Smart Mobility Market
Smart Mobility Market to surpass USD 283.34 billion by 2031 from USD 47.94 billion in 2021 at a CAGR of 19.44% within the coming years, i.e., 2021-31.
Smart Mobility deals with providing intelligent transportation solutions by means of innovative and integrated technologies and knowledge, which is environmental-friendly and encourage sustainable development. Smart Mobility includes different ideas such as ride-sharing, car-sharing, and bike traveling across cities to recover traffic situations. The need for Smart Mobility amplified across the globe due to several reasons such as rise in pollution, rise in fatalities, and wastage of time, if caught in traffic jams. Smart Mobility is an innovative idea for utilizing the existing transportation resources in a safer and well-organized way to certify zero-emission, minimum or no accidents, and with no ownership of vehicles.
The Smart Mobility Market is predicted to project a notable CAGR of 19.44% in 2031.
The Smart Mobility Market has experienced considerable growth over the last few years and is likely to rise further over the forecast period. Smart Mobility has made a number of long-term investments and technology developments in markets such as connectivity, electrification, automation, and provided mobility that are likely to drive the industry at an accelerated pace. On the other hand, increasing Investment by the major players to produce Smart Mobility will create more opportunities that will result in the growth of the Smart Mobility Market over the forecast period.
Recent News and Development
In April 2021, Excelfore announced collaboration with Red Hat. The aim of this collaboration is to bring standardization from the cloud to edge controllers and sensors.
In May 2021, Innoviz Technologies Ltd announced a partnership with Sensagrate. The addition of InnovizOne to the SensaVision suite will allow a diversity of applications that increase pedestrian and automobile safety, preventing near-miss collisions at intersections, collecting unique data for root cause analysis of pedestrian-related incidents.
Smart Mobility Market: Segments
Ride-Sharing segment to grow with the highest CAGR during 2021-2031
Smart Mobility Market is segmented by Element into Bike Commuting, Car Sharing, Ride-Sharing, and others. Ridesharing procured the maximum revenue owing to its immense adoption. Furthermore, the car-sharing segment would show a promising growth rate during the forecast period, due to the massive espousal of car sharing, hence contributing to the growth of the global Smart Mobility Market.
Traffic Management segment to grow with the highest CSGR during 2021-2031
Depending on the Solution, the market is segmented into Traffic Management, Mobility Management, Parking Management, and Others. The traffic management segment would gather the highest revenue share during the forecast period, due to its wide application in Smart Mobility across the globe.
Smart Mobility Market: Market Dynamics
Increase in trend of on-demand transportation service
On-demand services include taxi, Charter vehicles, and passenger vehicles that provide elasticity and other features such as real-time feedback, tracking of vehicles, and rating to end clients. Accessibility of cars and comparison of fare with correspondents is simplified by several mobile applications. Moreover, such facilities enable customers to make use of various functions. In addition, facility to find particular locations of customers and similar demand with existing supply are the features that significantly boost Smart Mobility Market.
Government policies for smart cities
Several government policies have been made for implementing concept of Smart Mobility all across the world. This has led to the development of the global Smart Mobility Market. For instance, in Japan, the Ministry of Economy, Trade, and Industry and the Ministry of Land, Infrastructure, Transport, and Tourism started a Smart Mobility subsidy program. Similar subsidy programs and investments have been implemented by different governments across the world, which has leads to the growth of the Smart Mobility Market.
Security alarms, lack of standardization, data liability, and lack on return on investments are the key challenges to the growth of Smart Mobility Market. High cost of operation and legacy devices would turn as restraints to the growth of Smart Mobility Market. There have been many cases when autonomous transport systems have been hacked and data has been compromised. The current smart mobility market is fragmented with a large number of standards. The growth of smart mobility is expected to be overdue until standardization is attained.
Effects of COVID19 in the Smart Mobility Market
With the arrival of the COVID-19 pandemic, Smart Mobility Market has recorded a fall in the year 2020 and is expected to come across slower growth in the year 2021 as well. This slowdown is attributed to the reduction in demand for carpooling and ride-sharing across the world. As per the industry experts, this declined demand is likely to see a positive curve after the year 2022. Smart Mobility market is anticipated to rise after the accessibility of protection measures in car-sharing and carpooling services such as introduction of plastic fences between driver and passenger in a car.
Smart Mobility Market: Key Players
Toyota Motor Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Ford Motor Company
Innoviz Technologies. Inc
MAAS Global Oy
QuaLiX Information System
Robert Bosch GmbH
Other prominent players
Smart Mobility Market: Regions
Smart Mobility Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Europe dominates the Smart Mobility Market owing to development on infrastructure planned for a smaller and less active population, the entry of people can create new opportunities while also posing important economic, environmental, and social challenges. As a result, the demand for innovative solutions to emerging urban challenges is increasing swiftly.
Smart Mobility Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Smart Mobility Market report also contains analysis on:
Smart Mobility Market Segments:
3G & 4g
Smart Mobility Market Dynamics
Smart Mobility Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Smart Mobility Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 47.94 billion
Revenue forecast in 2031 USD 283.34 billion
Growth Rate CAGR of 19.44% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD billion and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Solution, Element, Technology, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled ICarbon, Jibo. Inc, Cisco, Excelfore Corporation, Ford Motor Company, Innoviz Technologies. Inc, MAAS Global Oy, QuaLiX Information System, Robert Bosch GmbH, Siemens, TomTom International