Mobility As a Service (MaaS) Market Size Projected to Reach USD 1,909.39 Billion By 2032, With 34.3% CAGR: Polaris Market Research
As per the recent analysis by Polaris Market Research, the global mobility as a service market size was valued at USD 100.26 billion in 2022 and is predicted to reach USD 1,909.39 billion by 2032. Also, the study states that the market reveals a robust 34.3% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032. The global key market players include Grab Holdings Limited, ANI Technologies Pvt. Ltd, Moovit, Lyft, Inc., Uber Technologies, Inc, among others.
New York, NY, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled *"Mobility as a Service Market Share, Size, Trends, Industry Analysis Report, By Solution; By Service; By Transportation Type; By Payment Type; By Application; By Region; Segment Forecast, 2023 - 2032"* in its research database.
As per the recent analysis by Polaris Market Research, the global mobility as a service market size and share was valued at USD 100.26 billion in 2022 and is *predicted to reach USD 1,909.39 billion by 2032*. Also, the study states that the market reveals a *robust 34.3% Compound Annual Growth Rate (CAGR)* over the predicted timeframe, 2023-2032.
*What is Mobility as a Service? How Big is Mobility As a Service (MaaS) Market Size and Share?*
· *Overview*
Mobility as a Service, or MaaS, combines different types of transportation with transportation-related services to provide a single, all-inclusive mobility service that can be used on demand. When a consumer requests transportation, a MaaS operator provides a wide range of options, such as taxis, public transportation, active modes like walking and bicycling, ride-sharing, car rentals or leases, or a mix of these. MaaS wants to offer the best possible value to people, communities, and the environment.
Also, the creation of MaaS platforms has been made easier by the advancements in data analytics, mobile technology, and smart city efforts. These developments in technology improve user experience by offering streamlined services and real-time information. It is being supported by governments all around the world with financial support, legal frameworks, and incentives. These projects support the expansion of mobility as a service market growth by supplying the required funding and infrastructure.
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*What are the Key Findings of the Report?*
· Increased government initiatives are aiding the adoption of MaaS, growing worries about greenhouse gas emissions, problems with urban vehicle congestion, MaaS's affordability and convenience, and so on. This is anticipated to lead to further market progress.
· The mobility as a service market segmentation is mainly based on service, solution, application, payment type, transportation type, and region.
· Asia Pacific experienced significant growth during the forecast period.
*Who are the Major Players Operating in the MaaS Industry?*
· ANI Technologies Pvt. Ltd
· BlaBlaCar
· Careem
· Citymapper
· Cubic Transportation Systems, Inc.
· Europcar
· Fluidtime
· Grab Holdings Limited
· Lyft, Inc.
· MaaS Global
· MOBIKO
· Moovel North America, LLC.
· Moovit
· SkedGo
· Uber Technologies, Inc
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*Market Dynamics*
*Which Factors are Driving the Market Growth?*
The MaaS landscape is changing rapidly due to urbanization. The need for effective, sustainable, and practical transportation solutions is growing as more people relocate to cities. MaaS provides integrated transportation choices to meet the issues associated with urban mobility. Also, one of the main causes of increased mobility as a service market demand is the increase in traffic congestion in cities. MaaS eases traffic by promoting the use of public and shared transportation, which eventually lowers traffic on the roads and enhances traffic flow in general.
Furthermore, the adoption of MaaS is significantly influenced by growing environmental concerns. Consumers are choosing more environmentally friendly modes of transportation, which is consistent with MaaS's emphasis on sustainability and lower carbon emissions.
*What are the Latest Market Trends and Opportunities?*
Increasing the variety of available modes of transportation on MaaS systems increases user choice and promotes better adoption rates. Improving first- and last-mile options closes the distance between transportation hubs and final destinations, increasing the overall coverage and user appeal of MaaS, which is expanding mobility as a service market size. MaaS platforms produce ample amounts of data. It is anticipated that providers will generate additional revenue streams by leveraging this data to deliver personalized services and insights.
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*Overview of the Top Segments*
*Application Technology Solutions Sector Accounts for a Significant Share*
Mobile applications, which are essential to MaaS, enable consumers to conveniently plan, reserve, and pay for a range of transportation services. Travelers can obtain real-time data from these apps, which includes information on service availability, traffic patterns, and projected arrival times.
Also, cost-effective decisions are made easier with the help of transparent pricing, and integrated payment mechanisms offer safe and easy transactions. The applications promote eco-friendly travel choices and user accessibility for all. They continuously improve services using data analytics and protect customer data with strong security protocols.
