Mobility As a Service Market is expected to Hit US$ 45 Bn in 2019

The global mobility as a service market is expected to value at more than US$ 45 Bn in 2019 and is expected to register a CAGR of 31.5%. The global Mobility as a Service market is segmented on the basis of type, application, and region.

The global mobility as a service market is expected to value at more than US$ 45 Bn in 2019 and is expected to register a CAGR of 31.5%. The global Mobility as a Service market is segmented on the basis of type, application, and region.

Mobility as a Service is also called as MaaS or Transportation as a Service (TaaS). It is a consumer-centric model of people transportation. It is a type of on-demand and real-time platform that can include any combination of transport methods such as, taxis and car rentals/leases, car and bike-sharing, and offers everything for the consumer from travel planning to payments.

Global Mobility as a Service Market: Dynamics

Increasing usage of connected on-demand transportation services and innovation in user-friendly apps used by consumers for booking rides via their phones are major factors expected to drive the growth of global Mobility as a Service market.

In addition, penetration of smartphones especially in developing countries and high-speed Internet is a key factor that are promoting growth and development of online services such as e-retail, ride-hailing, online food delivery, and others, which is another factor expected to drive the growth of target market. Furthermore, an increasing number of organizations and growing workforce strength, businesses that function round-the-clock, and need for security of employees (especially working women) has been resulting in rising preference and adoption of MaaS for home pick-up and drop services.

However, high capital investment requirement and robust competition between service providers in the market has led to the implementation of varying and evolving marketing strategies, including discounts, cash-back, free trip, etc. This can have a negative impact on profit margins and revenue growth of players operating in the market.

New technologies such as autonomous vehicle technology or self-driving cars, which refer to cars that obtain data from their surroundings and use sensors to navigate without any human intervention are gaining focus and traction. This is expected to create lucrative revenue opportunities for major players in way of creating a consumer base of individuals with special needs, or who are unable to drive or do not want to drive.

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Currently, among the type segments, the private segment accounts for major revenue share and is expected to maintain its dominance over the forecast period. The private segment is expected to register CAGR of over 30%, owing to the advancement in 5G technology, along with new generation technologies that can improve capabilities of mobile networks and support flexibility of approach for transportation services.

Among the application segments, the 25-40 years old segment is expected to account for major revenue share and is expected to maintain its dominance over the forecast period. The 25-40 Years Old segment is expected to register CAGR of over 31%. This can be primarily attributed to an increasing number of accidents especially among individuals of age group 25 – 35 years. The above 40 years old segment is expected to account for second-highest share in terms of revenue over the next 10 years.

Global Mobility as a Service Market Segmentation:

Segmentation, by Phases:

Below 25 Years Old
25-40 Years Old
Above 40 Years Old

Segmentation, by Study Design:

Public
Private

Segmentation, by Region:

North America
Europe
Asia Pacific
South America
Middle East & Africa

Source: https://marketresearch.biz/report/mobility-as-a-service-market/

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