A recent report published by Infinium Global Research on Mobility as a Service Market provides an in-depth analysis of segments and sub-segments in the global as well as regional Mobility as a Service Market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional Mobility as a Service Market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global Mobility as a Service Market. According to the report, the global Mobility as a Service Market is projected to grow at a CAGR of 26.9% over the forecast period of 2020-2026.
The transportation industry has witnessed several changes over the past few years. The developments in the fields of information technology and telecommunication have led to several innovations in transportation and traveling. Mobility as a Service (MaaS) is one of such innovations that has brought a shift in the transportation industry. With the help of MaaS, consumers can use the transportation services whenever and wherever they want. The MaaS users can avail the services through their smartphones by using mobile applications to book a ride. Moreover, with the use of MaaS, users can plan and pay for their transportation more effectively. This has made transportation more streamlined and convenient. Furthermore, as the technology penetrates to remote areas, the MaaS providers are offering new features to their users.
The outbreak of COVID 19 has had an impact on the annual growth rate of the global MaaS market. The demand for transportation and traveling declined during the pandemic period due to the government lockdowns. Moreover, the major players in the market including Uber and Lyft registered huge losses over the second and third quarters of 2020. Furthermore, people avoided visiting outdoors owing to concerns over contracting COVID-19 infection. This, in turn, reduced the number of rides taken by the commuters. In addition, the COVID-19 has changed the norms of society, forcing people to stay indoors for the majority of the time. Thus, several industries have adopted remote working culture, so their employees can work in a safer household environment. This has further reduced the use of MaaS for traveling to workplaces, dropping the revenue generated for the market. However, as the pandemic crisis came under control, the governments lifted restrictions. This, in turn, increased the traffic of commuters on the streets, augmenting the use of MaaS.
The rapidly growing urban population around the world is majorly driving the growth of the MaaS market. The urban population is the major user of MaaS, as they require fast and easy mobility services for commuting through the cities. Besides that, the growing traffic congestion in the cities is further augmenting the demand for MaaS. Moreover, as governments are building smart cities, the MaaS is projected to experience high growth over the upcoming years. However, the growing car rental and station-based care services industry are likely to hamper the growth of the MaaS market. Moreover, multiple developments in the MaaS market and advancements in technology offer fruitful growth opportunities for the market.
Geographically, the global MaaS market has been segmented into North America, Europe, Asia Pacific, and RoW. North America held a large share in the MaaS market owing to the technological developments and high usage of ride-hailing and ride-sharing services among millennials. The higher penetration of smartphones and the internet in the region is helping to increase the adoption of MaaS in the North American market. On the other hand, the Asia Pacific MaaS market is expected to witness the highest CAGR over the forecast period owing to the increasing penetration of smartphones and acceptance of electronic medium for day to day functions. China is said to be the largest market in Asia-Pacific due to the development of smart cities and growing internet users.
The report on global Mobility as a Service Market covers segments such as service type, transportation type, vehicle type, business model, and operating system. On the basis of service type, the sub-markets include ride hailing, ride sharing, micromobility, and others. On the basis of transportation type, the sub-markets include public and private. On the basis of vehicle type, the sub-markets include bike, car, and bus. On the basis of the business model, the sub-markets include business-to-business, business-to-consumer, and peer-to-peer. On the basis of the operating system, the sub-markets include android, IOS, and others.
The report provides profiles of the companies in the market such as Uber Technologies Inc., Lyft, Inc., UbiGo AB, Moovit, Inc., Maas Global Oy, Deutsche Bahn AG, SkedGo Pty Ltd, moovel GmbH, Splyt Technologies Ltd., and Citymapper Ltd.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of Mobility as a Service Market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.