The global mobility-as-a-service (MaaS) market will exceed £750 billion by value by 2026, according to predictions from Frost & Sullivan.
The consultancy firm’s recent research, Strategic Analysis of the Global Shared Mobility Market, 2030, said the MaaS market will reach this size, despite suffering a major setback due to the Covid-19 pandemic.
It said the growing urban population and rising smartphone penetration are key factors driving the segment globally, followed by tightening emission norms and a shifting focus toward autonomous mobility.
Chanchal Jetha, Frost & Sullivan senior research analyst, said: “Over the last decade, there has been rapid progress toward a new paradigm for transporting people in cities.
“Driven by quickly evolving technologies, new business models, and shifting societal expectations, shared mobility has become more sustainable, efficient, and convenient.”
The MaaS market is expected to be flat in 2020 due to Covid-19, but Jetha is predicting a “full recovery” by the end of 2021.
Jetha added: “With lockdowns being phased-out gradually in different parts of the world, companies are beginning to function with a smaller proportion of their workforce returning.
“In the short term, shared mobility operators should focus on bringing in revenues from alternate streams like essential goods delivery, which could become a continuing trend over the medium term.
“Shared mobility modes like bike-sharing, car-sharing, and ride-hailing are expected to pick up compared to the other multi-occupancy modes of transport.
“With the necessary support from cities, demand for public transport, demand-responsive transport (DRT), and Mobility-as-a-Service (MaaS) solutions is expected to increase in the long term, leading to an uptake in technology-enabled safe transport.”