22 March 2021
Visiongain has published a new report on Mobility as a Service (MaaS) Market Report to 2031: Forecasts by By Vehicle Type (Public and Private) By Service Type (Ride Hailing, Ride Sharing, Vehicle Sharing (Car/Bike), Micromobility) By Vehicle Type (Traditional IC Engine and Electric Mobility) By Business Model (Business to Customer (B2C), Business to Business (B2B), and Peer to Peer (P2P)). PLUS Profiles of Leading Mobility as a Service Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Mobility as a Service market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The growth of the market can be attributed to the increasing support from the regional governments through incentives, loans and subsidies.
COVID-19 Impact on Mobility as a Service Market
COVID-19 negatively severely impacted the Mobility as a Service market. The industry remained the one of the worst-hit due to a number of factors. Firstly, the announcement of nation-wide lockdown across major countries in the globe brought the passenger mobility to standstill, zeroing down the need of mobility services. Secondly, the precautionary measure to maintain social-distancing in order to contain spread of virus forced companies to operate at capacity as low as 30% and it also turned focus of customers towards preferring personal mobility over shared. Business model such as ride sharing saw a significant negative impact due to COVID-19 and is still away from recovery and the number of shared rides continues to stand low. Additionally, the growing culture of ‘work-from-home’ has adversely impacted the demand from the corporate sector which happened to be a key user of shared mobility or mobility as a service.
Amid all the odds that COVID-19 has made to the mobility as a service industry, there are several factors which are anticipated to work in favor of the players in the market. With the growing demand for personal mobility but limited household disposable income, business models such as vehicle sharing, car rentals and vehicle subscription offers better value proposition to the customers. The customer gets convenience of riding and keeping a vehicle without hassle of owing it and being credible for limited liability. Secondly, the easing lockdowns and unlocking of economic activities will act as a key factor pushing the demand for mobility as a service.
Major opportunity exists for players in innovating business new models with customer-centric approach. Last-mile mobility is still a key area of opportunity for the players in the market. Secondly, significant opportunities exist for the players operating in the mobility as a service market in participating with leading OEMs who are keen towards becoming an mobility service company than just being a product company. There are various recent examples where OEMs are working hand-in-hand with mobility as a service companies, or have their own mobility wing to expand their presence in the area.
Some of the company’s profiled in this report include Moovit Inc., MaaS Global Oy, Uber Technologies Inc., SKEDGO, UBIGO, SPLYT Technologies, COMMUNAUTO, Lyft, Ola, Grab, Go-Jek, DiDi Chuxing, SHARE NOW GmbH, and Others. Additional players include Moovel Group, Smile Mobility, Velocia, mobility Pte. Ltd., Bridj, MOBILLEO, QIXXIT, TRANZER, Zoomcar, Drivezy, Revv, AVIS, ORIX and Others. Major players in the market has been witnessed focusing on partnering with leading OEMs and offer mobility solution for instance Japan’s leading leasing company ORIX has partnered with number of OEMs such as Maruti Suzuki to help them offer their vehicle on subscription basis.
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