Mobility-as-a-Service Market to Rise by USD 639.92 Billion (2023-2028), Report on AI-Powered Market Evolution - Technavio

NEW YORK, Dec. 12, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global mobility-as-a-service market size is estimated to grow by USD 639.92 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of almost 35.15% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation 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

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1.1 Fastest growing segment:

Ride-hailing services, such as Uber and Lyft, offer consumers flexible and affordable transportation solutions through their mobile apps. The increasing cost of owning a private car and limited parking space have led to an increase in the number of people opting for ride-hailing services. Major operators invest heavily in advertising to boost brand awareness, reducing waiting times and offering real-time location updates through global positioning systems. Innovative pricing algorithms, improved customer service, and user-friendly apps have made ride-hailing popular among Millennials. Urbanization and rising disposable income have also contributed to the growth of this market segment, driving the expansion of the global mobility-as-a-service market.

Analyst Review

Mobility-as-a-Service (MaaS) is revolutionizing the way we move in cities around the world. This innovative transportation model integrates various modes of transportation, including ride sharing, car sharing, bike commuting, public transport, trains, and electric vehicles, into a single digital platform. The population's growing demand for sustainable and efficient transportation solutions is driving the market's growth. Technology plays a crucial role in MaaS, with 5G and 4G LTE networks enabling real-time journey planning, payments, and infrastructure utilization. Smart cities are also investing in Wi-Fi and other telecom infrastructure to support MaaS. However, consumer trust is essential for the success of MaaS. Providing a seamless and safe journey experience is key. The lack of consumer awareness and knowledge about MaaS is a challenge that must be addressed through targeted marketing and education. Infrastructure development is another critical factor. Governments and private companies must invest in the necessary infrastructure to support MaaS, including charging stations for electric vehicles and bike lanes. MaaS also offers the potential for significant reductions in carbon dioxide emissions, making it an attractive option for consumers and governments alike. The future of transportation is green, and MaaS is leading the way.

Market Overview

The Mobility-as-a-Service (MaaS) market is revolutionizing transportation by integrating various modes of travel into a single, seamless experience. This technology-driven approach caters to the needs of a growing population, offering alternatives to traditional personal vehicles. Ride sharing, car sharing, bike commuting, and public transport are key components, with trains and smart cities also playing a significant role. Carbon dioxide reduction is a major focus, as consumers increasingly value trust, time efficiency, and wireless connectivity. Smart phones and internet connectivity are essential tools for journey planning, ticket purchasing, and real-time traffic updates. Infrastructure development, including charging stations for electric vehicles and parking management systems, is crucial. Government support, 5G and 4G LTE networks, and green city initiatives are also driving the market forward. The MaaS market is energy and cost efficient, addressing the challenges of traffic jams, accidents, and funding uncertainty in commercial and private vehicles. The market encompasses various transportation modes, including commercial vehicles, scooters, and bike-sharing, and aims to provide a more utilitarian, personalized, and energy-efficient transportation experience. The health crisis has further the importance of MaaS in reducing the need for public transport and minimizing exposure to crowded areas. Public transport operators are collaborating with tech companies to provide more efficient and convenient services, with apps like RMVgo leading the way in ticket purchasing and journey planning. The market's potential is vast, with the promise of a more connected, efficient, and sustainable transportation future.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
11.1 Uber Technologies Inc
11.2 Lyft, Inc
11.3 Didi Chuxing Technology Co
11.4 ANI Technologies Pvt. Ltd
11.5 Grab
11.6 Shuttl
11.7 BMW Group
11.8 Moovel Group GmbH
12 Appendix

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SOURCE Technavio