According to the latest report by IMARC Group, the global smart mobility market size reached US$ 41.3 Billion in 2021, and it is projected to reach US$ 115.4 Billion by 2027, expanding at a CAGR of 17.60% during the forecast period (2022-2027).
Smart mobility is the application of advanced technologies to provide sustainable, efficient, adaptable modes of transportation to the public. This includes the acceptance of electronic vehicles (EVs) and shared transportation services and on-demand ride services that assist in organizing the urban economies while enhancing road safety facilities. It also helps offer intelligent and eco-friendly commutation services to the public, consequently improving traffic management and controlling parking areas while diminishing greenhouse gas (GHG) emissions.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Mobility Market Trends:
The primary factors driving the market is the rising environmental concerns and the increasing adoption of electronic vehicles (EVs) and shared vehicles among the masses. Additionally, the integration of artificial intelligence (AI), internet of things (IoT) and cloud-based solutions with smart mobility solutions are propelling the market growth. Besides this, rapid urbanization and the rising penetration of high-speed internet connectivity are catalyzing the market growth.
Furthermore, several initiatives undertaken by the governments of various nations, such as the development of smart cities and introduction of subsidy programs, are encouraging the adoption of smart mobility services. Moreover, significant improvements in the automotive industry, increasing digitization and extensive research and development (R&D) activities by key players are some of the other factors accelerating the market growth.
- Based on technology, the market has been divided into 3G and 4G, Wi-Fi, global positioning system (GPS), radio frequency identification (RFID), embedded system, and others.
- The market has been segregated based on the solution into traffic, parking, mobility, and other management.
- On the basis of the element, the market has been classified into bike commuting, car sharing, and ride sharing.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Cisco Systems Inc., Excelfore Corporation, Ford Motor Company, Innoviz Technologies Ltd, QuaLiX Information System LLP, Robert Bosch GmbH, Siemens AG, Thales Group, TomTom N.V., and Toyota Motor Corporation.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.