Growing Concerns over Greenhouse Gas Emissions to Propel the Mobility as a Service Market Growth | CAGR: 18%| UnivDatos Market Insights

NOIDA, India, Oct. 6, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Mobility as a Service Market was valued at around USD 125 billion in 2020 and is expected to grow at a significant CAGR of approx. 18% from 2022-2028. The analysis has been segmented into Service Type (Ride Hailing, Ride Sharing, Micromobility, Car Rental, and Shuttle Service); Vehicle Type (Two-Wheeler, Car, and Bus); Payment Mode (Short-Term Subscription and Pay-as-You-Go); Region/Country.

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The Mobility as a Service market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Mobility as a Service market. The Mobility as a Service market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Mobility as a Service market at the global and regional levels.

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Market Overview

Mobility as a Service (MaaS) is the integration of different transport services in one single digital mobility offer, with active mobility and an efficient public transport system as its basis. The Global Mobility as a Service Market is expected to witness a significant CAGR of around 18% during the forecast period owing to the rising urbanization and smart city initiatives coupled with increasing adoption of on-demand mobility services. Moreover, increasing focus reducing vehicles on the road, utilizing existing infrastructure for different economic scales, is further expected to drive the adoption of MaaS, globally.

Furthermore, Key players in the industry have been highly involved in partnerships and collaborations to meet the competitive edge in the market. For instance, in April 2022, Capitello Move and MaaS Global signed a strategic partnership to launch the world's first eco-friendly mobility platform. Similarly, 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.

Some of the major players operating in the market include ANI Technologies Pvt. Ltd., Lyft Inc., Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd., Grab Holdings Inc., Hertz Global Holdings Inc., Avis Budget Group Inc., Enterprise Holdings Inc., Europcar Mobility Group S.A., and Sixt SE.

COVID-19 Impact

The COVID-19 pandemic adversely affected the mobility-as-a-service market. With the implementation of lockdowns and social distancing regulations, worldwide, the need for mobility services reduced significantly, except for emergency purposes. With nearly zero public movements, the market growth was severely hit. However, the pandemic has caused a surge in the popularity of micromobility and other services, as, being self-driven, the vehicles significantly reduce the risk of contracting the infection. Thus, people are expected to rely even more on micromobility for their daily mobility needs in the coming years.

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https://univdatos.com/report/mobility-as-a-service-market/

The global mobility as a service market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on service type, the market is divided into ride hailing, ride sharing, micromobility, car rental, and shuttle service. Micromobility category to witness highest growth during the forecast period. The key factors for the growth of the market are the low price and convenience of these solutions, rising demand for first- and last-mile connectivity, and escalating need for reducing traffic congestion in urban areas. Furthermore, market players are raising investment and expanding into new geographies. For instance, In March 2019, WIND Mobility Ltd. expanded its operations at Urawa-misono station in Saitama city of Japan, with a fleet of 10 e-scooters. These scooters have maximum speed up to 19 km per hour and cost USD 1.0 for unlocking and USD 0.25 per minute thereafter.
• Based on vehicle type, the mobility as a service market is divided into two-wheeler, car, and bus. In 2020, car category held a majority share in the market. Recently, online on-demand car-based services such as car-sharing, ride-sharing, and car rental are considered core products to attract car owners and offer a complete mobility solution. The market expansion can be mostly ascribed to technological developments that make it easier to access shared mobility services. In addition, the industry is expanding as a result of favorable government policies encouraging the implementation of carsharing programs, rising demand for affordable and practical mobility services, and other factors.
• Based on payment mode, the mobility as a service market is divided into short-term subscription and pay-as-you-go. In 2020, pay-as-you-go payment mode held a significant share in the market. It offers individuals with stand-alone single mode fare and pricing structure and customer has to pay according to the distance covered from the beginning to destination. Some has evolved into loyalty-based incentives, with fare capped, demand led dynamic pricing such as Uber and Grab. Furthermore, growing adoption of on-demand mobility services, the penetration of smartphones coupled with rise and ease of doing digital payments is expected to drive the market for mobility as a service.

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Mobility as a Service Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

APAC to witness highest growth during the forecast period. The major factors driving the growth of the market include the increasing need for reducing air pollution and transportation cost, proliferating demand for efficient micromobility services for first- and last- mile connectivity, and declining battery price. The growth of the MaaS ecosystem has been exponential in the region, due to factors such as high availability, low pricing, and ease of functioning. The growth in adoption rate of Maas has been exponential recently. This is mainly due to the low-cost travel option offered under services such as micromobility service. Along with cost saving, micromobility can also save time of travel, due to its compact and swift nature. Further, the growth of the industry is also attributed to growing working population and expanding middle-class population thus creating demand for new-age on-demand travel services. Moreover, major services providers in the market are continuously focusing on business expansion in order to attain a key position in the market.

The major players targeting the market include

• ANI Technologies Pvt. Ltd.
• Lyft Inc.
• Uber Technologies Inc.
• Beijing Xiaoju Technology Co. Ltd.
• Grab Holdings Inc.
• Hertz Global Holdings Inc.
• Avis Budget Group Inc.
• Enterprise Holdings Inc.
• Europcar Mobility Group S.A.
• Sixt SE  

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Mobility as a Service market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Mobility as a Service market?
• Which factors are influencing the Mobility as a Service market over the forecast period?
• What are the global challenges, threats, and risks in the Mobility as a Service market?
• Which factors are propelling and restraining the Mobility as a Service market?
• What are the demanding global regions of the Mobility as a Service market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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Mobility as a Service Market Report Coverage

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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