MaaS providers are the companies that deal with the customers firsthand since they provide the customers with multimodal transportation solutions. The growth of global mobility as a service market is majorly attributed to the growing inclination toward micro-mobility.

Growing investment in research and development activities by various manufacturers in mobility as a service is expected to propel the market. Additionally, MaaS companies have tended toward collaborating with other companies to expand their mobility capabilities.

Read Report Overview: Mobility As A Service Market

The global mobility as a service market was estimated to be at $39.23 billion in 2021, which is expected to grow with a CAGR of 25.7% and reach $379.66 billion by 2031. The growth in the global mobility as a service market is expected to be driven by rising urbanization and smart city initiatives, increasing adoption of on-demand mobility services, the growing trend of smart mobility with better in-vehicle facilities, and increasing parking problems, and emphasis on reducing CO2 emissions.

Impact of Mobility As A Service Market

• Mobility as a service (MaaS) is a futuristic modern transportation service, with a complex network of collaborators, strategists, and technicians making up the ecosystem. The on-demand insured ride with accompanying value-added features is a key aspect of this service. It also provides customers with various options, including commuting kinds, pricing options, service duration, driver selection, and real-time journey optimization, among others.
• Government regulations and a growing focus on smart city projects are driving the use of mobility as a service. New regulations are being drafted to stimulate the use of mobility as a service in transportation. France is at the forefront of new mobility schemes and mobility as a service model development.
• The adoption of MaaS is expected to facilitate numerous changes, such as reducing vehicles on the road, owning vehicles on a contract basis, boosting optimization, utilizing existing infrastructure for different economic scales, and reduction in personally owned vehicle expenses. For instance, carpool not only reduces the overall running cost of the vehicle through a shared operating cost of the vehicle but also reduces the number of vehicles on the roads. Additionally, the customer experience is enhanced since MaaS offers innovative and diversified modes to commuters from different economic backgrounds.

Impact of COVID-19

The impact of COVID-19 on mobility as a service industry has been moderately severe compared to the impact on the general automotive industry. Companies such as Uber and Lyft have seen massive ride drops due to the COVID-19 crisis. People are avoiding these services due to the rising concerns regarding the spread of the virus. 
Additionally, due to work-from-home options provided by companies, public transport has reduced by around 70-80% globally, thus, having a negative impact on the market resulting downfall in revenue across all regions.

Demand – Drivers and Limitations

Following are the demand drivers for the global mobility as a service market:

• Rising Urbanization and Smart City Initiatives
• Increasing Adoption of On-Demand Mobility Services
• Growing Trend of Smart Mobility with Better In-Vehicle Facilities
• Increasing Parking Problems and Emphasis on Reducing CO2 Emissions
• Growing Inclination Toward Micro Mobility

Following are the challenges for the global mobility as a service market:

• Low Awareness Regarding Total Lifetime Cost for Private Vehicle Ownership and Service Ownership
• Data Privacy and Security Concerns

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Recent Developments in Global Mobility As A Service Market

• In April 2022, Capitello Move and MaaS Global signed a strategic partnership to launch the world’s first eco-friendly mobility platform.
• In June 2021, Grab, a mobility services provider, further enhanced the partnership with Hyundai to encourage utilization of MaaS and accelerate EV adoption, especially in Singapore, Indonesia, and Vietnam.
• In 2019, Lyft had invested over $1.5 billion in the RD division. The company is keen on developing its in-house mapping platform.
• In January 2022, Arval and Ridecell entered into a strategic partnership with an aim to accelerate the development of end-to-end mobility solutions for Arval’s European customers.  
• In January 2020, Uber acquired Careem for $3.1 billion to help expand its operations in the Middle East.

Analyst's Thoughts

According to Ayan Bandopadhyay, Lead Analyst, BIS Research, “With the evolving nature of travelers’ everyday commutes, the need for a comprehensive mobility service platform that can provide a convenient, cost-effective transportation method has increased. The concept of mobility as a service (MaaS) emerged and promoted a number of developments, such as the increased adoption of carpooling. Mobility as a service (MaaS) has the potential to provide a hassle-free sustainable transportation system for commuters.”

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