Source: Prescient & Strategic Intelligence Private Limited
Mobility as a Service Market to Generate Revenue Worth $347.6 Billion by 2024: P&S Intelligence
NEW YORK, Dec. 18, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global mobility as a service market was valued at $171.5 billion in 2018, and it is projected to reach $347.6 billion in 2024. The market is predicted to grow with a CAGR of 11.9% during the forecast period (2019–2024).
Among all service types, the car rental category held the largest share in the market during the historical period (2014–2018). The growing travel and tourism industry across the world and shift from the conventional offline system to the online system, with regards to booking vehicles for transportation, are boosting the growth of the car rental category in the market.
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The key trend being observed in the MaaS market is the increasing acceptance of electric vehicles in public sharing fleets. Governments of several countries are stepping up efforts to implement different policies and regulations, to promote the deployment of these vehicles in shared mobility services. Several companies are also focusing on the introduction of electric vehicle fleets for their mobility services. For instance, in 2019, Hyundai Motor Company announced its intention of introducing carsharing service, comprising only electric vehicles. Thus, major players making efforts for the introduction of electric vehicles in their fleets is an emerging trend in the market.
The growing government initiatives for the adoption of shared mobility is the major driver for the growth of the MaaS market. With countries around the world emphasizing on the public mobility model over vehicle ownership, to minimize traffic congestion and pollution, various government policies are taking shape. Apart from national governments that are reforming policies to facilitate the implementation of mobility programs, city and state authorities are also taking initiatives on the local level. For instance, in November 2018, the Mayor of London announced his plans to initiate the building of parking spaces for shared public vehicles, with the intention of reducing vehicle ownership. Such factors are boosting the growth of the market in several countries.
Browse report overview with 78 tables and 46 figures spread through 149 pages and detailed TOC on “Mobility as a Service (MaaS) Market Research Report: By Service Type (Bike Sharing, Ride Sharing, Ride Hailing, Carsharing, Car Rental, Shuttle Service), Vehicle Type (Two-Wheeler, Car, Bus), Commuting Pattern (Daily Commuting, Last-Mile Connectivity, Occasional Commuting), End Use (Personal, Business) - Industry Size, Share Analysis and Growth Forecast to 2024” at: https://www.psmarketresearch.com/market-analysis/maas-market
Geographically, the largest revenue in MaaS market is generated by Asia-Pacific (APAC). The APAC market has witnessed exponential growth in recent years, mainly on account of the rising consumer demand for shared mobility services, increasing disposable income, and growing government concerns over air pollution in the region, especially in Taiwan and India. Additionally, the rapid industrialization and urbanization are playing a major role in boosting the growth of the market.
The global MaaS market is moderately consolidated, characterized by the presence of players such as Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), ANI Technologies Pvt. Ltd. (Ola), Hertz Global Holdings Inc., Sixt SE, Car2Go Ltd., Lyft Inc., Grab Holdings Inc., Enterprise Holdings Inc., Avis Budget Group Inc., and Europcar Mobility Group S.A.
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In recent years, the key players in the MaaS market have taken several strategic measures, such as service launches, mergers and acquisitions, and partnerships, to stay ahead of the competition. For instance, in July 2019, BLU Smart Mobility selected Ridecell Inc. to launch the Blu Smart Mobility ride share service in India, would be the first ever electric ride sharing service in the Indian sub-continent. Ridecell Inc. will offer a driver application, a cloud-based operational dashboard that controls vehicle assignment, ride pricing, and other critical components that will allow Blu Smart to offer a fully customized mobile application. Initially, 70 electric vehicles would be made available for the public in New Delhi.
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Scooter Sharing Market
Europe generated the largest revenue in the scooter sharing market in 2018. Increasing urban road congestion and emission of greenhouse gases are major concerns in several European countries. Rising population in major cities in the region leads to an increased number of daily commuters, creating significant road congestion, especially in peak hours. Countries in the region are introducing new alternatives for transportation, such as scooter sharing, so as to combat these problems. Spain, France, and Germany were the major countries in the region with significant number of scooters available for sharing services.
https://www.psmarketresearch.com/market-analysis/scooter-sharing-market
Ride-Hailing Market
APAC was the largest ride-hailing market during the historical period. This is majorly due to the rising consumer demand for ride-hailing services, high population density, and rapid industrialization and urbanization. Some countries in the APAC region, like Taiwan and India, are highly polluted, thus alarming conditions are instigating governments of these countries to take different initiatives to reduce vehicle exhaust. This boosts the demand for ride-hailing in the region. Some of the major players operating in the APAC ride-hailing market are Uber Technologies Inc., Lyft Inc., ANI Technologies Private Ltd., and Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing).
https://www.psmarketresearch.com/market-analysis/ride-hailing-market
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