Seamless Travel Experience: Exploring Opportunities in the Dynamic Mobility As A Service Market

The mobility as a service market size has grown rapidly in recent years. It will grow from $180.38 billion in 2023 to $210.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to rise of smartphone adoption, environmental sustainability goals, government initiatives for smart cities, integration of public and private transportation, economic and operational efficiency, demographic shifts and changing lifestyles, expansion of micromobility options, consumer demand for seamless travel.

The mobility as a service market size is expected to see rapid growth in the next few years. It will grow to $406.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to advancements in autonomous vehicles, integration with smart infrastructure, increased focus on user-centric design, global growth of urban populations, digital identity and personalization, focus on health and safety, innovations in payment and subscription models, policy support for maas implementation. Major trends in the forecast period include digital ticketing and payments, real-time data and analytics, iot and connectivity, in-app mobility services, cybersecurity measures, multiple transportation modes, last-mile connectivity solutions, partnerships and collaborations.

Market Overview -
Mobility as a service is a process that creates a single, comprehensive, and on-demand mobility service by integrating different modes of transportation and services related to transportation. MaaS is a real-time, on-demand platform that enables customers to book and pay for any combination of transportation options, including taxis, auto rentals, and bike and car-sharing services.

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The Global Surge In Shared Mobility Adoption And Its Impact On The Growing Mobility As A Service Market
The rise in the adoption of shared mobility around the globe is expected to propel the growth of mobility as a service market. Sharing mobility refers to various ridesharing practices, such as carpooling, vanpooling, bike sharing, and on-demand ride services as an alternative to shuttles, private transit services, fixed-route bus and rail services, and paratransit. Mobility as a service eases shared mobility by bringing in technology and application. For instance, according to McKinsey's 2020 ACES consumer study, more than 60% of consumers would split the cost of a shared-mobility journey with a stranger, if doing so would increase travel time by no more than 15% while lowering the cost. Therefore, the rising adoption of shared mobility will drive mobility as a service market.

Competitive Landscape -
Major companies operating in the mobility as a service market report are Uber Technologies Inc., SkedGo Pty Ltd, Moovit Inc., Moovel Group GmbH, UbiGo Innovation AB, Citymapper Ltd., Communauto Inc., Lyft Inc., ANI Technologies Pvt Ltd., Avis Budget Group Inc., Beijing Xiaoju Technology Co. Ltd., Grab Holdings Inc., Hertz Global Holdings Inc., Europcar Mobility Group S A, Sixt SE, Didi Chuxing Technology Co. Ltd., Ola Cabs Technology Pvt. Ltd., BlaBlaCar SAS, Zipcar Inc., Car2Go North America LLC, DriveNow North America LLC, LimeBike Inc., Bird Rides Inc., Spin Inc., Jump Mobility Inc., Transit App Inc., MaaS Global Oy, Beeline Singapore Pte Ltd, Karhoo Technologies Ltd., Bolt Technology OU, Free2Move Services, Wunder Mobility GmbH

Integrated Mobility As A Service Initiatives Reshaping The Market Landscape
Technological innovation is a key trend gaining popularity in the mobility as a service market. Major companies operating in the market are developing innovative technologies, such as integrated mobility as a service to sustain their market position. Integrated mobility refers to the collaboration of mobility service providers to provide appropriate transportation options at each route stage. For instance, in August 2021, SUN Mobility, an India-based provider of energy infrastructure and services for electric vehicles (EVs), launched Integrated Mobility-as-a-Service (MaaS). This integrated service offering offers consumers an all-inclusive bundle solution that includes electric vehicles and the flexibility of an unlimited swap plan. SUN Mobility hopes to onboard over a million vehicles to its battery-swapping platform by 2025 with the help of this creative MaaS product.

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Key Segments -

The mobility as a service market covered in this report is segmented -

1) By Service Type: Ride Hailing, Car Sharing, Micromobility, Bus Sharing, Train Services
2) By Solution Type: Technology Platforms, Payment Engines, Navigation Solutions, Telecom Connectivity Providers, Ticketing Solutions, Insurance Services
3) By Application: iOS, Android, Other Applications
4) By End Use: Personal, Business

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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