COVID-19 Impact on Mobility as a Service Market

Northrook, IL -- (SBWire) -- 08/25/2020 --The global Mobility as a Service Market size is projected to reach USD 70.4 billion by 2030, from an estimated USD 4.7 billion in 2020, at a CAGR of 31.1%.The growth of the global mobility as a service market is influenced by factors such as increasing urbanization and smart city initiatives, growing overall on demand mobility services, need to reduce CO2 emissions, and improved 4G/5G infrastructure and penetration of smartphones. Therefore, the mobility as a service market is expected to witness significant growth in the future.

COVID-19 Impact on Mobility as a Service Market

As this pandemic continues to spread rapidly at a global level, countries across the world are trying to prevent further contagion by taking measures such as social distancing, contact tracing, self-quarantining, surveillance, communication, and testing. So far, China, Japan, and Singapore have managed to flatten the curve, while the US, Brazil, India, Spain, Russia, and Italy are imposing drastic measures to slow down the spread and control fatalities. Companies such as Uber and Lyft have seen massive ride drops due to the COVID-19 crisis. People are avoiding these services due to the rising concerns regarding the spread of the virus. Additionally, with a majority of the population working from home, the use of public transport has reduced by around 70-80% worldwide. This has had a negative impact on the mobility as a service market, which has caused a decline in revenue across all regions. Recently, Spain witnessed a rise in its COVID-19 cases after it lifted its restrictions. South Korea recently announced that it witnessed a second wave of COVID-19 that may further disrupt transportation preferences. A second wave of the virus in other countries could further impact the growth of the MaaS market until a vaccine is developed.

In May 2020, Uber announced a lay-off of its 600 employees in India in a bid to cut costs amid the ongoing coronavirus (COVID-19) pandemic
In May 2020, Ola announced a layoff of its 1,400 staff as its revenue fell by 95% because of the nation-wide lockdown
In April 2020, Lyft announced it would be reducing employee count by 17%, working out to 982 employees, and furloughing an additional 288, due to the effects of the COVID-19 pandemic and its impact on Lyft's business.

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Electric Mobility as a Service is boosting the mobility as a service market. It combines highly innovative technologies and new business models to create conditions for large-scale adoption of electric vehicles. For example, more than 20% of Communauto's fleet consists of electric vehicles. The use of electric vehicles not only reduces carbon emissions but also lowers noise and air pollution. It can also be cheaper to run per mile and reduces dependency on fossil fuels. Along with the use of electric vehicles, autonomous self-driving vehicles are expected to be used for ride-sharing purposes and would create immense opportunities for MaaS.

With the growing popularity and usage of MaaS solutions, the journey management segment is expected to register the highest growth rate of 37.9% from 2020 to 2030. Journey management includes creating a seamless travel experience (single or multi-modal). It also includes providing a range of data generated by users over their transit to the network operators to better understand the network operation and feedback/requirements of users. Journey management allows users to choose any multi-modal commute along with personalization options. It is a dynamic service that gives users real-time information about traffic congestion for an optimized commute.

Bus sharing segment is expected to grow at the highest CAGR of 39.5% from 2020 to 2030. MaaS players provide monthly passes or subscriptions for bus services, prompting customers to avail buses as a preferred mode for short as well as long-distance commute. Bus sharing is an emerging concept with multiple pilot projects running across the world. The integration of bus services with private transport like ride hailing and car sharing services will be the key to the success of the market for mobility as a service in this segment. Buses and cars are widely used for enterprise/corporate mobility. Thus, integrating on-demand car sharing transportation with bus sharing services will be highly efficient and easy to implement.

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Asia Oceania is estimated to be the second-fastest growing market due to growth in the China, Indonesia, Singapore, and Australia. The region is expected to lead the market by 2030. The Asia Oceania MaaS market is witnessing impressive growth with increasing mergers and acquisitions, collaborations, and MaaS offerings. In 2018, Grab acquired Uber's Southeast Asia operations and merged Uber's ride-hailing and food delivery businesses with its own operations. In the same year, Toyota collaborated with Grab to expand ride sharing and MaaS in Southeast Asia. Toyota invested USD 1 billion in Grab to boost its operations in more than 200 cities in the Southeast Asian region. In 2019, Grab integrated public transportation options in its app, and became the first company to introduce MaaS solutions for mass consumers in Thailand.

Key PLayers:

The global mobility as a service market is dominated by major players such as Moovit Inc. (Israel), MaaS Global Oy (Finland), Citymapper (UK), Mobilleo (UK), SkedGo Pty Ltd (Australia), UbiGo (Sweden), Splyt (UK), Qixxit (Germany), Communauto (Canada), and Tranzer (Netherlands).

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