India Mobility as a Service (MaaS) Market Size Booming 5X at Robust CAGR of 32.39% to Reach USD 4.71 Billion by 2030

Published | 04 January 2024

India Mobility as a Service (MaaS) Market is flourishing because of the rapid urbanization, growing population across cities, and increasing number of smart city projects.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Mobility as a Service (MaaS) Market size at USD 0.87 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Mobility as a Service Market size to boom at a robust CAGR of 32.39% reaching a value of USD 4.71 billion by 2030. Major growth drivers for the India Mobility as a Service (MaaS) Market include an increasing demand and the integration of advanced technologies. Enhanced customer experiences, facilitated by seamless wireless connectivity, mark a shift toward smartphone-based transportation bookings. This norm, empowered by improved internet connectivity, especially in developed countries, amplifies the market's prominence. Trust in secure, cost-effective, and punctual journeys contributes to the sector's expansion. Ride-sharing, car-sharing, and public transport gain significance amid growing populations, furthering MaaS adoption. Key players like Ola, Uber, and Zipcar, alongside revenue-generating solutions like traffic management and wireless navigation, fuel market growth. Continuous innovations, backed by extensive research, ensure sustained upward trends in the MaaS market during the forecast period. However, lack of infrastructure to scale MaaS application and lack of well-established public transport systems are anticipated to restrain the overall market growth during the period in analysis.

Opportunity – Continuous high adoption of electric vehicles (EVs)

The India Mobility-as-a-Service (MaaS) Market is undergoing a transformative shift, primarily driven by the increasing prevalence of electric vehicles. Positioned as a pivotal solution to global challenges, MaaS is at the forefront of the transition to cleaner fuels. Beyond the focus on vehicles, MaaS aims to cultivate a sustainable and inclusive mobility ecosystem. This evolution extends to Electric Mobility-as-a-Service (eMaaS), where the integration of battery technology plays a crucial role. The narrative introduces a comprehensive five-pronged strategy tailored for India. This strategy encompasses regulatory clarity, technological integration, and targeted financial interventions. Key regulatory initiatives involve policy formulation, integrated transport planning, and strategic collaboration with electricity regulators. Infrastructure and technological imperatives prioritize charging ecosystems, land availability, and collaborative frameworks. The financial integration aspect considers affordability, incentives, and support mechanisms, aligning with India's strategic vision for an environmentally conscious and collectively embraced MaaS future.

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Impact of COVID-19 on India Mobility as a Service (MaaS) Market

COVID-19 pandemic adversely affected the India Mobility as a Service (MaaS) Market. Global lockdowns and social distancing measures led to a drastic reduction in mobility needs, causing a downturn in crucial market segments. With limited public movements, key sectors witnessed severe setbacks, triggering a significant economic decline. However, amid challenges, the pandemic spurred innovation and adaptation in the industry, exemplified by the integration of MaaS solutions for contactless payments and tracking. Looking ahead, the MaaS sector remains resilient, navigating the pandemic's aftermath. The focus on integrated, on-demand transportation solutions positions it for growth, responding to urbanization, traffic congestion, and the escalating demand for sustainable mobility alternatives in the evolving post-COVID landscape.

India Mobility as a Service (MaaS) Market – By Application

Based on application, the India Mobility as a Service (MaaS) Market is divided into Personalized Application Services, Journey Management, Journey Planning, and Flexible Payments & Transactions segments. The journey management segment is expected to hold the highest share in the India Mobility as a Service (MaaS) Market by application during the forecast period. Journey management within the MaaS framework involves optimizing routes, modes of transportation, and overall travel planning. The prominence of this segment underscores the demand for comprehensive solutions that simplify and enhance the end-to-end travel experience, catering to the evolving preferences of users in India's dynamic mobility landscape. This dominance signals a strategic focus on improving the efficiency and convenience of journeys through innovative MaaS applications and services.

Competitive Landscape

Major players operating in the India Mobility as a Service (MaaS) Market include Avis Budget Group, movmi Shared Transportation Services Inc., Uber Technologies Inc., ANI Technologies Pvt. Ltd., Lyft Inc., Aptiv, Roppen Transportation, and Quick Ride. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the India Mobility as a Service (MaaS) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Mobility as a Service (MaaS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Mobility as a Service (MaaS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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