Mobility As A Service Market | Contrive Datum Insights

The Global Mobility as a Service Market Size Was Valued At USD 187.31 Billion In 2021. The Market Is Projected To Grow From USD 236.42 Billion In 2022 To USD 774.93 Billion By 2030, Exhibiting A CAGR Of 18.5% During The Forecast Period.

Mobility as a Service Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for mobility as a service has been lower than expected in all regions compared to levels before the pandemic. According to our research, the global mobility as a service market dropped by 25.7% from 2019 to 2020.

The transportation industry is responsible for a lot of the pollution in the air around the world. Air pollution is getting worse around the world because of all the cars. This is making it more important to find other ways to get around. Over the next few years, the market is likely to grow because shared mobility is becoming more popular and more people are using it. People think that car sharing is a cheaper way to get around than owning a car because it cuts down on maintenance and fuel costs and helps clean up the air.

The market is also growing because consumers have more money to spend and more money is being put into transportation infrastructure. In developing countries, the government has taken a number of steps to encourage the use of Mobility as a Service (MaaS). These steps are good for the transportation industry. The market is also being driven by the fact that more people are using e-bike sharing to get to and from work. This saves a lot of time and cuts down on the pollution caused by traditional taxis.

Market Dynamics:

Latest Trends:

Because conventional vehicles release a lot of carbon, governments around the world are putting in place strict emission rules to stop pollution from getting worse. So, in order to cut down on carbon emissions and grow their businesses in countries with strict emission rules, the top mobility as a service companies are converting their fleets to electric vehicles so they can offer clean mobility solutions for the urban population in the future. For example, Uber Technologies Inc. said in September 2020 that all of its rides in the U.S. will be in electric cars by 2040.

Frequent travellers between states and cities have a hard time planning their trips, getting on the right transportation, and getting where they need to go. The governments of developing countries are making plans to implement the French Mobility Act, which calls for one ticket or smartcard for mobility as a service app. One transportation ticket program offers a wide range of services, such as single-pass, which would replace the current system of consumers subscribing to each service separately (free float bike subscription, bus sharing, and taxis). Rule-making groups are focusing on making plans with stakeholders and mobility operators to keep the data exchange private and safe. All of the apps for transportation services will be in one place, which should save people time and make their lives easier.

Driving Factors:

Digital payments are being pushed by governments all over the world. For example, the Indian government started the Digital-India initiative to encourage cashless transactions and digital payment methods all over the country. The mobility as a service market is growing because there are more and more e-commerce companies and more and more people are using e-wallets to pay for things. During the forecast period, the market is also likely to be driven by the creation of safe and secure payment gateways. Several MaaS companies, like Uber, Lyft, and Ola, give cashback and shopping coupons to customers who pay with e-wallets.

Micro mobility is thought to be the future of shared transportation, especially in developing countries. Micro-mobility is when light vehicles like bikes and scooters are used for short distances. For example, in the United States, a lot of short-distance travel is done on motorcycles and bicycles (under 5 miles).

Micro mobility is becoming more and more important to consumers, which has led key manufacturers like Daimler and BMW to get involved. MaaS makes it possible to rent scooters in six cities in Europe. Through Getaround and Lyft, Uber also wants to add rented bikes and scooters to its app. In April 2018, Uber bought Jump, a company that has short-term rental contracts for electric scooters and bikes. When compared to traditional taxi rides, more people are using micro-mobility, which saves them time and money.

On-demand services like taxis, passenger vehicles, and charter vehicles give customers flexibility and extra features like real-time feedback, vehicle tracking, and rating. There are a lot of mobile apps that make it easier to find passenger cars and compare prices with people in your area. In March 2022, Alto, a company that had just started up, started offering ride-sharing services like Uber and Lyft. Customers can call by using an app on their smartphones. Also, clients of these services can use a wide range of features. The smart mobility market is also driven by the ability to pinpoint the exact location of a customer and to match demand with available supply.