*Public Transportation Sector Accounts for a Significant Share*
In 2022, the public transportation sector accounts for a significant mobility as a service market share. Several types of transportation are combined into one user-centric platform while using public transportation. Public transportation, including trains, buses, trams, and subways, is acknowledged by MaaS as a necessary component. It is an affordable, environmentally friendly core mode that provides widespread accessibility in cities. Public transportation is smoothly integrated with other modes of transportation, such as ride- and bike-sharing, under MaaS platforms.
*Business-to-Consumer Sector Accounts for a Significant Share*
Offering comprehensive, user-centric mobility solutions to consumers is the primary goal of the transportation industry's business-to-consumer mobility as a service market. Through a single interface, B2C MaaS platforms provide digital applications that let people easily plan, book, and pay for a variety of transportation services. These platforms usually offer a range of transportation options, including bike rentals, ride-sharing, and public transportation.
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*Mobility as a Service Market: Report Scope*
*Report Attribute* *Details*
*Revenue Forecast in 2032* USD 1,909.39 Billion
*Market size value in 2023* USD 134.34 Billion
*Expected CAGR Growth* 34.3% from 2023 – 2032
*Forecast Year* 2023 – 2032
*Segments Covered* By Solution, By Service, By Transportation Type, By Payment Type, By Application, By Region
*Customization Options* *Customized purchase options are available to meet any research needs. *Explore customized purchase options
*Regional Landscape*
*Asia Pacific: *The market exhibits strong potential because of things like population increase, increasing urbanization, and worsening transportation congestion. The need for integrated, sustainable, and effective transportation solutions has increased as a result of these difficulties. Governments in the Asia-Pacific region now acknowledge MaaS as a potential remedy for problems with urban mobility. To encourage the creation and uptake of MaaS platforms, they are actively proposing laws and regulations.
*North America: *The mobility as a service market in North America is expanding due to urbanization and the desire to reduce traffic. Creative startups are offering integrated MaaS solutions and well-established IT businesses, bringing together micromobility, public transportation, ride-sharing, and more on digital platforms. The adoption of MaaS is being influenced by sustainability and environmental concerns, with green mobility solutions becoming more popular.Browse the Detail Report *“Mobility as a Service Market Share, Size, Trends, Industry Analysis Report, By Solution; By Service; By Transportation Type; By Payment Type; By Application; By Region; Segment Forecast, 2023 - 2032”* with in-depth TOC at: *https://www.polarismarketresearch.com/industry-analysis/mobility-as-a-service-market*
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*Current Progresses*
· Tummoc unveiled its development plan in March 2022, aiming to expand to ten more cities by the end of the year, including Delhi and Mumbai. The nation's overarching objectives of adopting electric car mobility solutions in the near future are in line with this proactive approach of bringing together Mobility as a Service (MaaS) providers in different Indian cities.
· Munich's main public transportation provider, Münchner Verkehrsgesellschaft (MVG), chose Trafi to introduce a city-owned Mobility as a Service (MaaS) solution in February 2020.
*Report Answers to the Following Questions*
· What is the current size and forecast value for the mobility as a service market?
*Ans: *The market was valued at USD 100.26 billion in 2022 and is expected to grow to USD 1,909.39 billion by 2032.
· At what CAGR is the market anticipated to grow?
*Ans: *The market is expected to grow at a CAGR of 34.3% during the forecast period.
· Which segments are anticipated to account for the highest mobility as a service market share?
*Ans: *The mobility as a service market segmentation is mainly based on service, solution, application, payment type, transportation type, and region.
· Which is the leading region of the market?
*Ans: *Asia Pacific experienced significant growth during the forecast period.
*Polaris Market Research has segmented the Mobility as a Service market report based on solution, service, transportation type, payment type, application and region:*
* By Solution Outlook*
· Booking & Ticketing Solutions
· Application Technology Solutions
· Journey Planning & Management Solutions
· Payment Solutions
· Others
*By Service Outlook*
· Public Transport Services
· Ride-sharing Services
· Ride-hailing Services
· Micromobility Services
· Others
*By Transportation Type Outlook*
· Public Transportation
· Private Transportation
*By Payment Type Outlook*
· Subscription-based
· On-demand
*By Application Outlook*
· Peer-to-Peer
· Business-to-Consumer
· Business-to-Business
*By Region Outlook*
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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