Mobility As A Service Market To Surge From USD 185.6 Billion In 2024 To USD 4,739.8 Billion By 2034 At 38.3% CAGR - FMI

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Mobility as a Service Market

Mobility as a Service market regional analysis

The Mobility as a Service market is poised for significant growth, driven by user-centric innovations and data-driven strategies to enhance experiences.

NEWARK, DE, UNITED STATES, January 15, 2025 /EINPresswire / -- In 2023, mobility as a service market was expected to be valued at USD 137.6 billion. It is anticipated that this market will be valued at USD 185.6 billion by the end of 2024. The global market for mobility as a service is expected to expand at a rate of 38.30% CAGR throughout the forecast period, reaching a valuation of US$ 4,739.80 billion by 2034.

The increasing need for mobility as a service is fueling demand globally. Customer preferences are changing from ownership to access and from flexible to economical to on-demand transportation alternatives, which is one of the main factors driving this need. A commitment to sustainable practices and growing environmental consciousness have led to an increase in the use of mobility as a service. This is pushing the market and offering environmentally sustainable transportation options.

It might be challenging to integrate different transportation modes seamlessly under mobility as a service due to varied and conflicting legal regimes. To maintain and increase user confidence in mobility as a service platform, robust security measures are required since large-scale personal data management raises privacy and data security concerns for users.

Key Takeaways from the Market Analysis

The market for mobility as a service expanded at a 50% CAGR throughout the historical period.
Throughout the projected period, the mobility as a service market in the United States is expected to expand at a rate of 10% CAGR.
Japan's market for mobility as a service is expected to develop at a 50% CAGR between 2024 and 2034.
By solution type, the application technology is anticipated to gain a 25% market share by 2024.
It is anticipated that the public transportation industry would reach a 59% global market share by 2024.

“The untapped potential of both rural and suburban regions represents a significant opportunity in the mobility as a service (MaaS) sector. By bringing MaaS solutions to these regions, it will be possible to close transportation gaps, offer complete, integrated mobility services, and greatly increase market reach,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.

Competitive Landscape

Companies operating in the mobility as a service (MaaS) market are heavily investing in smooth user interfaces and utilizing advanced technologies to provide integrated transportation solutions. Major players engage in partnerships with both public and private organizations, spearheading innovation in route optimization, data analytics, and customized services.

Startups in the Mobility as a Service (MaaS) market are breaking new ground by specializing in data driven platforms, innovative applications, and micro mobility solutions. They aim to challenge established transportation paradigms, lessen their impact on the environment, and improve user accessibility. These agile firms bring vitality to the market, fostering its development and expansion.

Key Developments

In 2023, the ride sharing startup Lyft Inc. is trying to concentrate its efforts on its main business, therefore they are thinking about selling the bike and scooter division of the company or finding a partner. Various other companies have showed strong interest in their bike and scooter sharing division.
In 2023, in an effort to achieve its goal of having no emissions on its worldwide platform by 2040, Uber launched its first electric motorbike service in Africa in Kenya. This year, there will be a“potential announcement” for the remaining markets in the area, subsequent to the implementation in Kenya. In less than six months, Uber's new environmentally friendly offering in Kenya, called Electric Boda in reference to the Swahili word for motorbike taxis, will include 3,000 bikes, or just less than 5% of its total fleet.

Key companies profiled

Lyft Inc.
INTEL CORPORATION (Moovit Inc.)
UBER TECHNOLOGIES INC.
BlaBlaCar
GRAB HOLDINGS LIMITED
MaaS Global
SkedGo
Moovel North America LLC.

Restraints:

Challenges persist within the MaaS sector, predominantly concerning regulatory hurdles, interoperability issues among transportation modes, and data security concerns. Additionally, the high initial infrastructure costs pose a barrier to entry for some markets.

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Key companies profiled

Lyft Inc.
INTEL CORPORATION (Moovit Inc.)
UBER TECHNOLOGIES INC.
BlaBlaCar
GRAB HOLDINGS LIMITED
MaaS Global
SkedGo
Moovel North America LLC.
Fluidtime
Cubic Transportation Systems Inc
Segmentation Analysis of the Mobility as a Service Market

By Solution:

Journey Planning & Management Solutions
Payment Solutions
Booking & Ticketing Solutions
Application Technology Solutions
Others

By Service:

Ride hailing Services
Ride sharing Services
Micromobility Services
Public Transport Services
Others
By Propulsion Type:

Internal Combustion Engine (ICE) Vehicle
Electric Vehicle (EV)
Compressed Natural Gas (CNG)/Liquefied Petroleum Gas (LPG) Vehicle
By Payment Type:

On demand
Subscription based
By Application:

Business to Business (B2B)
Business to Consumer (B2C)
Peer to Peer (P2P)

By End User:

Automotive
Government
Healthcare
Retail
Entertainment
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East & Africa

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the 'Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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