Mobility As A Service Market Trends, Key Driven Factors, Segmentation and Forecast to 2031
With the changing landscape of how passengers commute on a daily basis, the demand for an integrated mobility service platform which combines various modes of transportation such as public transit, private vehicle, and bikes, among others in a compact service package has increased in the recent years. According to the United Nations, the total population living in urban areas is XX% in 2019. With this urban population expected to rise rapidly in the future, the demand for a sustainable transportation system which consumes less time is affordable and reduces hassle is expected to grow. As MaaS helps in the decongestion of traffic, cost reduction, and efficient travel, the future of mobility services is expected to change rapidly. As the platform is flexible to integrate new modes or products without interfering with the existing service operations, integration of autonomous vehicles is expected to be adopted on a commercial scale, thereby increasing car-pooling services, reducing the use of privately-owned cars. As the MaaS becomes sustainable in the future, it is expected to reduce the total travel costs.
Read Report Overview: MOBILITY-AS-A-SERVICE (MaaS) Market
MaaS is the futuristic form of modern transportation service, the ecosystem comprises of a complex network of collaborators, strategists, and technologists. A leading factor of this service is the on demand assured ride with associated value-added features. It also gives the consumers a wide range of choices: types of commute, type of pricing, duration of service, choice of driver, and real-time journey optimization, among others. A local taxi service provider is at the grass-root level in the mobility service supply chain. Service providers can easily integrate multi-modal options such as sharing of ride, car or bike, and leasing of taxi or car for a timespan. A MaaS platform integrates activities such as journey planning, booking car/ride, journey tracking, payment, and service feedback.
Ride Hailing Services Generates the Highest Demand for MaaS
The prominent products which are being available in MaaS ecosystem are ride-hailing, ridesharing, carpool, and rental. Ride hailing accounted for the highest market share and is anticipated to maintain its dominance throughout the forecast period. Ride hailing is the most demanded service for mobility, which includes hailing of cars, air-taxi, scooter, and bikes.
Asia-Pacific to Witness Fastest Growth in MaaS Market
This report also covers the global mobility-as-a-service market by geography and consequently provides the revenue of the key regions, which include North America, South America, Europe, the U.K. Asia-Pacific Japan (APJ), China, and Middle East & Africa (MEA).
North America dominated the global MaaS market in 2019 owing to the wide penetration of internet access and smartphones, along with developed road infrastructure, which enables the public to access mobility services easily. Also, the region is a home of numerous technology companies, ride aggregators, and automotive OEMs, which increases the available options for MaaS services in the region. The APJ is expected to grow at a faster rate in comparison to another region between 2020 and 2025. Factors such as the growing urbanization in the developed and developing countries and increasing demand for a reliable transportation system to overcome the traffic congestion and air pollution issue. Also, the growing logistic industry in the region boosts market growth.
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Scope of the Study
In recent years, the commuting scenario of passengers has changed. The demand for an integrated mobility service platform which unites various modes of transportation such as public transit, private vehicle, and bikes, among others in a compact service package, has increased. MaaS collaborates all the elements of the transportation ecosystem into one platform to present transportation as a service. The foremost factor for the sky-high rise in the demand for this service is the assurance of on-demand ride availability. It caters to a vast customer base by gaining on the point of providing a convenient commute by assimilating the service requirements, modes, and planning needs.