected to significantly impact the future of transportation, offering a more integrated, efficient, and sustainable solution for urban mobility.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Service
• Ride Hailing
• Car Sharing
• Bus Sharing And Others
• Vehicle Type
• Cars
• Buses
• Two-wheelers
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio