Mobility as a Service Market to Reach $22.18 Billion by 2028 Credit Goes to Increasing Popularity of Sharing Economy and Prompt Adoption by Millennials

Global Mobility as a Service market size was valued at $3.27 billion in 2021, and it is expected to reach a value of $22.18 billion by 2028, at a CAGR of 31.45% over the forecast period (2022–2028). With the ubiquity of smartphones and the rise of new transportation options like bike sharing and ride hailing, it's no surprise that "Mobility as a Service" is becoming a hot topic in the transportation industry.

Westford, USA, July 05, 2022 (GLOBE NEWSWIRE) -- The demand for Mobility as a Service market is growing for a number of reasons. First, people are becoming more aware of the environmental impact of car ownership and are looking for ways to reduce their carbon footprint. Second, the cost of car ownership is rising, due to the increasing price of gasoline and maintenance costs. Third, people are increasingly busy and have less time to spend on driving and car maintenance. Finally, the rise of ride-sharing services such as Uber, Ola, and Lyft have made it easier and more convenient to use alternatives to car ownership.

The rise of the sharing economy, along with advances in technology, has created new opportunities for businesses to offer mobility as a service. This new business model is becoming increasingly popular, as it offers a number of advantages over traditional ownership models.

There are several key factors driving demand for mobility as a service market. The sharing economy is making it easier for people to access services without owning them. This is especially appealing to millennials, who are more likely to value experiences over possessions. In addition to this, advances in technology are making it easier for businesses to offer on-demand services. This means that people can now get the transportation they need without having to commit to a long-term contract. This is further supported by the increasing cost of ownership is making mobility as a service more appealing. With traditional ownership models, people have to pay for the purchase price of a vehicle, as well as ongoing costs like insurance, maintenance, and fuel. With mobility as a service, these costs are included in the price of the service, making it more affordable for people who need transportation.

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Increasing Inflation, Fluctuating Oil Prices, and Changing Consumers Preferences to Encourage Growth Mobility as a Service Market

Oil prices have been highly volatile over the past few years, which has led to increases in the price of gasoline and diesel. This has made it difficult for consumers to budget for their transportation costs, and has encouraged them to look for alternatives to traditional forms of transportation. Increasing inflationary pressure is also making it difficult for consumers to afford car ownership and maintenance costs. As a result, many people are now turning to alternative forms of transport, such as ride-hailing services. These services are often more flexible and can be customized to meet the needs of individual users, adding more value to the Mobility as a Service market. In addition, they can be used on an as-needed basis, which can save money compared to owning a car.

The cost of fuel is rising and consumer preferences are changing, which is driving demand for mobility as a service. This means that instead of owning and operating their own vehicles, people are increasingly turning to options like ride-hailing and car-sharing. There are a number of factors behind this trend. Firstly, the cost of gasoline and diesel has been on the rise in recent years, making it more expensive to operate a personal vehicle. Secondly, changing lifestyles and demographics are leading people to reconsider car ownership. millennials, for example, are far less likely to own a car than previous generations. And finally, the growth of technological advancements like electric vehicles and autonomous cars is making alternative forms of transportation more appealing.

As demand for mobility as a service market grows, so too will the number of companies be offering these services. Ride-hailing apps like Uber and Lyft have already seen tremendous success, and new startups are emerging all the time. In addition, traditional automakers are also starting to get involved in the space with their own car-sharing initiatives.

The future of transportation is clearly moving towards greater reliance on shared mobility services. This shift will have major implications for both individuals and businesses alike and drive the Mobility as a Service market growth further.

Urban and Peri-Urban Areas are the Potential Consumers of Mobility as a Service Market

The demand for mobility as a service is indeed high in urban and peri-urban areas. This can be attributed to a number of factors, chief among them being the increasing population density in these areas. With more and more people living and working in close proximity to one another, the need for efficient and convenient transportation solutions becomes all the more pressing. Additionally, the rise of the gig economy has led to a greater need for on-demand transportation options that can get people where they need to go quickly and without hassle. As a result, the global Mobility as a Service market is witnessing an astonishing growth at a CAGR of 31.45%.

Interestingly, it is not just individual consumers who are demanding mobility as a service, but businesses as well. In today's fast-paced business world, time is of the essence, and companies are always looking for ways to optimize their efficiency. As such, many businesses are now turning to Mobility as a Service (MaaS) providers in order to streamline their employee commute times and reduce overall transportation costs.

There are currently a number of different MaaS providers operating in urban and peri-urban Mobility as a Service market across the globe, each offering its own unique set of features and benefits.

Another reason why demand for mobility as a service is high in urban and peri-urban areas is because these areas tend to have a higher cost of living. This means that people are always looking for ways to save money, and one way to do this is by using services that allow them to pay only for the amount of time or distance that they use. This can be especially beneficial for those who do not own their own vehicles or who cannot afford the costs associated with traditional methods of transportation such as taxis or buses.

Finally, urban and peri-urban areas are also generally more dynamic and vibrant than other parts of the country, which can make getting around easier and more enjoyable. There are usually more things to see and do in these areas, which makes them an attractive option.

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Corporates are Welcoming Mobility as a Service with Open Arms, But Why?

There are a lot of reasons why corporations are starting to embrace mobility as a service market. For one, it can save the company money on transportation costs. It can also help employees be more productive and reduce their environmental impact. But perhaps the most compelling reason is that it can help attract and retain the best talent. With MaaS, employees have the freedom to choose how they get to work each day. They can take public transportation, ride their bike, drive their own car, or even walk or take a scooter. This flexibility is appealing to many workers, especially millennials who value work-life balance.

The corporate world is always looking for ways to increase efficiency and reduce costs. Mobility as a Service market has the potential to do both of those things. MaaS can help businesses keep track of their employees, equipment, and inventory. It can also help businesses manage their expenses more effectively. Businesses that adopt MaaS will be able to save money in a number of ways. First, they will no longer need to purchase or maintain their own fleet of vehicles. Second, they will no longer need to pay for employee parking spaces. Third, they will no longer need to pay for fuel or maintenance costs associated with their vehicles. Fourth, they will no longer need to pay for insurance for their vehicles.

What’s more, as the Mobility as a Service market grows, it can help reduce traffic congestion and pollution. That’s good for the environment and for the company’s bottom line. And since fewer people are driving their own cars to work, there’s less need for parking spaces, which can free up valuable real estate for other uses.

Subscription Based Model is Becoming Popular Among Consumer

There is no doubt that the subscription-based model is becoming increasingly popular among consumers in the Mobility as a Service market. This is evident from the strong growth of companies such as Zipcar and Car2Go who are leading the way in this space.

The main reason for popularity of the Mobility as a Service market is the flexibility and convenience that this type of service offers. Unlike traditional car ownership, which can be a very costly and inflexible proposition, a subscription-based model allows consumers to have access to a car on an as-needed basis. This can be a very appealing option for those who do not need to use a car on a daily basis or who want the flexibility to change their car type depending on their needs at any given time. Another key factor driving the popularity of subscription-based models is the rise of the sharing economy. As more and more people are becoming accustomed to sharing resources such as cars, homes and even clothing, it stands to reason that this trend would carry over into the world of transportation.

So, what does the future hold for subscription-based mobility services? It is safe to say that they are here to stay and will only continue to grow in popularity.

SaaS is Transforming the Speed of Innovation and Reducing the Cost of Technology in Mobility Management Applications

The mobile industry is currently being disrupted by the rise of Mobility as a Service market. This new business model is based on providing mobility services to users on a subscription basis, rather than them owning or leasing a vehicle. This shift is being driven by the growing demand for flexible, convenient and affordable urban transportation options, as well as advances in technology that make it easier to develop and deploy MaaS solutions.

One key benefit of this shift is that it is reducing the cost of technology in mobility. In the past, the companies engaged in Mobility as a Service market that wanted to offer innovative mobile services had to build their own infrastructure and platforms from scratch. This was not only costly, but also time-consuming. With MaaS, companies can subscribe to ready-made SaaS platforms that provide all the necessary functionality for offering mobility services. This not only saves money, but also speeds up innovation by allowing companies to focus on developing new features and services, rather than worrying about building and maintaining complex infrastructure.

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How World is Reacting to Mobility as a Service is going to be Interesting

There is a growing demand for mobility as a service in both developed and developing countries. This is being driven by a number of factors, including the increasing urbanization of the world's population, the growth of the sharing economy, and the need for more sustainable and efficient transportation options.

In developed countries, many people are already used to using services like Uber or Lyft for their personal transportation needs. However, there is still a lot of room for growth in this Mobility as a Service market. Businesses are starting to realize the potential of offering mobility as a service to their employees and customers. For example, some companies are providing electric bikes that can be used for short trips around town. This helps to reduce traffic congestion and pollution, while also giving people an affordable and convenient way to get around.

Developing countries are also starting to see the benefits of mobility as a service market with large number of players are trying to enter the market as early birds to improve their market share and market growth. In many cases, public transportation is unreliable or non-existent. This leaves people with few options for getting around except for walking or taking expensive taxis. Mobility as a service can provide an affordable and reliable alternative to traditional transportation options. In addition, it can help to reduce traffic congestion and pollution in these cities.

The world is reacting to Mobility as a Service market in a variety of ways. Some are supportive and see it as the way of the future, while others are more skeptical, viewing it as another attempt by big business to control people's lives. Here is a look at some of the different reactions to MaaS:

Supporters of MaaS argue that it has the potential to revolutionize transportation and make it more efficient and sustainable. They see it as a way to reduce traffic congestion and pollution, while also making it easier for people to get around. Many believe that MaaS will eventually replace private car ownership, with people instead using a combination of public transport, ride-sharing, and cycle-sharing to get around.

Critics of MaaS worry that it will lead to an increase in surveillance and control over people's movements. They are also concerned about the impact on jobs, with many fearing that automation will lead to large numbers of job losses in the transport sector. There is also concern that MaaS could exacerbate social inequalities, with those who can afford it being able to access greater mobility than those who cannot. This is likely to leave a negative impact on the overall Mobility as a Service market growth in the years to come. However, it won’t be a major concern as the services providers are compelled to follow the market regulations set by the respective authorities to avoid collecting data for their personal gain and improve their market revenue

Key Players in the Mobility as a Service Market

  • Uber Technologies Inc. (US)
  • Moovit Inc. (Israel)
  • MaaS Global Oy (Finland)
  • Citymapper (UK)
  • Mobilleo (UK)
  • SkedGo Pty Ltd (Australia)
  • UbiGo (Sweden)
  • Splyt (UK)
  • Qixxit (Germany)
  • Communauto (Canada)
  • Tranzer (Netherlands)

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