Mobility as a Service Market is anticipated to grow at a CAGR of 28.68% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Mobility as a Service Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global mobility as a service market is anticipated to grow at a CAGR of 28.68% from 2020 to 2030.
COVID-19 is an unexpected crisis. Thus, countries & governments are taking serious decisions, such as locking down the country for months or beyond, to control the situation. Also, people are taking various safety precautions including self-quarantining, social distancing, and others. Also, several service-based companies have been offering work-from-home to prevent the spread of COVID-19. This has resulted in low transportation activities. This is one of the primary factors restraining the market growth. For instance, Lyft (one of the key market players) has witnessed a huge drop in its ride service owing to COVID-19.
Increasing investment by OEMs in MaaS, growing collaborations between vehicle manufacturers and technology provides and favorable government regulations are the major factors driving the market. Additionally, the increasing adoption of mobility as a service by working populations is supplementing the market growth. Moreover, the emergence of new mobility models, such as OEM-backed sharing, dealer-backed sharing, P2P sharing, on-demand freight, and others, are propelling the market growth. Furthermore, self-driving bus mobility as a service is expected to create new opportunities in the market as big players and governments are investing considerably in the self-driving bus technology.
However, high entry barriers and huge initial investments are limiting the market growth. Moreover, networking problems in developing and underdeveloped countries and the lack of awareness regarding its benefits are likely to restrain the market growth during the forecast period.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Mobility as a Service Market By Service Type (E-Hailing, Bike-Sharing, Car Sharing, and Micro Mobility), By Transportation Type (Public and Private), By Business Model (B2B, B2C, and Peer-to-Peer (P2P)), By Vehicle Type (Passenger Car and Commercial Vehicle), By Route (Fixed and On-Demand) - Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/mobility-as-a-service-market/403
North America accounted for the largest market share in 2019 and is expected to follow similar trends for the next few years. The market growth in this region can be attributed to the presence of established players and the high availability of such services in the U.S. Additionally, well-developed networking infrastructure and the high penetration of internet users in the region are supplementing the market growth in this region.
However, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in this region can be attributed to increasing investments for the development of 5G infrastructure and increasing demand for efficient mobility service solutions. Also, the presence of countries, such as China, India, and Japan, backed by huge investments in networking will create new opportunities for this region.
Some of the prominent players in the mobility as a service market include Uber Technologies Inc., Lyft, Inc., Zipcar, Inc, car2go NA, LLC, Drive Now, MaaS Global Oy, Moovit Inc., Mobilleo, SkedGo Pty Ltd, and UbiGo.
Market Industry Reports is a global leader in market measurement and advisory services. It is a 100% subsidiary of ExlTech. The firm has always been at the forefront of innovations to address worldwide industry trends and opportunities. We offer our clients a unique depth of market intelligence in an actionable format to move their business forward. Our analysis incorporates consumer study in more than 100 countries, providing a tactical approach to drive sustained business growth. We continue to pioneer state-of-the-art approach in research & analysis that will help you to overcome complexities and stay ahead of the curve. By nurturing the perception of genius and optimized market intelligence, we unfold contingencies for our clients in the evolving world of technology, mega-trends, and industry convergence. We inspire our clients to empower and shape their businesses and to build world-class products.