Global Mobility Tech, EV Infrastructure Markets Surge

MaaS Market Set to Top $619 Billion by 2032

The global mobility-as-a-service (MaaS) market, valued at $145.07 billion in 2023, is forecast to reach $619.32 billion by 2032, according to Astute Analytica. This implies a compound annual growth rate of 17.5% from 2024 to 2032, underpinned by rapid urbanization, rising commuter demand for seamless multimodal travel, and government-backed smart mobility initiatives.

MaaS platforms integrate public transit, ride-hailing, car-sharing and micro-mobility into a single digital interface, allowing users to plan and pay for journeys end‑to‑end. Studies cited in the report note more than 2.5 million shared bikes and e‑scooters worldwide in 2023, projected to rise to up to 5 million by 2025, as cities seek flexible first‑ and last‑mile options.

The model is presented as cost‑ and carbon‑efficient. Research referenced by Astute Analytica suggests MaaS can cut an individual’s annual personal transport costs by about US$1,200, reduce urban traffic congestion by 15%, and lower CO2 emissions by up to 20%. In Helsinki, full MaaS implementation reportedly lifted public transport usage 10% in the first year, equivalent to 3 million additional trips.

Urbanization and Passenger Demand Drive MaaS Adoption

Urbanization is described as a primary MaaS growth driver. Around 55% of the global population currently lives in cities, a figure the UN expects to reach 68% by 2050. Astute Analytica links this to more frequent and intense traffic jams, longer commutes and heightened environmental pressures. In the U.S., congestion cost each driver an estimated $1,146 and 26 hours of lost time in the past year, according to the INRIX Global Traffic Scorecard.

In 2023 the passenger transportation segment generated US$131.24 billion of MaaS revenue, or 90.9% of the total, and is projected to post 25.4% annual growth. Integrated transport subscriptions have seen year‑on‑year growth of 30%. Survey data cited in the report indicate 85% of users select MaaS services for seamless connectivity, and nearly 70% would prefer providers that allow them to personalize their travel experience.

User adoption is already significant in major cities. New York and Los Angeles each count more than 1.5 million MaaS users, while nearly 40 million urban residents in Europe and North America used some form of MaaS in the past year. Another survey found up to 100 million commuters would be interested in such platforms if available, suggesting a large untapped user base.

Regional Leaders and Policy Support in MaaS

North America accounted for 30% of MaaS revenue in 2023, making it the largest regional market. Astute Analytica attributes this to high urbanization and highway congestion levels, as well as government support. The U.S. Department of Transportation awarded Columbus a $40 million Smart City Challenge grant in 2016 that included MaaS-related projects, and the federal government earmarked US$500 million in 2023 for smart transportation, with a significant portion directed to MaaS development.

Europe held the second‑largest MaaS share in 2023, supported by dense metropolitan populations in cities such as London and Paris. Asia‑Pacific is highlighted as a high‑growth region, with crowded and rapidly expanding cities facing worsening congestion. The report links this to government legislation promoting integrated, sustainable transport solutions, and to the convergence of telecoms, 4G/5G coverage and high smartphone usage, which enables mobile‑first MaaS platforms.

Major corporate participants span ride‑hailing, car rental, micro‑mobility and navigation, including Uber, Lyft, Didi Chuxing, Grab, Hertz, Avis, SIXT, Bird, LimeBike and Waze, among others. Key product categories in the market are ride hailing, ride sharing, car pool and rentals, with applications in passenger transportation, micro‑mobility and freight.

EV Battery Swapping Market Poised for Rapid Expansion

Astute Analytica projects the global electric vehicle battery swapping market will rise from $184.98 million in 2023 to $1,368.32 million by 2032, a compound annual growth rate of 24.9% from 2024. The firm cites rapid EV adoption, the appeal of three‑minute battery swaps versus 30‑minute fast charging, and the spread of subscription‑based charging models as core growth drivers.

Battery swapping allows depleted packs to be exchanged for fully charged units in under five minutes, sharply reducing downtime for drivers. In 2023, Astute Analytica estimates average swap times around three minutes, compared with roughly half an hour for typical DC fast‑charging. The report notes more than 2,300 swapping stations worldwide, with Chinese manufacturer Nio having completed over 15 million swaps.

The global push toward decarbonization is another factor. The integration of swapping stations with renewable energy sources is flagged as an opportunity to lower the carbon footprint of charging and enable more decentralized infrastructure. With more than 400 million EVs projected on roads by 2040 and global EV sales surpassing 14.2 million in 2023, Astute Analytica argues that scalable charging and swapping solutions are becoming critical.

Subscription Models and Asia-Pacific Domination in Swapping

Subscription, or rental-based, battery swapping services already account for more than 75% of market revenue and are expected to handle over 80 million swaps annually by year‑end, according to the report. In 2023 more than 5,000 new swapping stations were installed in major urban centers, bringing the global total above 12,000. Standardized battery designs and cross‑brand compatibility are emerging to simplify operations and support ecosystem growth.

Asia‑Pacific holds about 63.5% of the global battery swapping market. China alone has more than 20.4 million EVs on the road and over 2,000 battery swapping stations, while India sold more than 860,000 electric two‑wheelers in 2023 and plans to add 100 swapping stations in major cities. Companies like Gogoro operate more than 12,000 stations across nine countries, and Chinese automaker Geely aims to build 5,000 stations by 2025.

Swapping is being deployed across two‑wheelers, three‑wheelers, passenger cars and commercial vehicles, and even integrated into public transport fleets. The report notes that buses in Norway, which leads in EV penetration, are using battery swapping to minimize downtime. Governments in markets such as Indonesia, which targets 2 million EVs by 2025, are supporting station rollouts with subsidies and tax incentives.