Latest News- Mobility-As-A-Service Market: Ride hailing is expected to lead the Service segment during 2025-2029

The Mobility-As-A-Service Market is being driven by Increase in use of smart connected devices

The Mobility-As-A-Service Market is expected to grow at a CAGR of 25.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 270.8 million. The Mobility-as-a-Service (MaaS) market is witnessing significant growth, with an increasing number of independent car-hailing and sharing companies, as well as automotive manufacturers, expressing interest in expanding their offerings to include MaaS solutions. Notable industry players, such as Daimler AG, Uber Technologies Inc., and BMW AG, are investing heavily in the development of their own MaaS platforms. In April 2018, Uber Technologies Inc. acquired JUMP Bikes, an electric bike-sharing company, with plans to transform its mobile app into a multimodal platform, enabling seamless access to car-hailing/sharing, bike-sharing, and public transit networks. Beyond service providers, automobile manufacturers are also expressing considerable interest in MaaS platforms. Daimler AG's subsidiary, Moovel Group GmBH, founded in 2015, offers MaaS mobile apps as part of its business strategy. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service
  • Ride hailing
  • Car sharing
  • Others
• Vehicle Type
  • Cars
  • Buses
  • Two-wheelers
• Solution
  • Technology platforms
  • Payment engines
  • Navigation solutions
  • Ticketing solutions
  • Insurance services
• Application
  • Personalized application services
  • Journey management
  • Journey planning
  • Flexible payments & transactions
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in use of smart connected devices
• Increasing demand for efficiency in operations
• Shift in adoption from CAPEX model to OPEX model

However, the market also witnesses some limitations, which are as follows:

• Poor connectivity of devices
• Data privacy issues
• Need for high initial investments in infrastructure

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Market Scope in Mobility-As-A-Service Market Research Report

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Research Analysis Overview

The Mobility-as-a-Service (MaaS) market is revolutionizing transportation by integrating technology into various modes, including ride sharing, car sharing, bike commuting, public transport, trains, and electric vehicles. With a growing population, there is a need for more sustainable and efficient transportation solutions. Smart cities are embracing 5G and 4G LTE networks, Wi-Fi, and telecom to enhance MaaS offerings. Consumers seek trust, infrastructure, and ease of utilization, with journey planning, payments, and commercial vehicles all playing key roles. However, a lack of awareness and knowledge about MaaS and its benefits, as well as concerns over accidents, require government support to ensure a green and safe transition.

Market Research Overview

The global passenger ground transportation market encompasses businesses involved in passenger ground transportation services and related sectors, such as bus, taxi, car rental, ridesharing, on-demand ride-sharing platforms, and passenger logistics. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by companies operating within the passenger land transportation industry, which includes vehicle rental, leasing, ridesharing, on-demand ride-sharing platforms, and other passenger logistics. The market growth is influenced by several factors, including the rise in disposable income and the easy accessibility of self-driving car rentals. These trends have significantly transformed the way people commute and travel.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/