The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The smart mobility market involves developing intelligent transportation systems focused on solving issues like traffic congestion and lack of efficient transportation options. This includes innovations in electric and autonomous vehicles, mobility as a service, integrated multimodal transit, and transportation management systems. Such solutions leverage big data, internet of things, and artificial intelligence for optimized transportation networks.
Market key trends:
One of the major trends in the smart mobility market is the rise of mobility as a service (MaaS). MaaS involves integrating various modes of transportation like public transit, ride-hailing/sharing, bike-sharing, scooter-sharing, and car-sharing through a single platform. This allows users to plan, book and pay for multi-modal trips in a seamless manner. MaaS helps address first and last mile connectivity issues and promotes shared transportation modes to reduce traffic congestion and carbon footprint. Major companies are launching MaaS platforms and building partnerships to expand service coverage globally.
Segment Analysis
The global smart mobility market is segmented into solutions, transportation mode, service, and regions. Based on solutions, transportation and mobility solutions segment accounted for the largest market share in 2022 owing to rising adoption of transportation management systems and intelligent transport systems by public transport operators and traffic authorities to efficiently manage traffic flows. The services segment is expected to grow at the highest CAGR during the forecast period due to the increasing need for continuous monitoring and updating of smart mobility solutions.
Key Takeaways
The global Smart Mobility Market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for efficient transportation and traffic management solutions.
Regional analysis: North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to significant investments by governments and private organizations in developing smart infrastructure and Mobility as a Service (MaaS) in the region. Asia Pacific is expected to grow at the highest CAGR owing to rising government initiatives for the development of smart cities and increasing adoption of smart transportation solutions in emerging countries such as China and India.
Key players operating in the smart mobility market are Cisco Systems, Inc., Excelfore, Ford Motor Company, Robert Bosch GmbH, and TomTom International N.V. Key players are focusing on new product launches and partnerships with technology providers to strengthen their global presence. For instance, in 2021, Robert Bosch partnered with TomTom to accelerate the development of user-centric, shared and autonomous mobility solutions.
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It promotes convenient and safe multimodal travel, accessibility, and efficient use of roads and resources through a strong circulation network management.Developed and developing countries are expected to adopt more smart mobility technologies owing to the huge scope for developing smart mobility modes and the developed nations will demand technological upgradations in the existing smart mobility solutions.Request for Report sample: https://www.trendsmarketresearch.com/report/sample/9904Market Revenue and Segmentation Analysis:The smart mobility market is expected to grow at a CAGR of 19.9% during the forecast period 2017-2023.
The traffic management and infrastructure are at a higher demand across the regions to face urbanization, limit the city expansion rate, and to bring sustainability.
The solutions market is expected to grow at a higher CAGR during the forecast period, 2017 to 2023.The services platform is segmented into consulting service provider, integration service provider, maintenance service providers, and others.
RFID are at a higher demand owing to its wide functionalities in traffic management and collects the data from several signal management systems and posts it to the data centre, which helps in building more accurate traffic monitoring and prediction tools.
Among these, Americas is expected to grow at a higher CAGR during the forecast period 2017-2023.
Italy, France, Germany, Australia, Singapore, and South Korea are the emerging countries for smart mobility technology adoption owing to government budgeting, adopting more eco-friendly mobility solutions for development, to face rapid urbanization, and others.Benefits and VendorsThe report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape.
