NEW YORK, May 17, 2022 /PRNewswire/ -- The global mobility-as-a-service market was valued at $128,489.2 million in 2021, which is expected to reach $519,697.5 million by 2030, fostering at a CAGR of 16.8% from 2021 to 2030, according to the market research report published by P&S Intelligence. In 2021, the ride-hailing category held over 50% market share. The growth of the travel and tourism sector and the transition from offline to online booking and payment systems are driving the demand for ride-hailing services.
Urban traffic jams also drive the MaaS market. The rising population of large cities has led to an advance in the number of daily commuters, thus producing significant traffic congestion, especially during rush hours. Due to the lack of an efficient public transportation system, individuals prefer personal automobiles, thus compounding the situation. Hence, governments are striving to develop alternative transportation choices to combat this problem.
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Key Findings of Mobility-as-a-Service Market Report
- By 2050, 68% of the world's population will live in urban areas, and it is expected to aggravate the traffic congestion on highways, thereby driving the demand for MaaS.
- According to Transportation for America, in spite of investing over $500 billion to expand and create new roadways across the country, congestion in urban areas increased by 144% between 1993 and 2017.
- In 2021, the daily commuting category accounted for the largest mobility-as-a-service market share, and it is predicted to expand at the fastest pace in the coming years. The rising demand for shared vehicles among the young generation for satisfying its daily commuting demands is primarily responsible for the market development in this category.
- Because of the growing demand for the electrification of transportation systems, the electric propulsion category is predicted to boom at a significant CAGR in the future. Emission concerns and the stringent regulations in place to check them are impelling MaaS service providers to adopt EVs.
- For instance, Bird Rides Inc. and Moovit App Global Ltd. partnered in October 2021 to provide multimodal transportation services via EVs across 12 countries, namely Austria, France, Belgium, Germany, Italy, Israel, Norway, Spain, Portugal, Sweden, the U.K., and Switzerland, with plans to expand to the U.S.
- Sixt SE and Mobileye, an Intel Corporation subsidiary, announced their agreement in September 2021 to provide an autonomous robotaxi service in Munich, Germany. Later, the businesses hope to expand their autonomous ride-sharing services across other European countries.
Browse detailed report on Global Mobility-as-a-Service Market Size, Trends, Emerging Opportunities, And Top Key Players By 2030
Environmental concerns are driving the mobility-as-a-service market at a high pace, primarily due to the initiatives being taken by governments around the world to achieve carbon neutrality and sustainability. Concerns about the degrading quality of the air caused by the growing automobile exhaust emissions have prompted governments to implement emission norms, promote shared mobility, and encourage the adoption of EVs.
To maintain a competitive advantage in the market, big players have been engaged in collaborations and partnerships. Such mobility-as-a-service market players include Sixt SE, Europcar Mobility Group S.A., Enterprise Holdings Inc., Avis Budget Group Inc., Hertz Global Holdings Inc., Grab Holdings Inc., Beijing Xiaoju Technology Co. Ltd., Uber Technologies Inc., Lyft Inc., and ANI Technologies Pvt. Ltd.
Mobility-as-a-Service Market Segmentation Analysis
By Service Type
- Ride Hailing
- Ride Sharing
- Car Rental
- Shuttle Service
By Vehicle Type
By Commuting Pattern
- Daily Commuting
- Last-Mile Connectivity
- Occasional Commuting
By End Use
By Payment Type
- Short-Term Subscription
By Propulsion Type
- Internal Combustion Engine
- North America
- South Korea
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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SOURCE P&S Intelligence