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Mobility as a Service Market to Reach $40.1 Billion by 2030

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Mobility as a Service Market to Reach $40.1 Billion by 2030

March 29
19:25 2023
Mobility as a Service Market to Reach $40.1 Billion by 2030
Attractive opportunities in Mobility as a Service Market
Mobility as a Service Market by Service (Ride-Hailing, Car Sharing, Micro Mobility, Bus Sharing, Train), Solution, Application, Transportation, Vehicle, Operating System, Business Model, Propulsion & Region – Forecast to 2030

The mobility as a service market was valued at USD 3.3 Billion in 2021, and it is expected to reach USD 40.1 Billion by 2030, registering a CAGR of about 32.2% in terms of revenue during the forecast period (2022-2030).

The growth of this mobility as a service market is influenced by factors such as increasing smart city initiatives, growing adoption of on-demand mobility services, the need to reduce CO2 emissions, improved 4G/5G infrastructure, and the penetration of smartphones. Therefore, the mobility as a service market is expected to witness significant growth in the future.

Market Dynamics

Driver: Increasing urbanization and smart city initiatives

Mobility as a service implementations are driven by regulations and an emerging focus on smart city initiatives. Countries are formulating new regulations to encourage the use of mobility as a service in transportation. For instance, the Finnish Act on Transport Services came into force in 2018 and aims to promote the implementation of mobility as a service, amongst other things. France is also at the forefront of the development of new mobility schemes and mobility as a service models. On November 19th, 2019, the French Parliament adopted the “Mobility Orientation Act”, covering all aspects of terrestrial transportation: individual and shared cars, carpooling, buses, railways, and chauffeur-driven vehicles, along with micro-mobility such as rental bikes or electric scooters.

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Opportunities: Increasing use of autonomous cars and electric vehicles

Mobility as a service uses public as well as private vehicles, where a majority of the revenue is generated from ride-sharing services. Autonomous cars will reduce the need for private vehicle ownership and the burdens that come along with it. Riders will no longer be responsible for driving which will help ride-sharing companies to increase their revenue as approximately 60-70%% of its revenue is shared with drivers for each ride. Experts predict that autonomous cars will be available commercially in 2022 and, by 2025, these vehicles will contribute towards a significant volume of new vehicle sales.

Electric Mobility as a Service (eMaaS) is also gaining pace in the mobility as a service market. It combines highly innovative technologies and new business models to create conditions for the large-scale adoption of electric vehicles. The use of electric vehicles not only reduces carbon emissions but also lowers noise and air pollution. It can also be cheaper to run per mile as EV’s per-mile cost is 70-80% lower as compared to ICE vehicles, and it reduces dependency on fossil fuels. Encouraging consumers with attractive subscriptions for multimodal transportation can create new opportunities in the mobility as a service market.

Ride hailing segment estimated to lead mobility as a service market during the forecast period

The ride hailing segment is expected to command the largest share of the mobility as a service market due to its global acceptance at all levels — from personal use to enterprise use due to its ease of booking and the comfort it provides. Factors such as ease of booking, increasing traffic congestion, passenger comfort & convenience, and government initiatives to increase awareness among people regarding air pollution are boosting the demand for ride sharing, predominantly e-hailing. Ride hailing can be easily integrated with public transport since it is an on-demand transportation service that can be accessed by a single user.

Private transportation segment to hold largest market share during the forecast period

Private transportation constitutes services that provide easy integration into mobility as a service platforms, which can have significant implications on the sector. Hence, it is estimated to hold the dominant share of approximately 88% in 2021. The growing need for personal mobility in the wake of rising urbanization and the fall in car ownership are the major factors contributing to the growth of the private transportation segment in the mobility as a service market. In the future, mobility as a service could make it unnecessary for a city resident to own a private car, and hence, the use of private transportation services will show significant growth.

Key Market Players:

The mobility as a service market is dominated by major players such as Moovit Inc. (Israel), MaaS Global Oy (Finland), Citymapper (UK), Mobilleo (UK), SkedGo Pty Ltd (Australia), UbiGo (Sweden), Splyt (UK), Qixxit (Germany), Communauto (Canada), and Tranzer (Netherlands).

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