The growth in the global mobility as a service market is expected to be driven by rising urbanization and smart city initiatives, increasing adoption of on-demand mobility services, the growing trend of smart mobility with better in-vehicle facilities, and increasing parking problems, and emphasis on reducing CO2 emissions.
New York, July 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mobility As A Service Market - A Global and Regional Analysis: Focus on Mobility As A Service Applications - Analysis and Forecast, 2022-2031" - https://www.reportlinker.com/p06310167/?utm_source=GNW
Market Lifecycle Stage
MaaS providers are the companies that deal with the customers firsthand since they provide the customers with multimodal transportation solutions. The growth of global mobility as a service market is majorly attributed to the growing inclination toward micro-mobility.
Growing investment in research and development activities by various manufacturers in mobility as a service is expected to propel the market. Additionally, MaaS companies have tended toward collaborating with other companies to expand their mobility capabilities.
Furthermore, favorable government policies, the adoption of more environmentally friendly and renewable energy vehicles, and an increase in competition in the electric vehicle are projected to offer new avenues for mobility as a service market.There are some challenges in the market, such as low awareness regarding total lifetime cost for private vehicle ownership and service ownership, non-availability of required infrastructure, and data privacy and security concerns.
The ongoing vital developments in the market are expected to overcome them in the forecast period.
Impact of Mobility As A Service Market
• Mobility as a service (MaaS) is a futuristic modern transportation service, with a complex network of collaborators, strategists, and technicians making up the ecosystem. The on-demand insured ride with accompanying value-added features is a key aspect of this service. It also provides customers with various options, including commuting kinds, pricing options, service duration, driver selection, and real-time journey optimization, among others.
• Government regulations and a growing focus on smart city projects are driving the use of mobility as a service. New regulations are being drafted to stimulate the use of mobility as a service in transportation. France is at the forefront of new mobility schemes and mobility as a service model development.
• The adoption of MaaS is expected to facilitate numerous changes, such as reducing vehicles on the road, owning vehicles on a contract basis, boosting optimization, utilizing existing infrastructure for different economic scales, and reduction in personally owned vehicle expenses. For instance, carpool not only reduces the overall running cost of the vehicle through a shared operating cost of the vehicle but also reduces the number of vehicles on the roads. Additionally, the customer experience is enhanced since MaaS offers innovative and diversified modes to commuters from different economic backgrounds.
Impact of COVID-19
The impact of COVID-19 on mobility as a service industry has been moderately severe compared to the impact on the general automotive industry.Companies such as Uber and Lyft have seen massive ride drops due to the COVID-19 crisis.
People are avoiding these services due to the rising concerns regarding the spread of the virus.
Additionally, due to work-from-home options provided by companies, public transport has reduced by around 70-80% globally, thus, having a negative impact on the market resulting downfall in revenue across all regions.
Segmentation 1: by Application
• Passenger Transportation
• Freight Transportation
• Micro Mobility
Passenger transportation dominated the market for global mobility as a service (by application) in 2021 whereas micro mobility is expected to grow with the highest CAGR of 28.1% in the estimated forecast period 2022-2031. The rise in population growth in urban areas requires an efficient and reliable way to transfer passengers from one point to another. MaaS for passenger transportation provides a wide range of services that integrates various transport, information, and different payment services into an efficient and reliable customer experience. Moreover, the growing number of users who prefer car-sharing services is also a major factor boosting the market.
Segmentation 2: by Product
• Ride Sharing
Ride-hailing dominated the market for global mobility as a service (by product) in 2021 whereas carpool is expected to grow with the highest CAGR of 29.2% in the estimated forecast period 2022-2031. The surge in popularity of on-demand transportation services, the emergence of job prospects, and the low rate of automobile ownership among millennials are all driving the growth of worldwide ride-hailing services.
