Srinagar Magazine

The mobility as a service (MaaS) market is set to grow at an 11.9% CAGR during the forecast period (2019–2024), on account of the favorable government initiatives for boosting the adoption of these services, urban road congestion, availability of cost-effective and convenient mobility services, and high concerns over greenhouse gas emissions from internal combustion engine (ICE) automobiles. The market stood at $171.5 billion in 2018, and it is expected to reach $347.6 billion by 2024.

One of the key factors driving the mobility as a service market growth is the cost-effective and convenience shared mobility services offer. Owning a private vehicle requires a heavy investment, which includes the automobile price, insurance premium, fuel expenses, parking charges, and maintenance charges. MaaS is an effort to deal with these challenges by providing the benefits of personal vehicles without the need to own them, at a minimal cost. These advantages have resulted in convenient travel for commuters, especially since the fuel prices are skyrocketing and other public transportation services involve overcrowding.

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With the increasing concerns for environmental pollution, public sharing fleets have started including electric vehicles (EVs) in large numbers. This has become one of the key trends in the MaaS market due to the increasing support for EV adoption from the government of several countries. For example, in 2018, Volkswagen AG laid down its plans for launching all-electric sharing services, under the brand name of We Share. The automaker initially introduced 1,500 Volkswagen e-Golf cars in Berlin, Germany, in June 2019. The carmaker also intends to expand the We Share service across North America and Europe.

Globally, Asia-Pacific (APAC) holds the largest mobility as a service marketshare due to the spurring demand for shared mobility services, increasing government concerns over air pollution, and escalating disposable income. Moreover, the exponential growth in urbanization and industrialization in the region is supporting the market progress by leading to the rising road traffic congestion, especially in urban areas. Governments of APAC countries are focusing on curtailing the rate of personal vehicle ownership, incorporating more EVs into the MaaS fleets, and developing the road network and infrastructure.

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During the forecast period, the European region is expected to display the fastest growth in the global mobility as a service market. The concept of Maas is penetrating Europe due to the implementation of an array of individual business models, which is leading to more competition among service providers and an increasing customer base. This has improved the pricing structure, which has further enhanced the user perception toward the service. This is because the evolving pricing structure is making these services substantially cost-effective over owning a vehicle.

Thus, the favorable government regulations and availability of low-cost shared mobility services will fuel the market growth in the future.

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