Mobility-as-a-Service Market to Reach by USD 235 billion and Record a CAGR of Almost 34% |Technavio
NEW YORK, April 7, 2021 /PRNewswire/ --
The mobility-as-a-service market is expected to grow by USD 235 billion during 2021-2025, expanding at a CAGR of almost 34%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
Mobility-as-a-Service Market: Increase in the use of smart connected devices to drive growth.
The number of smart connected devices is increasing around the world. As the number of devices increases, it becomes more difficult to manage, monitor, and maintain the data. Thus, the demand for M2M and M2H communications will rise as they help end-users simplify the management, monitoring, and maintenance of connected devices. Enterprises currently experience significant improvements in business processes, owing to the adoption of IoT analytics. The close monitoring of business processes leads to more effective decisions in real-time. The surge in the number of connected devices is a major factor that drives the demand for Maas during the forecast period.
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As per Technavio, the increasing demand for efficiency in operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Mobility-as-a-Service Market: Increasing demand for efficiency in operations.
Several industries, such as transportation and logistics, retail (e-commerce), food and beverage, and manufacturing, rely on advanced technologies to improve their efficiency and save on fuel costs. Automotive companies are investing in advanced technologes to help track vehicles and perform preventive maintenance. The rise in oil consumption, the rising scarcity of natural resources, the shortage of oil reserves, and the increased demand for fuels used in vehicles have compelled various countries to adopt alternative methods to reduce their dependence on oil. MaaS helps vehicles increase their fuel efficiency through load management and proper route management, which is expected to propel the market for MaaS during the forecast period.
Mobility-as-a-Service Market: Major Vendors
Mobility-as-a-Service Market: Segmentation Analysis
This market research report segments the mobility-as-a-service market by service (E-hailing, Car Sharing, and Others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the mobility-as-a-service market in 2021, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as a shift in adoption from the CAPEX model to the OPEX model.
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