Demand for Mobility as a Service Booming Globally

On account of the rising concerns regarding vehicular pollution, governments across the world are making efforts to introduce various regulations and policies to encourage the deployment of electric vehicles (EVs) in shared mobility services. Additionally, private companies are taking initiatives to induct EVs in these services. For example, Volkswagen AG, in 2018, announced the introduction of an all-electric carsharing service in Europe and North America, under the brand name WeShare. The company initially launched the service in Germany (Berlin) in June 2019, with 1,500 Volkswagen e-Golf cars.

Mobility as a Service Market 2021

Moreover, the cost-effectiveness and convenience offered by shared mobility services will fuel the mobility as a service (MaaS) market growth at a CAGR of 11.9% during the forecast period (2019–2024). At this rate, the value of the market is expected to surge from $171.5 billion in 2018 to $347.6 billion in 2024. Owning a private vehicle requires a high investment, which includes the vehicle cost, insurance premium, fuel cost, maintenance charges, and parking expenses. In this regard, shared mobility enables customers to enjoy the perks of personal vehicles without owning them, asusers are only obligated to pay based on the usage.

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Furthermore, P&S Intelligence projects that the European MaaS market will register the fastest growth during the forecast period. This can be ascribed to the implementation of an array of individual business models, which is leading to an expansion in the customer base and more competition. This has improved the overall pricing structure, which has further improvedthe customer perception toward the services. Moreover, most European countries are bound by the Paris Agreement, which mandates them to reduce the emission of greenhouse gases.

Thus, the growing population of the youth and rising need to cut down fuel expenses, along with the favorable government policies for EV adoption, are expected to expand the customer base for shared mobility services.