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Mobility as a Service Market Will Generate Massive Revenue in Future

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Puneet Shah
Noida Sector 2
UP 201301 

The mobility as a service (MaaS) market, which generated a revenue of $171.5 billion in 2018, is predicted to grow to $347.6 billion in 2024, at an 11.9% CAGR during 2019­–2024 (forecast period). Car rental was the largest service type category in the market during 2014–2018 (historical period), as a result of the rapid shift from offline booking to online booking and expanding travel and tourism sector.

A major trend in the mobility as a service market is the adoption of electric vehicles for sharing purposes. Concerned at the high pollution levels and fossil fuel prices, the government of various nations are formulating policies and offering incentives to encourage the usage of electric vehicles in sharing fleets. Additionally, several automotive giants are also taking efforts to offer mobility services on clean-energy vehicles. For instance, plans of launching a sharing service, solely on electric cars, were announced by Hyundai Motor Company in 2019.

Governments are also taking initiatives to make shared mobility popular, thereby driving the MaaS market across the world. With an increasing number of people shifting to shared mobility, from driving their personal vehicles, the problem of urban traffic congestion can be solved. This is why, not just the national governments, but those on the state/province or local levels are also making efforts to augment the popularity of the concept. For instance, intentions of constructing parking infrastructure for shared vehicles were announced by the Mayor of London in November 2018.

In 2018, the largest share in the MaaS market was occupied by the daily commuting category, based on commuting pattern. This is attributed to the increasing number of students and young professionals demanding shared mobility, for meeting their everyday traveling needs. Further, on the bases of vehicle type, the car category led the market in 2018; during the forecast period, the bus category would progress at the highest CAGR, as service providers are expanding in new cities and shuttle services are witnessing swift adoption.

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Asia-Pacific (APAC) contributed the highest revenue to the mobility as a service market in 2018, as a result of the high demand for such services, rising disposable income, and widespread concerns about air pollution, especially in India and Taiwan. Additionally, with high industrialization and urbanization rates, the number of people commuting for work is surging in the region. The governments in regional nations are also working to constructed infrastructure for shared commute as well as boost the number of electric vehicles for the purpose.

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