Mobility as a Service Global Market Opportunities and Strategies to 2034

This report describes and explains the mobility as a service market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global mobility as a service market reached a value of nearly $205.7 billion in 2024, having grown at a compound annual growth rate (CAGR) of 7.63% since 2019. The market is expected to grow from $205.7 billion in 2024 to $403.68 billion in 2029 at a rate of 14.44%. The market is then expected to grow at a CAGR of 13.92% from 2029 and reach $774.58 billion in 2034.

Growth in the historic period resulted from the high smartphone adoption, rising fuel prices, rising traffic congestion and smart city initiatives. Factors that negatively affected growth in the historic period were safety concerns and regulatory challenges.

Going forward, the government regulations, rising on-demand transportation services, high acceptance of public service shared mobility and growing tourism and travel industry will drive the growth. Factors that could hinder the growth of the mobility as a service market in the future include high initial infrastructure costs, low adoption in rural and semi-urban areas and impact of trade war and tariff.

Asia Pacific was the largest region in the mobility as a service market, accounting for 34.13% or $70.21 billion of the total in 2024. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the mobility as a service market will be Asia Pacific and Western Europe where growth will be at CAGRs of 18.12% and 14.31% respectively. These will be followed by North America and Africa where the markets are expected to grow at CAGRs of 11.55% and 10.05% respectively.

The global mobility as a service market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 21.94% of the total market in 2024. Uber Technologies, Inc. was the largest competitor with a 10.98% share of the market, followed by DiDi Global Inc. with 8.15%, Lyft Inc. with 2.81%, Avis Budget Group Inc. with 0.57%, Bolt Technology OU with 0.51%, Sixt SE with 0.42%, Europcar Mobility Group S.A. with 0.32%, Neutron Holdings, Inc. (Lime) with 0.23%, Grab Holdings Inc. with 0.20% and Hertz Global Holdings Inc. with 0.18%.

The mobility as a service market is segmented by service type into ride hailing, car sharing, micromobility, bus sharing, train services and other service types. The ride hailing market was the largest segment of the mobility as a service market segmented by service type, accounting for 38.11% or $78.38 billion of the total in 2024. Going forward, the micromobility segment is expected to be the fastest growing segment in the mobility as a service market segmented by service type, at a CAGR of 16.91% during 2024-2029.

The mobility as a service market is segmented by solution type into technology platforms, payment engines, navigation solutions, telecom connectivity providers, ticketing solutions, insurance services and other solutions types. The technology platforms market was the largest segment of the mobility as a service market segmented by solution type, accounting for 24.76% or $50.92 billion of the total in 2024. Going forward, the payment engines segment is expected to be the fastest growing segment in the mobility as a service market segmented by solution type, at a CAGR of 17.69% during 2024-2029.

The mobility as a service market is segmented by application into IOS, android and other applications. The android market was the largest segment of the mobility as a service market segmented by application, accounting for 67.33% or $138.49 billion of the total in 2024. Going forward, the android segment is expected to be the fastest growing segment in the mobility as a service market segmented by application, at a CAGR of 15.66% during 2024-2029.

The mobility as a service market is segmented by end use into personal, business and other end uses. The personal market was the largest segment of the mobility as a service market segmented by end use, accounting for 64.58% or $132.85 billion of the total in 2024. Going forward, the personal segment is expected to be the fastest growing segment in the mobility as a service market segmented by end use, at a CAGR of 15.76% during 2024-2029.

The top opportunities in the mobility as a service market segmented by service type will arise in the ride hailing segment, which will gain $82.57 billion of global annual sales by 2029. The top opportunities in the mobility as a service market segmented by solution type will arise in the technology platforms segment, which will gain $56.61 billion of global annual sales by 2029. The top opportunities in the mobility as a service market segmented by application will arise in the android segment, which will gain $148.18 billion of global annual sales by 2029. The top opportunities in the mobility as a service market segmented by end use will arise in the personal segment, which will gain $143.35 billion of global annual sales by 2029. The mobility as a service market size will gain the most in China at $49.32 billion.

Market-trend-based strategies for the mobility as a service market include broadening service accessibility and inclusivity by extending operating hours and expanding multimodal options, investing in next-generation rail solutions to enhance speed, comfort and capacity in long-distance travel, pioneering autonomous and sustainable transport solutions to expand connectivity and efficiency, integrating digital platforms that combine public transport ticketing, ride-hailing/autos and micromobility to enable seamless first-mile and last-mile connectivity, embedding digitally enabled ticketing and real-time tracking into multimodal platforms, increasingly orienting platforms and services around sustainability by adopting low-emission fleets (EVs), increasingly integrating artificial intelligence into their platforms to enhance personalization, efficiency and customer experience and increasingly integrating contactless payments (tap-to-pay, digital wallets) and unified mobility wallets.

Player-adopted strategies in the mobility as a service market include focus on expanding its business capabilities through partnership and strategic innovation.

To take advantage of the opportunities, the analyst recommends the mobility as a service market companies to focus on expanding service accessibility and multimodal coverage, focus on advancing next-generation rail solutions for long-distance efficiency, focus on scaling autonomous and sustainable transport solutions, focus on integrating digital platforms for seamless multimodal connectivity, focus on embedding digital ticketing and real-time tracking in multimodal platforms, focus on advancing sustainable fleet models and ecosystem integration, focus on integrating artificial intelligence to enhance personalization and efficiency, focus on expanding contactless and unified payment systems, focus on the micromobility segment for accelerated growth, focus on payment engines to drive market expansion, expand in emerging markets, focus on strengthening multi-channel distribution networks, focus on building adaptive, value-based pricing structures, optimize digital promotion channels for scalable market reach, leverage localized and strategic partnerships for sustainable promotion, focus on strengthening customer-centric workforce strategies, focus on the android ecosystem to maximize market reach.