Industry Overview of Smart Mobility Market
Smart mobility refers to a network that usually involves the use of advanced technologies to offer sustainable, efficient, and resilient modes of transportation to individuals. It also includes the utilization of public conveyance, shared transportation services, electric vehicles (EVs), and on-demand ride solutions that aid in streamlining urban economies while improving road safety facilities. In addition to this, smart mobility assists in providing eco-friendly commutation services and minimizes pollution levels. As a result, it enhances the traffic management system and handles parking areas efficiently while reducing greenhouse gas (GHG) emissions.
How Big Is the Smart Mobility Market?
According to the new market research report by IMARC Group the global smart mobility market size reached a value of US$ 51.3 Billion in 2022. It is projected to reach a value of US$ 135.6 Billion by 2028, exhibiting a CAGR of 16.55% during 2023-2028.
Global Industry Trends and Drivers:
The escalating demand for shared services and electronic vehicles (EVs) across the globe, owing to the increasing consumer environmental concerns, is among the primary factors driving the smart mobility market. Besides this, the widespread adoption of on-demand transportation solutions, on account of their flexibility, cost-effectiveness, easy availability, etc., is further augmenting the market growth. Moreover, the growing integration of Artificial Intelligence (AI), cloud-based solutions, and the Internet of Things (IoT) with smart mobility is catalyzing the global market. Apart from this, the launch of several subsidy programs by government bodies across countries to encourage the utilization of advanced technologies is acting as another significant growth-inducing factor. Additionally, the inflating levels of urbanization, continuous improvements in the automotive industry, and extensive investments in R&D activities conducted by key market players are also stimulating the market growth. In line with this, the increasing penetration of high-speed internet connectivity is expected to bolster the smart mobility market in the coming years.
Key Market Segmentation:
The report provides detailed segmentation of the global smart mobility market based on based on product, distribution channel and application and region.
Breakup by Technology:
- 3G and 4G
- Wi-Fi
- Global Positioning System (GPS)
- Radio Frequency Identification (RFID)
- Embedded System
- Others
Breakup by Solution:
- Traffic Management
- Parking Management
- Mobility Management
- Others
Breakup by Element:
- Bike Commuting
- Car Sharing
- Ride Sharing
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are 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.