MaaS market predicted to grow to US$106.8bn by 2030

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The MaaS market is projected to grow to US$106.8bn by 2030 from US$6.8bn in 2020, at a compound annual growth rate of 31.7%, according to a new report released by ResearchAndMarkets.com.

The Mobility as a Service Market by Service (Ride Hailing, Car Sharing, Station Based Mobility, Bus Sharing, Train), Solution, Transportation, Vehicle, Application, and Region – Global Forecast to 2030 report states that an “increase in traffic congestion has led to the rapid development of public transport infrastructure. MaaS offers efficient solutions to move traffic in more convenient, faster, and less expensive manner”.

It goes on to state that “micro mobility is projected to be the fastest-growing service of the MaaS market by 2030” due to “providing a better and convenient traveller experience with greater ease”. Small electric vehicles, such as scooters and cars, or bicycles, located at closely spaced intervals or convenient locations throughout a city, are predicted to be popular among users because “most of these vehicles emit fewer or, in case of bicycles, zero emissions, and hence contribute to pollution control as well and less traffic congestion”.

What’s more, apps (offering an open platform for integrated mobility) are expected to represent the largest solution type segment of the MaaS market. According to the report, apps “facilitate the opening up, interoperability, and utilisation of existing services by bringing them together and making them accessible to the user”. Thus,  the technology platform segment holds the largest share of the MaaS market.

Furthermore, the report states that “Europe is the largest market as it is the early adopter of MaaS”, with the “UK, Germany, France, and the Netherlands investing in smart transportation infrastructure”. Planned investments to improve urban transport and traffic infrastructure are expected to drive the European MaaS market.

However, the report also states that “RoW (rest of world) is the fastest-growing geographic segment of the MaaS market. As the number of competitors in the MaaS market will increase, the geographic expansion will emerge as the key strategy. RoW region is still very much reliant on traditional forms of public transportation and hence will have less market in 2020. However, larger countries such as Brazil cannot support any more vehicles on the road without an infrastructural renovation. Hence, the region would be seeing significantly rapid growth in the MaaS market”.

For more information about this report visit https://www.researchandmarkets.com/r/7q0rkr