Increasing need for reducing journey time is one of the key factors driving Mobility as a Service (MaaS) Market market revenue growth
Vancouver, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global Mobility as a Service (MaaS) market size reached USD 3.14 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing need to reduce road collision injuries and fatalities are one of the major factors expected to drive market revenue growth.
Journey management is mostly needed since it reduces traffic congestions and fuel costs, which, in turn, saves time and money. MaaS provides real-time transportation and road information and predictive element data providing near-future predictions about the route, traffic conditions, and overall time required. However, improper use of MaaS is expected to raise concerns regarding the security and privacy of users. Therefore, MaaS should be used with knowledge of the mobile application that integrates all kinds of transport modes, planning, booking, and paying. In addition, MaaS improves fleet and driver efficiency, resulting in increased productivity for the service provider, which is expected to drive the market revenue growth during the forecast period.
However, data privacy and security concerns are one of the major factors expected to hamper revenue growth. Digitalization incorporating the Internet of Things (IoT), which includes sharing data, provides the most significant technological trend. The data are collected from sensing devices such as smartphones from a large number of users and analyzed using a common Information and Communications Technology (ICT) platform to improve the customer experience. However, increasing pirated software and malware availability increases the risk of security breaches and cyber-attacks.
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The global Mobility as a Service (MaaS) market is expected to register a CAGR of 32.8% over the forecast period, and revenue is projected to increase from USD 3.14 Billion in 2021 to USD 70.26 Billion in 2032. Increasing need for reducing journey time is one of the major factors driving revenue growth of the market.
COVID-19 pandemic has had a negative impact on the MaaS market. The pandemic has reduced the need for mobility due to lockdowns and social distancing norms. In addition, social distancing regulations in several countries forced people to choose private transportation over traditional ride-hailing services, which hampered the market revenue growth. Furthermore, the COVID-19 situation has resulted in substantial ride drops for companies such as Uber and Lyft. People are avoiding mobility services due to rising concerns about the spread of the virus. Moreover, the adoption of work from home in all companies has reduced the use of public transportation by 70-80% globally. This has had a substantial negative impact on the MaaS market revenue growth.
Traffic congestions are the most common problem in urban cities. Increasing number of pesonal vehicles is the primary cause of traffic congestion. MaaS equipped with Internet of Things (IoT) is the best solution to the problem. The primary objective of MaaS on urban roads is to detect any issue on the route and plan accordingly. In addition, rising urbanization and motorization have increased the number of road accidents. MaaS is developed by combining a safety index and a walkability index to improve road traffic safety. Furthermore, increasing need to provide safer, efficient, and sustainable transport by putting the right modes in the right places and connecting them intermodally to avoid road accidents is expected to drive the market revenue growth during the forecast period.
North America is expected to register a significantly robust revenue growth rate over the forecast period owing to increasing need to reduce pollution and rising penetration of Transport Network Companies (TNCs), such as Uber and Lyft, in countries in the region.
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Scope of Research
|Market size in 2021||USD 3.14 Billion|
|Revenue forecast to 2032||USD 70.26 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Vehicle type, propulsion type, service, solution, application platform, transportation, business model, application, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Uber Technologies, Inc., Lyft, Inc., Moovit, Inc., Moovel Group GmbH, Communauto, Inc., Citymapper, Ltd., MaaS Global Oy, Splyt Technologies, Ltd., SkedGo Pty, Ltd, and UbiGo Innovation AB.|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global Mobility as a Service (MaaS) market is fairly fragmented, with a number of large and medium-sized companies accounting for majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective mobility services. Some major companies included in global Mobility as a Service (MaaS) market report are:
- Uber Technologies, Inc.
- Lyft, Inc.
- Moovit, Inc.
- Moovel Group GmbH
- Communauto, Inc.
- Citymapper, Ltd.
- MaaS Global Oy
- Splyt Technologies, Ltd.
- SkedGo Pty, Ltd.
- UbiGo Innovation AB
- In December 2021, Uber Technologies, Inc. announced a partnership with Whatsapp in order to allow people to book an Uber ride with Uber’s official WhatsApp chatbot in India. The partnership is expected to expand access to Uber’s mobility services in international markets. The Uber experience on WhatsApp is simple, familiar, and relatable for users and has the potential to increase Uber’s adoption by attracting new riders.
- In May 2021, MaaS Global Oy partnered with Enfuse, Finland’s largest fintech start-up, to launch card payment offering in Whim, MaaS global’s all-inclusive mobility application. The partnership is expected to enable MaaS Global to issue MasterCard prepaid cards securely and expand its offering to new markets. The aim of the launch is to provide Whim customers a reliable, efficient, and easy payment interface.
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Emergen Research has segmented global Mobility as a Service (MaaS) market on the basis of vehicle type, propulsion type, service, solution, application platform, transportation, business model, application, and region:
- Vehicle Type Outlook (Revenue, USD Billion; 2019–2032)
- Passenger Cars
- Propulsion Type Outlook (Revenue, USD Billion; 2019–2032)
- Electric Vehicle (EV)
- Internal Combustion Engine (ICE)
- Service Outlook (Revenue, USD Billion; 2019–2032)
- Car Sharing
- Micro Mobility
- Bus Sharing
- Solution Outlook (Revenue, USD Billion; 2019–2032)
- Navigation Solutions
- Ticketing Solutions
- Technology Platforms
- Insurance Services
- Telecom Connectivity Providers
- Payment Engines
- Application Platform Outlook (Revenue, USD Billion; 2019–2032)
- Transportation Outlook (Revenue, USD Billion; 2019–2032)
- Business Model Outlook (Revenue, USD Billion; 2019–2032)
- Business to Business (B2B)
- Business to Customer (B2C)
- Peer to Peer (P2P) rentals
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Personalized Application Services
- Dynamic Journey Management
- Flexible Payments
- Route Selection
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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