Mobility as a Service Market Size

Mobility as a Service Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Mobility as a Service (MaaS) market is expected to reach a value of USD 485 billion in 2024, and is projected to reach a value of USD 754 billion in 2032. This represents a strong compound annual growth rate (CAGR) of 17.4 per cent for the period 2023–2032 and reflects the growing adoption of integrated mobility solutions. This growth is largely driven by increasing urbanization and the increasing demand for sustainable mobility solutions. Technological advancements, such as the use of mobile applications and data analytics, have enhanced the experience of users and improved the operational efficiency of the MaaS industry, which will also drive market growth. Several key players, such as Uber, Lyft, and public transportation agencies, are investing in new mobility solutions and forming strategic alliances to enhance their service offerings. In the US, for example, collaborations between ride-hailing companies and public transportation agencies have increased the availability and attractiveness of MaaS solutions for users. In addition, the increasing adoption of electric and driverless vehicles is expected to shape the future of MaaS solutions and respond to the growing demand for sustainable mobility solutions.

Regional Market Size

Regional Deep Dive

The MaaS market is growing rapidly in all regions, driven by the growth of cities, technological progress, and changing customer preferences. In North America, the market is characterized by a strong focus on integrating public transport with private mobility solutions to provide a more integrated travel experience. In Europe, there is a strong regulatory framework promoting sustainable transport solutions, while in Asia-Pacific there are large smart city investments that are driving the development of MaaS. Middle East and Africa (MEA) is focusing on developing the necessary transport systems to support MaaS, while Latin America is deploying mobile technology to improve the availability and affordability of urban transport.

North America

• The U.S. Department of Transportation has just launched the “Mobility on Demand” program, which aims to integrate public transportation and ride-hailing services in order to create a more cohesive transportation system.
• But there is a growing trend towards a more integrated approach to urban mobility.
• Los Angeles is promoting the development of new mobility platforms which are based on sustainability and reduce congestion.

Europe

• The European Commission’s strategy for sustainable and smart mobility is pushing for the development of MaaS solutions, with a view to reducing carbon emissions and improving public transport.
• For instance, the MaaS platform developed by the City of Helsinki, which brings together various transport services in one app, is a good example of the future of mobility.
• Companies like Moovit and Citymapper are promoting the integration of electric vehicles (EVs) into MaaS platforms, which is in line with Europe’s green transport goals.

Asia-Pacific

• China's smart city investment is driving the development of MaaS, and cities such as Shenzhen are implementing a comprehensive public transport system that combines buses, taxis and shared bicycles.
• In countries like India, the growth of mobile payment systems has made MaaS possible because people are more and more accustomed to paying for their mobility with their mobile phones.
• In Japan, for example, government initiatives like the “Smart Mobility Challenge” are encouraging entrepreneurs to develop MaaS solutions and thereby encouraging competition.

MEA

• The United Arab Emirates’ Vision 2021 has encouraged the development of smart transport solutions, with initiatives like the Dubai Autonomous Transportation Strategy aiming to transform mobility in the region.
• Local governments and technology companies, such as the collaboration between the Saudi government and Uber, are enhancing ride-hailing services and expanding the MaaS offerings.
• In South Africa, the legal framework for mobility solutions is changing to accommodate new mobility concepts. This is crucial for the growth of MaaS in urban areas.

Latin America

• The Smart City initiative in Brazil is driving the development of an integrated mobility solution. Cities like Sao Paulo are already experimenting with MaaS platforms to improve urban mobility.
• The rise of the app in Argentina, in the use of transport, is changing the habits of the population, and making MaaS more accessible to the general public.
• MaaS is growing in Latin America, as is illustrated by the example of Colombia and Chile.

Did You Know?

“The MaaS concept has already been adopted in Finland, where over 50% of the population in Helsinki uses a single app to plan and pay for their entire journey, even if it consists of several different types of transport.” — MaaS Global

Segmental Market Size

The Mobility as a Service (MaaS) market is an important player in transforming urban mobility. It brings together different mobility services into a single, easy-to-use platform. The MaaS market is currently experiencing rapid growth, driven by growing urbanization and the demand for more seamless and efficient transport solutions. Among the key drivers are the rising demand for flexible mobility options and supportive regulatory policies aimed at reducing traffic congestion and emissions.

The MaaS market is now at the stage of a pilot project with several notable examples of applications, such as the Whim app in Finland and the Citymapper app in London. The main MaaS applications combine public transport, car sharing and bike sharing for the convenience of the customer. In addition, the growth of MaaS is driven by the trend of sustainability, government incentives for green transport solutions and the trend of digitisation. Technology such as mobile applications, real-time data analysis and AI-based route allocation will influence the development of the MaaS market and will make it more responsive to customer needs and more efficient.

Future Outlook

“The MaaS market will grow from $485.0 billion to $754.341 billion from 2024 to 2032, a CAGR of 17.4 percent. This is because of the increasing demand for mobility solutions that are easy, cheap, and sustainable.” “By 2032, it is expected that MaaS will account for about 30 percent of urban transportation markets, driven by the rising adoption of smart city projects and the integration of various modes of transport into a seamless experience.”

The emergence of mobile applications, the development of real-time data analysis, and the emergence of the Internet of Things (IoT) will enhance the service delivery and customer engagement in the MaaS industry. Furthermore, government policies promoting the use of public transport and reducing CO2 emissions will boost the MaaS industry. Also, the emergence of electric and driverless vehicles will play a key role in shaping the future of MaaS, which will be in line with the increasing demand for eco-friendly transportation. Taking all these factors into account, the MaaS industry is expected to make mobility more efficient and accessible to urban users all over the world.