The Mobility as a Service market is projected to grow from USD 5.7 Billion in 2023 to USD 40.1 Billion by 2030, at a CAGR of 32.2% over the forecast period. Faster internet connectivity, falling vehicle ownership, and the need to reduce traffic congestion and vehicular emissions will fuel the demand for seamless MaaS applications for end-to-end multimodal transport solutions.
Pay-as-you-go payment type to witness significant growth in market share.
Pay-as-you-go can either be pre-paid into an e-wallet or post-paid once travel is complete. Users pay for the whole trip in one go, independent of transport means. So, if they need to take the train, followed by a bus, and then a taxi in one trip, they have to make just one payment automatically via their smartphone.
Tourists and occasional users will benefit most from this payment model as they are likely to take trips less frequently and would like to pay according to the service they use; this flexibility allows them to use multimodal services at their convenience. Low ownership of private vehicles fuels the demand for on-demand MaaS application services. Customers who occasionally use these services for last-mile connectivity or their journey planning prefer to pay as they use a particular service. This payment type holds the largest market share in the MaaS market; the penetration of regular MaaS users opting for a subscription package is still quite low at the global level.
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Last mile connectivity to drive value generation in commute type used in the MaaS applications.
Last-mile delivery refers to the movement of goods and products from a distribution center or transportation hub to the end user, which could be a residential address, a business, or a pickup location. Most businesses use the last mile connectivity option to effectively manage their supply chains and reduce lead times of their product delivery. Thus, the B2B business model has been accounting for the largest share of the last-mile connectivity segment and will continue to do so. With more commuters using last-mile connectivity in their journey planning, the B2C segment will be the fastest growing.
North American value generation to be a new source for the MaaS revenue stream.
The North American market is growing because of its strong internet infrastructure. The rising concerns over air pollution levels and increasing investments by several major players are bound to boost the growth of the mobility as a service market. However, according to MarketsandMarkets analysis, the US was estimated to account for the largest market share—more than 92%—of all North American countries in 2022. Micromobility is likely to command a major share in the MaaS market in North America for the short to medium term. The advent of autonomous vehicles will ultimately drive the MaaS market in the country. Ford partnered with Lyft (US) in 2021 to develop a self-driving fleet. Tesla had announced plans to launch its first robot taxi as part of a broader vision for an autonomous ride-sharing network in 2022. Volvo has also signed an exclusive agreement with Waymo, a ride-hailing autonomous vehicle service provider owned by Google. In March 2020, Toyota Tsusho Canada invested in Velocia Inc., a mobility rewards platform, to accelerate the adoption of MaaS in North America. Such collaborations and partnerships are likely to attract MaaS developers and service providers to this region hence boosting revenue stream from this region.
Key Market Players:
Prominent companies include Citymapper (UK), MaaS Global (Helsinki), Skedgo (Australia), FOD Mobility UK Ltd. (UK), and Moovit (Israel) are the leading mobility as a service providers in the global market.
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