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The global mobility as a service market size was valued at USD 187.31 billion in 2021. The market is projected to grow from USD 236.42 billion in 2022 to USD 774.93 billion by 2029, exhibiting a CAGR of 18.5% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Mobility as a Service Market Size, Share & COVID-19 Impact Analysis, By Service Type (Ride-Hailing, Car Sharing, Taxi Services, Others), By Application Type (iOS, Android, and Others), and Regional Forecasts, 2022-2029.”
Adverse Effect Witnessed on Market amid COVID-19 due to Limited Supply Chain
The lockdown and economic crisis prompted by the COVID-19 pandemic have adversely affected numerous mobility as a service providers. Various service providers have experienced substantial resource blockages in the global supply and logistics chains in the year that had a noticeably undesirable impact on their businesses. With the spread of the pandemic, nations across the globe executed social distancing, contact tracing, self-quarantining, testing, and other guidelines to avoid the further spread. This led to substantial ride drops for mobility as a service corporations such as Uber and Lyft.
Ola Electric to Set Up 100,000 Strong Network of EV Chargers
Ola Electric, the electric vehicle arm of homegrown ride-hailing firm Ola, declared its strategy to setup a 100,000-strong network of EV chargers, which is called Hypercharger Network, across 400 Indian cities in the coming five years. The corporation said that it will deploy 5,000 chargers in the present fiscal year, involving a few hundred chargers ahead of the unveiling of its first electric two-wheeler. When finished, the company stated it will be the biggest electric two-wheeler charging network around the globe.
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Surging Predisposition Toward Micro-Mobility and Increasing Trend of On-demand Transportation Services to Fuel Market
Micro mobility, predominantly in emerging nations is predicted to be the future of shared transportation. Micro-mobility is the short-distance utilization of light automobiles such as bicycles and scooters. Passenger vehicles, taxis, and charter vehicles are a few instances of on-demand services that provide flexibility and additional properties to end customers such as real-time feedback, vehicle tracking, and rating. Various mobile applications make it effortless to find obtainable passenger vehicles and relate fares with neighbors.
However, low internet penetration across a few emerging and poor economies is projected to limit the growth of the market during the mentioned period. Furthermore, the rising data privacy and security-linked jeopardies among the populace concerning the usage of ride-share or ride-hailing apps and services are probably to hinder the market growth in the future.
Key Players Sign Significant Contracts to Make Remarkable Changes in Market
The players functioning in the market often employ various tactics that will assist the market growth and product demand. Among the pool of strategies, one such considerable tactic to extend the business prospect is involving in multimillion deals with government bodies and safeguarding a profitable revenue for their own corporation.
Notable Industry Development
List of Key Players Covered in the Report
Further Report Findings
Asia Pacific is expected to hold the largest mobility as a service market share during the forecast period and was valued at USD 74.45 billion in 2021. The rising cost of vehicle ownership, rapid urbanization, and increasing fuel prices, especially in countries, such as India and China, are some of the primary reasons expected to help Asia Pacific continue dominating the market in the forecast period.
By service type, the market is segmented into ride-hailing, car sharing, taxi services, and others. The ride-hailing segment is anticipated to dominate the market during the forecast period.
Table of Segmentation
Value (USD billion)
By Service Type
By Application Type