Restraining Factors:

During the forecast period, the growth of the market is likely to be slowed by the low number of people who have access to the internet in some developing and underdeveloped economies. Concerns about data privacy and security are growing among people who use ride-sharing and ride-hailing apps and services. This is likely to slow the growth of the market in the near future.

Segmentation Analysis:

By Service Type:

During the time frame of the mobility as a service market forecast, the ride-hailing segment is expected to be the market leader. One of the main reasons for the growth of the ride-hailing segment is that ride-hailing services offer many booking options and comfort. One reason the market is growing is that ride-hailing services make it easier to get picked up and dropped off than regular taxis.

During the period of the forecast, the car-sharing segment is expected to be the second largest in the market. The car sharing market is growing because people are moving away from owning cars and toward cheaper and more flexible options. Also, the fact that people are becoming more aware of pollution and traffic congestion is one of the things that will help maintain the second-largest position in the car-sharing market over the next five years.

By Application:

During the forecast period, the Android segment is expected to lead in the MaaS market. One of the main reasons for the growth of this segment is that Android OS is cheaper than iOS. During the forecast period, the market is expected to grow at a fast rate in the iOS segment. Even though it costs a lot more than the Android operating system, many people prefer iOS because it is more secure and keeps their information private.

Regional Insights:

During the time frame of the forecast, Asia Pacific is expected to have the largest share of the mobility as a service market, which was worth USD 74.45 billion in 2021. Some of the factors that will help Asia Pacific continue to lead the market in the next few years are the rising cost of owning a car, rapid urbanization, and rising fuel prices, especially in countries like India and China. One reason for the growth of MaaS services in this area is that there isn't enough public transportation to keep up with the growing population.

North America, on the other hand, is expected to have the second-largest share of the market over the same time period. Consumers' growing awareness of rising pollution and growing traffic congestion are the main things that help this region keep its place in the market. Also, more and more European countries are buying Electric Vehicles (EVs) and putting in charging stations so that these EVs can be charged. The growth of the market is being affected more and more by these big factors.

Scope Analysis

Recent Development:

• February 2022: Uber announces that it is expanding its services in Egypt to include a world-first B2B service called "Uber Bus for Business". This service provides businesses with customized transportation programs for their employees' daily commutes. The service also solves Cairo's congestion problem by reducing traffic on the streets.
• May 2021: Uber announces a strategic partnership with Arrival, a global technology company that makes electric vehicles. Uber has entered into a partnership to develop and deploy electric vehicles on its ride-hailing platform. It will also support Uber's plan to become a completely emission-free platform by 2040.
• December 2020: Uber announces the sale of Apparate USA LLC. (ATG Business), a subsidiary of Aurora Innovation, Inc., focused on developing and commercializing autonomous vehicle technology. The company's ATG Business has been incorporated into Uber's ATG and other technology platforms division.
• March 2022: Lyft announces a strategic partnership with Spin to offer Spin scooters through the Lyft app in 60 markets across the United States. Initial rollouts began in Tennessee and Nashville, followed by the launch of 13 additional cities in April. The company plans to roll out the service in other cities in the coming months.
• April 2021: Swedish automaker Volvo has won a car supply contract to develop Didi's global self-driving fleet. The company's autonomous mobility adoption plans will help it attract a larger customer base and expand in international markets.
• April 2021: Ola Electric Mobility announced plans to build a network of 100,000 EV chargers called the Hypercharger Network in 400 cities in India over the next five years. The company is focused on electrification. To accelerate electrification, Ola Electric Mobility is a new electric two-wheeler manufacturing subsidiary established by ANI Technologies Pvt. Ltd. sold and deployed a fleet of electric vehicles on its ride hailing platform in 2017.

Market Segmentation

By Service Type:

• Ride-Hailing
• Car Sharing
• Taxi Services
• Others

By Application:

• iOS
• Android
• Others

By Companies:

• Uber Technologies Inc. (U.S.)
• Lyft, Inc. (U.S.)
• Didi Chuxing Technology Co. (China)
• ANI Technologies Pvt. Ltd. (India)
• Grab (Singapore)
• (India)
• BMW Group (Germany)
• Moovel Group GmbH (Germany)
• Others