Despite the continuous drop in the prices of automobiles and the emergence of low-cost vehicles, a large number of people are not inclined towards buying a private vehicles. This can be because, owning a vehicles isn’t just a one-time investment, but expenses such as parking cost, fuel cost, insurance premium, and maintenance charges also need to be taken care of during the vehicle’s life span. Attributed to these reasons, people across the globe are increasingly making use of mobility as a service (MaaS) solutions, since they are convenient and pocket-friendly mobility options.
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This is ascribed to the fact that shared mobility services are majorly being availed by the young population, including young professionals and students, for meeting daily commuting needs. Geographically, Asia-Pacific (APAC) has been the largest mobility as a service market size up till now, which is primarily due to the rising disposable income and surging government concerns regarding air pollutions in the region, especially India and Taiwan. In addition to this, swift industrialization and urbanization in the region are further leading to the rising demand for shared mobility services in the APAC region.
In conclusion, the heavy expenses related to owning private vehicles and increasing environmental concerns are resulting in the growing adoption of mobility as a services.