Smart mobility refers to shared, connected, integrated and sustainable transport options that enables seamless door-to-door mobility. It offers innovative mobility solutions and services through new business models, technologies and attitudes. Smart mobility aims to optimize the transportation system and movement of people and goods. This includes emerging technologies such as vehicle electrification, autonomy, mobility as a service, smart infrastructure, and connectivity.
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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising adoption of autonomous and connected vehicles is estimated to drive the growth of the global smart mobility market over the forecast period. Autonomous vehicles use technologies such as sensors and artificial intelligence to navigate and operate independently with minimal to zero human input. Similarly, connected vehicle is equipped with Internet access and wireless local area networks, allowing them to share data with other connected vehicles and infrastructures. Increasing investments by OEMs in these advanced vehicle technologies in order to improve safety, mobility and fuel efficiency is augmenting the market growth. According to International Transport Forum, autonomous vehicles could reduce up to 30% of accidents caused by human errors. Moreover, growing concerns regarding traffic congestion and emissions are propelling the demand for shared, electric and integrated mobility solutions, thereby fueling the smart mobility market growth. However, high installation and integration cost associated with development of intelligent infrastructure remains a major challenge.
SWOT Analysis
Strength: Smart Mobility Market offers solutions like smart parking, smart navigation and multimodal transport which helps consumers locate parking spots easily and provides real-time travel updates. These solutions help reduce traffic congestion and fuel consumption. Mobility as a Service offerings allow users to seamlessly access different transportation modes through a single application.
Weakness: High initial investments are required for deployment of smart mobility solutions. Network connectivity and compatibility issues can affect user experience of various mobility solutions. Lack of standardized platforms leads to integration challenges between different solutions. Data privacy and security concerns may limit large-scale adoption.
Opportunity: Rising urban populations is increasing pressure on existing transportation infrastructure. Growing focus on reducing vehicular emissions presents an opportunity to promote shared, electric and autonomous mobility solutions. Expanding 5G networks will support newer applications and technologies. Growth in smart cities initiatives will drive demand for integrated smart mobility platforms.
Threats: Dependence on telecom operators for connectivity can affect service quality. Changing consumer preferences and economic risks pose threat to demand. established transportation modes may resist shift to new shared and on-demand services. Stricter regulations on data usage and privacy can limit scope of location-based and personalization services.
Key Takeaways
The Global Smart Mobility Market Growth is expected to witness high growth over the forecast period backed by increasing investments in development of smart transportation solutions especially in developed economies. 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 5.5% over the forecast period 2023 to 2030.
North America currently dominates the global market led by presence of major technology providers and supportive initiatives towards development of smart infrastructure in countries like the US. Asia Pacific is expected to exhibit fastest growth owing to initiatives like Smart Cities Mission in India and rapid digitization of transportation networks across China, Japan and South Korea.
Key players
Key players operating in the Smart Mobility Market include Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller€TMs Pharmacy, and Davis Islands Pharmacy. The market is witnessing consolidations as players seek to offer integrated mobility solutions.
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https://www.newswirestats.com/smart-mobility-market-size-share-growth-outlook-2023/
