As per the latest report by IMARC Group, titled “Smart Mobility Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global smart mobility market size reached US$ 41.3 Billion in 2021. Smart mobility refers to an intelligent network that involves the use of advanced technologies and communication to offer efficient, sustainable, and resilient modes of transportation to the masses. This includes the adoption of public transport, shared transportation services, electric vehicles (EVs), and on-demand ride services. In recent years, smart mobility solutions have rapidly gained traction as they help enhance network and traffic management systems, reduce greenhouse gas (GHG) emissions, and ensure environmental and economic sustainability.
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:
Smart mobility solutions offer intelligent and eco-friendly transportation services to the masses while improving safety levels, minimizing pollution, reducing traffic accidents, and managing parking areas efficiently. As a result, the growing environmental concerns and rising traffic congestion represent the primary factors driving the global market. Besides this, the widespread adoption of electric vehicles (EVs) and on-demand transportation services due to their flexibility, cost-effectiveness, and easy availability has catalyzed the product demand. Additionally, governments of various countries are taking favorable initiatives, such as the development of smart cities and the introduction of subsidy programs, to encourage the adoption of smart mobility services. Along with this, the integration of innovative technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and big data, with smart mobility solutions has accelerated product adoption rates. Furthermore, the recent technological advancements in the transportation sector and significant improvements in the automotive industry have propelled the market growth. Other factors, including the rising penetration of high-speed internet, rapid urbanization, increasing digitization, and ongoing research and development (R&D) activities, are also creating a favorable market outlook. Looking forward, the market is anticipated to reach US$ 115.4 Billion in 2027, expanding at a CAGR of 17.60% during the forecast period (2022-2027).
- 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 management, parking management, mobility management, and others.
- Based on 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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