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The mobility-as-a-service (MaaS) market size is estimated to grow at a CAGR of 35.15% between 2023 and 2028. The market size is forecast to increase by USD 639.92 billion. The growth of the market depends on several factors the iv, the increasing demand for efficiency in operations, and the shift in adoption from CAPEX model to OPEX model.
The report offers extensive research analysis on the Mobility-as-a-Service Market, with a categorization based on Service including ride-hailing, car sharing, and others. Vehicle Type segment includes cars, buses, and two-wheelers. Additionally, the report provides Geographical segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data for 2018-2022, and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Shift in adoption from CAPEX model to OPEX model is the key factor driving market growth. Rising cost pressures owing to uncertain business and economic conditions have compelled several companies to use flexible IT solutions. The cost of the on-premises deployment model includes the cost of licensing, system design and customization, implementation, training, and maintenance. Apart from the cost of the solution, organizations also need to spend a lot of funds for its proper implementation, which increases the overall OPEX.
In addition, MaaS is also flexible in terms of the deployment model as these solutions are available in three deployment models, including public cloud, private cloud, and hybrid cloud. The key benefit of implementing MaaS is the pay-per-use pricing model, i.e., clients can pay for what they use. End-users can select a range of MaaS solutions based on their IT budgets and business requirements. Hence, the demand for cloud-based MaaS is expected to raise, which, in turn, will drive the growth of the market during the forecast period.
Ride-sharing platforms and automotive companies exhibiting interest in MaaS is the primary trend shaping market growth. Several major companies, including Daimler AG, Uber Technologies Inc., and BMW AG, are investing in developing their own MaaS platforms. For instance, in April 2018, Uber Technologies Inc. acquired JUMP Bikes, an electric bike-sharing company. The company aims to develop its mobile app into a multimodal platform, which will be able to seamlessly provide access to car-hailing/sharing, bike-sharing, and public transit networks.
In addition to service providers, automobile manufacturers are showing considerable interest in MaaS platforms. Volkswagen AG, General Motors, and Tesla, among other companies, also invested in different MaaS platforms between 2016 and 2018. Thus, such factors will propel the growth of the market during the forecast period.
The need for high initial investments in infrastructure is a challenge that affects market growth. Projects in the mobility sector are usually large and take a long time to complete. Most projects witness issues such as high costs and long duration. In addition, despite the benefits associated with MaaS solutions, such as the ability to automate operations and ensure consistency, organizations may opt for traditional methods because of the cost factor, which, in turn, affects mobility-as-a-service market growth.
Furthermore, the proper implementation and functioning of MaaS solutions require the services of experts. Moreover, the integration of these applications with existing operational processes at airports, railway stations, and bus stations can be quite challenging. Therefore, such factors will hinder the growth of the global mobility-as-a-service market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Mobility-as-a-Service Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The ride hailing segment is estimated to witness significant growth during the forecast period. Ride-hailing service providers offer flexible and affordable options and allow consumers to book cabs on demand through their mobile app. In addition, the number of people opting for ride-hailing services is increasing owing to the rising cost of owning a private car and the lack of parking space for cars. The major ride-hailing service operators, Uber Technologies Inc. and Lyft, Inc., have significantly invested in advertisements, spanning digital, television, and print media, to increase brand awareness.
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The ride hailing segment was the largest segment and valued at USD 15.89 billion in 2018. Ride-hailing services reduce waiting times, increase the convenience of hailing a cab, and provide real-time location updates using global positioning systems for customers. In addition, with innovative and technologically advanced pricing algorithms, better customer service, and, most importantly, user-friendly app designs and services, ride-hailing car services have been gaining traction, particularly among Millennials. These factors will lead to the exponential growth of the ride-hailing segment in the mobility-as-a-service (MaaS) market during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Rising urbanization, growing disposable income in countries such as China, Japan, India, and Australia, and an increasing population in the age group of 15-64 years, which is the target customer base, are expected to propel the growth of the MaaS market in APAC.
In addition, the growing popularity and awareness about rid ride-hailing services and a cheaper commute option would contribute to market growth. Like China, MaaS in India is growing owing to a rise in domestic tourism, an increase in self-drive trips, and a surge in the use of public transport for daily commutes. This, in turn, is driven by the rising purchasing power of the middle class, increasing popularity of road trips, economical ride packages offered by MaaS providers, and improving road connectivity and public transport infrastructure. Hence, such factors are expected to drive market growth in this region during the forecast period.
The mobility-as-a-service market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Mobility-as-a-Service Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 35.15% |
Market growth 2024-2028 |
USD 639.92 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
32.55 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, Japan, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aptiv Plc, Avis Budget Group Inc., Beeline.com Ltd., Bolt Technology OU, Communauto Group, EAN Services LLC, Europcar Mobility Group SA, GoEuro Corp., Greenlines Technology Inc., GT Gettaxi UK Ltd., Hertz Systems Ltd. Sp. z.o.o, Lyft Inc., MaaS Global Oy, Mercedes Benz Group AG, MOBIKO GmbH, Mobius Mobility LLC, movmi Shared Transportation Services Inc., Sway Mobility Inc., Tranzer BV, and Uber Technologies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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