CHICAGO, Dec. 13, 2021 /PRNewswire/ -- According to the new market research report "Mobility as a Service Market by Service (Ride-Hailing, Car Sharing, Micro Mobility, Bus Sharing, Train), Solution, Application, Transportation, Vehicle, Operating System, Business Model, Propulsion & Region ? Forecast to 2030", published by MarketsandMarketstm, the Mobility as a Service Market size is projected to reach USD 40.1 billion by 2030 from an estimated USD 3.3 billion in 2021, at a CAGR of 32.1% from 2021 to 2030.
Browse in-depth TOC on "Mobility as a Service Market"
108 ? Tables
47 ? Figures
201 ? Pages
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The growth of the Mobility as a Service Market is influenced by factors such as increasing smart city initiatives, growing adoption of on-demand mobility services, need to reduce CO2 emissions, improved 4G/5G infrastructure, and penetration of smartphones. Therefore, the Mobility as a Service Market is expected to witness significant growth in the future.
Four-wheelers segment to hold largest market share during the forecast period.
The four-wheelers segment is projected to be the largest vehicle type segment due to the growing popularity of ride hailing and car-sharing services across the globe. Apart from conventional ride-sharing transport modes, MaaS also offers the use of autonomous and electric cars. With rapid developments in electric and autonomous cars, along with increasing acceptance from consumers, the four-wheelers segment is likely to continue to witness strong growth over the forecast period. According to the European Automobile Manufacturers Association (ACEA), the market share of battery electric vehicles and plug-in hybrids is expected to be around 5-10% of all passenger cars across the European Union by 2030. Luxury cars are also accessible using MaaS, which would otherwise not be possible.
Insurance services are expected to be fastest-growing segment from 2021 to 2030.
Insurance companies play a vital role in a transit user's life and mobility. The move towards MaaS is gaining momentum; however, it is early to predict with certainty how it will affect the dynamics of auto insurance. The present form of insurance is likely to be replaced by commercial insurance of fleets of MaaS vehicles. Selling insurance products to end-users could allow MaaS providers to maintain their position in the market, especially in developing economies. The insurance services market will see a successive increase with the growth of MaaS as more vehicles will be integrated. Hence, by solution type, the insurance services segment is projected to register the highest CAGR of 37% during the forecast period.
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Integrated Starter Generator (ISG) is expected to be the fastest growing technology in global Start-stop system market
The ISG system combines the conventional automotive starter and alternator into a single unit, which is attached directly to the crankshaft of the engine. The starter used is a low-speed DC motor, and the alternator used is a variable speed three-phase AC motor. One of the advantages of ISG is that it replaces both the conventional starter and alternator with a single electric device. ISG technology supports the start-stop and the recuperative braking capability in high voltage. This makes ISG more efficient than a conventional generator, resulting in up to 20% reduced overall fuel consumption. Hence, its growth is projected to be the fastest in the global market, compared to other Start-stop technologies.
Europe is estimated to lead Mobility as a Service Market in 2021.
Currently, Europe contributes a share of approximately 32% to the overall market. It is the largest market since it has been an early adopter of MaaS. Countries such as the UK, Germany, France, and the Netherlands have been continuously investing in smart transportation infrastructure. Developed economies such as Finland and Germany are early adopters of MaaS, making Europe the largest market. Also, countries such as the UK, France, and the Netherlands have been investing in smart transportation infrastructure, thereby ensuring the market's growth in Europe. Planned investments to improve urban transport and traffic infrastructure are expected to drive the European MaaS market. The region is expected to hold a dominant share in the MaaS market for the next 3-4 years as well as post-2025.
Key Market Players:
The Mobility as a Service Market is dominated by major players such as Moovit Inc. (Israel), MaaS Global Oy (Finland), Citymapper (UK), Mobilleo (UK), SkedGo Pty Ltd (Australia), UbiGo (Sweden), Splyt (UK), Qixxit (Germany), Communauto (Canada), and Tranzer (Netherlands).
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