Mobility as a Service Market to reach USD 2613.7 Billion by 2032 Owing to Rising Demand for Sustainable Transportation

Mobility as a Service Market is growing, driven by rapid urbanization, advancements in technology, & need for environmentally friendly transportation systems

AUSTIN, TX, UNITED STATES, November 27, 2024 /EINPresswire.com/ --

Mobility as a Service (MaaS) Market

The Mobility as a Service Market was valued at USD 402.46 billion in 2023 and is projected to reach USD 2613.7 billion by 2032, growing at an impressive CAGR of 23.12% over the forecast period of 2024–2032.

The Mobility as a Service Market is Experiencing Significant Growth due to Adoption of Smart Mobility Solutions by Rising Urban Populations

Urbanization is intensifying traffic congestion and pollution, necessitating innovative solutions like Mobility as a Service to streamline transport networks and reduce emissions. In the Asia-Pacific region, initiatives in smart cities, such as in Hong Kong and Singapore, are driving the Mobility as a Service Market. Technological advancements, including real-time data analytics and mobile apps, enhance the user experience by seamlessly integrating ride-hailing, bike-sharing, and public transit. Research suggests that a 20% increase in shared mobility services can lead to a 10% reduction in urban traffic congestion.

The shift towards sustainable transportation is propelling the integration of electric vehicles (EVs) into the Mobility as a Service Market. With e-mobility services projected to grow by 25% in the next five years, major players are adopting EVs and autonomous vehicles to meet consumer demand. Collaborative efforts among governments and private companies are essential to developing Mobility as a Service infrastructure, such as dedicated bus lanes and EV charging stations, ensuring a sustainable and efficient mobility future.

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Key Players Listed in Mobility as a Service Market Are:

• Uber
• Lyft
• Daimler AG
• BMW Group
• Ford Motor Company
• Grab
• Ola
• Moovit
• Citymapper
• TransLoc
• Transit
• Trafi
• Masabi
• Keolis
• SBB
• FlixMobility
• BlaBlaCar
• Via
• ParkMobile and Zūm.

The Mobility as a Service Market is Propelled by Innovative Solutions and Substantial Investment in Urban Mobility.

Companies like Eve, with its advanced eVTOL aircraft, are spearheading urban air mobility solutions, offering cost-effective and eco-friendly alternatives. Ford’s sustainable Hackney taxis and inDrive’s expansion in Zambia showcase the adaptability of the Mobility as a Service Market. Additionally, investors' growing confidence, exemplified by Joby Aviation’s USD 202 million fundraising, underscores the strong growth trajectory of urban air travel, a critical component of Mobility as a Service Market.

Public transportation remains a basis of urban mobility, with 60% of Canadians preferring it for daily commutes, further reinforcing the importance of integrating Mobility as a Service solution with traditional transit systems. Efforts like Brazil’s Plano Mais Produção program emphasize localized Mobility as a Service innovations that support decarbonization and job creation, demonstrating the global commitment to revolutionizing urban mobility.

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Mobility as a Service Market Segment Analysis

By Service Type

In 2023, the Ride-Hailing segment dominated the Mobility as a Service Market, contributing 54% of total revenue. This success is attributed to the convenience and flexibility it offers through on-demand transportation services. Advancements in mobile apps, dynamic pricing, and route optimization further enhance user satisfaction. Companies like Uber and Lyft are integrating EVs and autonomous technology, catering to the growing demand for sustainable and innovative commuting options.

By Application

The Android platforms segment led the Mobility as a Service Market in the application segment in 2023, capturing 53% of the share. With Android devices representing over 70% of the global smartphone market, the seamless integration of Mobility as a Service into Android apps, such as ride-hailing and bike-sharing, has driven its dominance. Enhanced features like real-time ride tracking and in-app payments have solidified Android’s role in modern mobility solutions.

Mobility as a Service Market Key Segmentation:

By Application Type

• iOS,
• Android,
• Others

By Service Type

• Ride-Hailing
• Car Sharing
• Taxi Services
• Others

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Regional Analysis

The Asia-Pacific region emerged as the leader in the Mobility as a Service Market in 2023, contributing 34% of total revenue. This growth is fueled by urbanization and extensive infrastructure development in countries like China and India. Companies such as Grab have diversified their offerings, incorporating ride-hailing, bike-sharing, and delivery services to cater to the region's unique demands. Government initiatives promoting EVs and autonomous vehicles further bolster the Mobility as a Service Market in this region.

North America region is the fastest-growing in the forecast period, driven by advanced digital infrastructure and consumer demand for on-demand transport. Major players like Uber and Lyft are innovating with autonomous vehicle integration and enhanced app functionalities. Supportive government policies and investments in smart city projects are accelerating Mobility as a Service Market.

Recent Developments

August 2023: Gentari Sdn Bhd partnered with BMW Malaysia to promote green mobility solutions and renewable energy adoption.
October 2024: Uber announced a strategic partnership with Avride to integrate autonomous delivery robots and vehicles into its platform, enhancing service efficiency.

Table of Contents

1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Mobility as a Service (MaaS) Market Segmentation, by Service Type
8. Mobility as a Service (MaaS) Market Segmentation, by Application Type
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion

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