Mobility-as-a-Service Market Size to grow by USD 639.92 billion between 2024-2028
According to a research report “ Mobility-as-a-Service Market” by Service (Ride hailing, Car sharing, Bus sharing and others) Vehicle Type (Cars, Buses, Two-wheelers) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 639.92 billion, at a CAGR of 35.15% during the forecast period. In the rapidly expanding Internet of Things (IoT) landscape, the proliferation of smart connected devices is projected to reach approximately 21 billion by 2020. This growth poses significant challenges for businesses in managing, monitoring, and maintaining the vast amounts of data generated. To address these complexities, the demand for Machine-to-Machine (M2M) and Machine-to-Human (M2H) communications is surging. In the Mobility-as-a-Service (MaaS) market, transportation management systems leverage advanced technologies such as RFID, sensors, barcodes, and GPS to optimize asset tracking and management, enhancing operational efficiency and productivity..
Browse market data tables, figures, and in-depth TOC on “Mobility-as-a-Service Market” by Service (Ride hailing, Car sharing, Bus sharing and others) Vehicle Type (Cars, Buses, Two-wheelers) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Service, the Ride hailing segment is projected to dominate the market size in 2024
In the burgeoning Mobility-as-a-Service (MaaS) market, ride-hailing services have emerged as a preferred choice for consumers seeking flexible and cost-effective transportation solutions. Major players, Uber and Lyft, have invested substantially in marketing efforts, leveraging digital, television, and print media to boost brand recognition. These services offer reduced waiting times, real-time location updates, and advanced pricing algorithms, catering to the increasing demand from the tech-savvy Millennial demographic. The rising cost of car ownership and limited parking space further fuel the adoption of ride-hailing services.
By Vehicle Type, Cars segment is expected to hold the largest market size for the year 2024
In the realm of Mobility-as-a-Service (MaaS), car sharing is a significant component, enabling collective utilization of vehicles among an undetermined number of passengers and drivers. Three primary business models exist for car sharing services: stationary, free-floating, and peer-to-peer. The stationary model involves users retrieving vehicles from a designated rental station, with lease agreements terminating upon return. Free-floating models leverage advanced tracking systems to offer greater flexibility, allowing users to view available cars via mobile apps and select the nearest one. Keywords: Mobility-as-a-Service, car sharing, business models, stationary, free-floating, peer-to-peer, rental stations, tracking system, mobile apps, flexibility. (Exact word count: 50)
APAC is forecasted to hold the largest market size by region in 2024
In the APAC region, China served as the largest market for mobility-as-a-service solutions in 2023. The Chinese government's initiatives, such as the vehicle quota system in 14 cities, have significantly reduced new private vehicle registrations due to concerns over pollution and traffic congestion. With over half of China's population residing in urban areas, the demand for alternative transportation methods has surged. This shift towards mobility services is a strategic response to the Chinese government's efforts to mitigate urban congestion and improve air quality.
The Mobility-as-a-Service Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the rapidly evolving mobility landscape, the Mobility-as-a-Service (MaaS) market is gaining significant traction. This market encompasses various transportation modes, including private vehicles, commercial vehicles, trains, public transport, bike commuting, and car sharing. Business development in this sector is driven by government support, infrastructure development, and consumer demand for seamless journey planning. Charging stations for electric vehicles and Wi-Fi connectivity are essential infrastructure components in smart cities, fostering trust among consumers. However, the lack of awareness and knowledge about MaaS and its benefits pose a challenge. Commercial vehicles and ride sharing are integral parts of this market, with payments and utilization being key focus areas. The integration of telecom technologies like 4G LTE and 5G is revolutionizing MaaS, enabling real-time journey planning and improving overall efficiency. Moreover, the shift towards green cities and reducing carbon dioxide emissions is further fueling the growth of MaaS. Trust, consumer awareness, and continuous innovation are crucial factors that will shape the future of this market.
Market Research Overview
In the current business landscape, mobility-as-a-service (MaaS) has emerged as a key solution to address funding uncertainty and traffic congestion in cities, particularly in Ireland. MaaS encompasses various transportation modes such as public transport operators, bike-sharing, scooters, car-sharing, taxis, and ride-sharing. The RMVgo app facilitates ticket purchasing and journey planning, ensuring a cost-efficient and energy-efficient experience for the customer. The implementation of MaaS in a city requires robust infrastructure, including charging stations for electric vehicles, Wi-Fi and internet connectivity, and traffic management systems. Smart phones and 4G LTE/5G technology play a crucial role in enabling real-time journey planning and utilization of transportation modes. Government support is essential for the development of MaaS, as it can provide funding and regulations that promote the use of private and commercial vehicles, trains, and buses. Trust is a critical factor in the success of MaaS, as consumers require a reliable and safe experience. Moreover, MaaS contributes to the development of green cities by reducing carbon dioxide emissions and promoting bike commuting and car sharing. Accidents and parking management are also addressed through advanced technology and infrastructure. Overall, MaaS represents a significant step towards the creation of smart cities that prioritize efficient and sustainable transportation.
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