New report says global mobility as a service market soaring
The global mobility as a service (MaaS) market is expected to reach $1.75 trillion by 2028. According to a market research report released by BIS Research titled "Global Mobility as a Service Market - Analysis and Forecast (2018-2028)," the major drivers in this industry include on-demand transportation services, extensive role of government in development of mobility as a service (MaaS), and integrated platform of mobility services.
Government policies and public-sector participation are crucial in the growth of the industry, and initiatives such as public-private partnership can bridge the gap of accessibility. A major focus is to break through the conventional mindset of commuters by assuring ride availability, developing customer-centric solutions, maintaining data security and privacy of consumers, and spreading awareness about the MaaS industry.
The report provides an analysis of some key players in the market, including DiDi, Uber, Ola, Grab, Lyft, Scoot, Mobike, and Careem.
According to the author, Mohammad Faisal Ahmad, "The increasing penetration of ride-sharing and smartphones in a consumer's lifestyle is expected to drive the global MaaS market. Also, the ride-sharing segment within the MaaS market is projected to witness an impressive CAGR of 51.8% for the period 2018-2028 and reach $429.3 billion by 2028."
The market intelligence report contains a detailed analysis of key growth drivers and restraining forces of the global mobility as a service market, along with insight into forms of developments, trends, and key participants in the market. The mobility as a service ecosystem comprises companies from diverse backgrounds such as technology leaders, service aggregators, automotive OEMs, system integrators, and solution providers. The report analyzes a list of key collaborations, mergers and acquisitions, and the launch of new products to understand the market dynamics.
Factors that will impact the future growth of the global transportation ecosystem include air-taxis; autonomous vehicles; electric vehicles; and use of e-bikes, scooters, and cycles for last and first-mile connectivity, with increasing dependency on gasoline vehicles during the initial phase of progress. In this highly competitive environment, the key factor for innovation and growth is disruption by offering a wide range of mobility options, ride features, and value-added services to increase the customer engagement.
Report author Ravi Kumar Baid commented, "MaaS will disrupt the entire connectivity by creating a new ecosystem of personal mobility. However, it requires a stable and widespread adoption of smartphones on 4G/5G networks, updated information on travel options, dynamic schedules, and real time updates along with secure cashless payment system for its effective implementation."
The report presents research on more than 100 players in the MaaS ecosystem and draws upon insights from in-depth interviews of the key opinion leaders, market participants, and vendors. It includes an analysis of the market trends and size, along with the market estimation based on key geographical regions.