Mobility as a Service Market worth $70.4 billion by 2030 - Exclusive Report by MarketsandMarkets

CHICAGO, Aug. 12, 2020 /PRNewswire/ -- 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 Type, Operating System, Business Model and Region - Global Forecast to 2030", published by MarketsandMarkets, the global Mobility as a Service Market size is projected to reach USD 70.4 billion by 2030, from an estimated USD 4.7 billion in 2020, at a CAGR of 31.1%.

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The growth of the global Mobility as a Service Market is influenced by factors such as increasing urbanization and smart city initiatives, growing overall on demand mobility services, need to reduce CO2 emissions, and improved 4G/5G infrastructure and penetration of smartphones. Therefore, the Mobility as a Service Market is expected to witness significant growth in the future.

Four-wheelers segment to hold the largest market share during the forecast period.

Four-wheelers is projected to be the largest MaaS segment, by vehicle type, due to higher popularity of ride hailing and car-sharing services across the globe. Apart from conventional ride sharing transport modes, MaaS also offers the use of autonomous and electric cars. With rapid developments in electric and autonomous cars, along with increasing acceptance from consumers, the four-wheelers segment is likely to continue to witness strong growth over the forecast period. According to the European Automobile Manufacturers Association (ACEA), the market share of battery electric vehicles and plug-in hybrids is expected to be around 5-10% of all passenger cars across the European Union by 2030. Luxury cars are also accessible using MaaS, which would otherwise not be possible.

Insurance services is expected to be the fastest growing segment from 2020 to 2030.

Insurance companies play a vital role in a transit user's life and mobility. The move towards MaaS is gaining momentum; however, it is early to predict with certainty how it will affect the dynamics of auto insurance. The present form of insurance is likely to be replaced by commercial insurance of fleets of MaaS vehicles. Selling insurance products to end users could allow MaaS providers to maintain their position in the market, especially in developing economies. The insurance services market will see a successive increase with the growth of MaaS as more vehicles will be integrated. Hence, by solution type, insurance services segment is expected to be the fastest-growing segment at a CAGR of 36.3% during the forecast period.