Segmentation 3: by Solution
• Payment Engines
• Navigation Solutions
• Connectivity Providers
• Ticketing Solutions
• Insurance Solutions
Payment engines dominated the market for global mobility as a service (by solution) in 2021 whereas navigation solution is expected to grow with the highest CAGR of 27.0% in the estimated forecast period 2022-2031. The way consumers pay for transportation services has changed thanks to mobility platforms, which have replaced cash with online payment options. The major factor assisting the growth of the payment engine segment includes increasing the installation of the ride-sharing app and providing ease of payment options. For instance, a few companies, including Ola, have even started to offer post-paid payment options that allow the customer to ride without paying before or after the ride is completed, and the outstanding payment can then be paid later.
Segmentation 4: by Region
• North America - U.S., Canada, and Mexico
• South America - Brazil, Rest of South America
• Europe - U.K., Germany, France, Italy, Spain, and Rest-of-Europe
• Asia-Pacific and Japan - Japan, South Korea, and Rest-of-Asia-Pacific and Japan
• Middle East and Africa
Europe dominated the market for global mobility as a service (by region) in 2021. It is expected to grow with a CAGR of 24.9% in the estimated forecast period 2022-2031. The growth was attributed owing to various government initiatives to create multimodal transportation systems utilizing mobility as a service, to enhance their public transportation networks. The mobility as a service market in Germany holds the highest market share owing to various regulations for increasing the usage of electric vehicles to decrease vehicle emissions.
Recent Developments in Global Mobility As A Service Market
• In April 2022, Capitello Move and MaaS Global signed a strategic partnership to launch the world’s first eco-friendly mobility platform.
• In June 2021, Grab, a mobility services provider, further enhanced the partnership with Hyundai to encourage utilization of MaaS and accelerate EV adoption, especially in Singapore, Indonesia, and Vietnam.
• In 2019, Lyft had invested over $1.5 billion in the R&D division. The company is keen on developing its in-house mapping platform.
• In January 2022, Arval and Ridecell entered into a strategic partnership with an aim to accelerate the development of end-to-end mobility solutions for Arval’s European customers.
• In January 2020, Uber acquired Careem for $3.1 billion to help expand its operations in the Middle East.
Demand – Drivers and Limitations
Following are the demand drivers for the global mobility as a service market:
• Rising Urbanization and Smart City Initiatives
• Increasing Adoption of On-Demand Mobility Services
• Growing Trend of Smart Mobility with Better In-Vehicle Facilities
• Increasing Parking Problems and Emphasis on Reducing CO2 Emissions
• Growing Inclination Toward Micro Mobility
Following are the challenges for the global mobility as a service market:
• Low Awareness Regarding Total Lifetime Cost for Private Vehicle Ownership and Service Ownership
• Data Privacy and Security Concerns
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the readers understand the different types used in mobility as a service. Also, the study provides the readers with a detailed understanding of global mobility as a service market by application and product.
Growth/Marketing Strategy: To improve the capabilities of their product offerings, players in the global mobility as a service market are developing unique products.The readers will be able to comprehend the revenue-generating tactics used by players in the global mobility as a service market by looking at the growth/marketing strategies.
Other market participants’ tactics, such as go-to-market plans, will also assist readers in making strategic judgments.
Competitive Strategy: Players analyzed and profiled in the study include global mobility as a service manufacturer and solution providers who capture the maximum share in the mobility as a service market.Moreover, a detailed competitive benchmarking of the players operating in the global mobility as a service market has been done to help the readers understand how players compete against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements and collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent names established in this market are:
Type 1 Companies (by Product Offerings): Key Manufacturers Globally
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• DiDi Chuxing
• Moovit Inc
• Ridecell Inc.
Type 2 Companies (by Product Offerings): Multiple Solution Providers
• Easy Mile
• Bussr Technologies
• Bird Rides, Inc.
• North America
• South America
• Rest of South America
• Middle East and Africa
• Asia-Pacific and Japan
• South Korea
• Rest-of-Asia-Pacific and Japan
Read the full report: https://www.reportlinker.com/p06310167/?utm_source=GNW
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