The growth of the mobility as a service market is influenced by factors such as increasing smart city initiatives. - Getty Images/twinsterphoto

The growth of the mobility as a service market is influenced by factors such as increasing smart city initiatives.

Getty Images/twinsterphoto

According to the new market research report “Mobility as a Service Market by Service (Ride-Hailing, Car Sharing, Micro Mobility, Bus Sharing, Train), Solution, Application, Transportation, Vehicle, Operating System, Business Model, Propulsion, & Region - Forecast to 2030,” size is projected to reach $40.1 billion by 2030 from an estimated $3.3 billion in 2021.

The growth of the mobility as a service market is influenced by factors such as increasing smart city initiatives, growing adoption of on-demand mobility services, need to reduce CO2 emissions, improved 4G/5G infrastructure, and penetration of smartphones, according to the report.

The ride hailing segment is expected to command the largest share of the mobility as a service market due to its global acceptance at all levels.

Factors such as ease of booking, increasing traffic congestion, passenger comfort and convenience, and government initiatives to increase awareness among people regarding air pollution are boosting the demand for ride sharing, according to the report.

Ride hailing can be integrated with public transport since it is an on-demand transportation service that can be accessed by a single user. However, it may be inconvenient to use public transport (trains and buses) in urgent situations as well as in situations like the current COVID-19 pandemic. 

For instance, Moovit Inc. entered into a partnership with Uber to understand real-time traffic management. Uber is also moving into the market, extending its ride hailing services with new mobility offerings.

Additionally, Electric Mobility as a Service is boosting the mobility as a service market (MaaS).  It combines technologies and new business models to create conditions for the large-scale adoption of electric vehicles. 

According to the report, more than 20% of Communauto’s fleet consists of electric vehicles. The use of electric vehicles not only reduces carbon emissions but also lowers noise and air pollution.

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