The global Mobility as a Service Market size is projected to reach a CAGR of 31.2% from 2023-2030.
Mobility as a service integrates various forms of transportation services. It allows a variety of transportation services access, including public transport, ride-share, and rental.
The transportation sector holds a substantial share in contributing to air pollution worldwide. Increasing air pollution globally owing to heavy vehicular traffic is, in turn, creating a need for an alternative form of transportation. The rising popularity and adoption of shared mobility are expected to drive market growth over the forecast period. Car sharing is considered to be a cost-effective alternative to car ownership as it reduces the maintenance and fuel cost of consumers and also helps to reduce the air pollution level. Additionally, an increasing disposable income of consumers and rising investments in transportation infrastructure are fuelling the growth of the market. In developing countries, various initiatives taken by governments initiatives to promote the use of Mobility as a Service (MaaS) are beneficial for the transportation industry. Further, increasing the use of e-bike sharing by daily office commuters is also another factor driving the market as this saves a lot of time and helps to reduce the emissions caused by conventional taxis.
On the other hand, low internet penetration across some developing and underdeveloped economies is anticipated to restrain the growth of the market during the forecast period. Additionally, increasing data privacy and security-related concerns among the populace regarding the use of ride-share or ride-hailing apps and services is likely to hamper the market growth in the near future.
The lockdown and economic crisis induced by the COVID-19 pandemic have severely impacted various mobility service providers. Many service providers have experienced significant resource bottlenecks in the global supply and logistics chains in the year that had a perceptibly negative effect on their businesses. With the spread of the pandemic, countries worldwide implemented social distancing, contact tracing, self-quarantining, testing, and other norms to prevent the further spread. This resulted in massive ride drops for companies such as Uber and Lyft.
The Mobility as a Service (MaaS) Market has witnessed significant growth in recent years, and this trend is expected to continue in the coming years. The demand for sustainable transportation solutions and the increasing adoption of smartphones and other mobile devices have contributed to the growth of the MaaS market.
The MaaS market provides users with a seamless, integrated, and personalized transportation experience that includes multiple modes of transportation such as public transit, ride-hailing, bike-sharing, and car-sharing. This has made it easier for people to plan and pay for their transportation needs, which in turn has led to reduced congestion, improved mobility, and decreased emissions.
Moreover, the MaaS market has also created new business opportunities for transportation providers, technology companies, and other stakeholders. However, the market still faces challenges such as regulatory issues, interoperability, and data privacy concerns. Addressing these challenges will be critical for the sustainable growth of the MaaS market.
Asia Pacific to Dominate the Market
