Mobility as a Service Market worth $40.1 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 25, 2023 /PRNewswire/ -- 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, according to a new report by MarketsandMarkets™. 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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Mobility as a Service Market Scope:

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 industry.

Payment Engines are the fastest-growing solution type.

Payment engines are a critical component of a MaaS system since service providers use various gateways for online payment processing after they have used their chosen service. Payment plans for users may range from a pay-per-trip/pay-as-you-go offer to partial or full subscriptions.

Currently, the market share of payment engines is ~10%, which is likely to grow fast as more customers demand smoother ticketing solutions. Typically, only one or two payment options other than cash, such as payment merchants, credit card, and payment wallets, are offered. Hence, these services have limited investment. However, with digital payments gaining popularity post-pandemic, investment in these solutions is likely to increase.

The pandemic has resulted in a majority of customers shifting toward contactless and cashless payment methods. The expansion of MaaS service providers in new regions and the option to make payments in foreign currencies will fuel the growth of the payment engine segment.

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. This is also fueled by the presence of strong MaaS service providers such as DiDi in China, Ola & Uber in India, and Grab in Singapore. Singapore leads the region in terms of MaaS application test center. The Singapore Smart Mobility 2030, as part of Singapore's Smart Nation plan, is allotted a budget of USD$1.7 billion and primarily focuses on developing autonomous taxis, buses, and shuttles. This development is likely to attract MaaS integrators to the region to boost the growth of the market. Integration of payment systems will play a key role in this region. For example, the Unified Payment ID (UPI) service in India allows its users to pay digitally just with their phones using a simple PIN. Such technologies can be integrated with MaaS applications to smoothen the multimodal integration of transport services and decongest the overpopulation of urban cities in this region.

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Key Market Players:

The major players in Mobility as a Service Companies include Citymapper (UK), MaaS Global (Helsinki), Skedgo (Australia), FOD Mobility UK Ltd. (UK), and Moovit (Israel).

Recent Developments:

• Moovit, in November 2022, announced a new feature enabling commuters to decrease uncertainty and stress. The feature will allow Moovit users to follow their transit line's movements along the map in real time for an additional layer of reliable information on route progress. Available for buses, trains, trams, subways, ferries, and even cable cars with GPS tracking, the feature will initially roll out in more than 220 cities across 38 countries.
• In October 2022, Cycling SDK by Citymapper helped integrate cycle routing and turn-by-turn navigation instantly, with just a few lines of code. SDK is designed to integrate seamlessly with the customer's product and allows the configuration of colors, fonts, and icons to match the look and feel; it offers a choice of a range of features and details to match the use case.
• In October 2022, SkedGo announced its support for the Leicester Buses Partnership in the UK. This integration aims to provide travelers with personalized, door-to-door bus trip planning based on their preferences. Additionally, it serves as a platform to highlight and encourage the utilization of various local bus travel choices available in the area.

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