The new report by Expert Market Research titled, ‘Global Smart Mobility Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global smart mobility market, assessing the market based on its segments like elements, solutions, technology, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 21%
As the world’s population grows, so does the pace of urbanisation, resulting in greater demand for transportation services. As a result, smart mobility solutions are being used more frequently. Furthermore, the rising need for transportation, combined with rising consumer eco-consciousness, is encouraging people to carpool and use cab services and ride-sharing services, which is projected to drive market expansion. Furthermore, the government’s increasing investment in the construction of smart cities is likely to fuel market growth.
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Electric cars are also being introduced into the market as a result of the following technology improvements, which are predicted to lessen the use of fossil fuel-based energy supplies. Furthermore, leading manufacturers’ increased investments in smart mobility solution research and development, as well as the integration of cutting-edge technologies such as artificial intelligence (AI), Mobility-as-a-Service (MaaS), and others, are expected to significantly contribute to market growth over the forecast period.
Industry Definition and Major Segments
Smart mobility is a new term for an intelligent transportation and mobility network that links modes of transportation through wireless communication technologies and uses real-time data analytics and machine learning technology to improve the travel experience. Smart mobility technology makes commuting more inexpensive by providing a variety of transportation options, such as quick mass transit, vehicle sharing, and on-demand mobility solutions. This technology network enables mobility both economically and environmentally viable, as well as socially equal.
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Based on elements, the market is segmented into:
• Bike Commuting
• Car Sharing
• Ride Sharing
Based on solution, the market can be divided into:
• Traffic Management
• Parking Management
• Mobility Management
• