The global Mobility as a Service (MaaS) market accounted for US$ 44.33 Bn in 2017 and is expected to grow at a CAGR of 36.4% during the forecast period 2018 – 2025, to account for US$ 476.34 Bn in 2025.
The mobility as a service (MaaS) market has experienced significant growth and adoption rate in the past few years and is expected to experience notable growth and adoption in years to come. Currently, the mobility as a service (MaaS) market is experiencing staggering growth that has been by a numerous factor. The most significant factors that have impacted the growth of this industry are rapid urbanization and consequently more number of passenger cars on the roads leading to congestions and parking problems. Apart from the application platform providers, large automotive OEMs have announced their plans to invest in this large business opportunity. MaaS is expected to be a key driver in the growth and profitability of the automotive industry outpacing the profits earned by only manufacturing cars by these automakers.
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Some of the leading companies in the market are includes Lyft, Inc., Uber Technologies, Inc., Moovel Group GmbH, Beeline Singapore, Whim App (MaaS Global Oy), Splyt Technologies Ltd., Qixxit, UbiGo AB, Tethys Technology, Inc., Smile Mobility, SkedGo Pty Ltd, Transit Systems Pty Ltd., Citymapper, and among others.
The market for MaaS is influenced by various factors such as rapid urbanization leading to increased pressures on the transportation infrastructure, demand for a one-stop solution fulfilling seamless transportation service needs, and proliferation of large number of OEMs into the MaaS market. These factors are heavily impacting on the growth of MaaS market during the forecast period. However, the deterrent factors, affecting the market growth are the apprehensions about seamless connectivity amongst the various stakeholders involved in the MaaS ecosystem, and huge initial investments and the lack of availability of technological expertise. Nonetheless, advancing technological infrastructure and ease of access to data worldwide, is anticipated to boost the adoption of MaaS application tool among consumers, resulting in market growth. Furthermore, future trends such as convergence of various transport chains forming a holistic transport service ecosystem, and increasing self-driving cars in the developed nations are expected to contribute to the growth of MaaS market in the near future
The global mobility as a service (MaaS) market by service type is segmented into categories namely; self-driving car service, ride-hailing service, car sharing service, bi-cycle sharing service and bus sharing services. The rapid mobility demands in the consumer’s market has created a huge imbalance in the supply and demand side for automobile sharing. This has led to increased offerings on the supply side for fulfilling the mobility needs of the consumers. Today, the mobility services are characterized as reliable, convenient, efficient, seamless, hassle-free and easily accessible to consumers. Also, they offer easy payment options so that a consumer can travel without the need for carrying cash. Apart from this, the mobility services have significantly contributed to reduced demands for parking of vehicles, reduced pollutions & congestions on the roads, as well as provide transportation cost savings & energy savings. Each of the different mobility service serves to the purpose of a specific group of consumers. Bus sharing segment is the fastest growing service type segment in mobility as a service (MaaS) market and is expected to grow at a prestigious CAGR during the forecast period.
Key findings of the study:
- From a growth perspective India in Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 38.9% during the forecast period
- Ride Hailing segment accounted for the largest market share in 2017
- B2C segment in business model segment heavily captured the market in 2017 and is anticipated to dominate the market throughout the forecast period
- Based on application platform the mobility as a service (MaaS) market is dominated by Android segment in 2017
- Bus segment in vehicle type segment is expected to witness significant demand during the forecast period
The mobility as a service (MaaS) market has been segmented on the basis of service type into self-driving car service, ride-hailing service, car sharing service, bi-cycle sharing service and bus sharing services. Based on application platform the market is categorized as android, iOS, and others. On basis of business model, the mobility as a service (MaaS) market is classified as B2B, B2C, and P2C. Also, the market is segmented based on vehicle type as passenger cars, bike, and bus. On the basis of geography, the mobility as a service (MaaS) market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
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