July 17, 2020
According to the study titled ‘Global Mobility as a Service (MaaS) Market Analysis, 2020’, available with Market Study Report LLC, global mobility as a service market is projected to expand with a CAGR of 32% over 2020-2025.
Burgeoning traffic owing to rising number of vehicle fleet, in tandem with steadily increasing fuel prices are the major growth drivers of global mobility as a service (MaaS) market. Cheaper travel cost and time-saving benefits are boosting the use of these services. Furthermore, improved transport infrastructure and debut of new OEMs are other rationales contributing to the industry growth, cites the report.
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Based on services, global MaaS market is bifurcated into ride, vehicle sharing, and public transport. The ride hailing segment is expected grasp majority share over the analysis period. The growth can be credited to increasing digitalization and growing focus towards a cashless economy. Apart from this, easy booking and payment features are boosting the revenue of ride hailing services.
Elaborating on commuting pattern, the market is categorized into daily commuting, first & last-mile, off-peak & shift work commute, inter-city trips, airport or mass transit station, and others. The daily commuting segment is expected to gain decent traction over the forecast period, driven by increasing working population worldwide, availability of pocket-friendly rides, better connectivity, and reduced concerns regarding maintenance & repairing of own vehicle and its parking.
Speaking of the pricing model, the market is split into pay-as-you-go and monthly subscription. The former segment is expected to see significant gains in the coming years, attributable to the rapid growth in tourism across the globe.
As per the regional analysis, global MaaS market in Americas held majority share in 2019, due to availability of several service providers in the region. High penetration of internet, smartphones, and smart devices, along with an advanced transport infrastructure in US and Canada are other factors supporting the regional market growth.
Meanwhile, APAC market is slated to show robust growth over the evaluation period, on account of increasing investments in transport infrastructure development and presence of new OEMs in countries such as China, India, and Japan.
Leading players in global mobility as a service market are Curb Mobility, InDriver, Ofo, Careem, Bridj, Easy Mile, Floatility, Scoot, Zoox, Uber, Ridecell, Ola, Movit, Mobike, Lyft, LeCab, Grab, DiDi Chuxing, CityMapper, Car2Go, BlaBlaCar, and Whim.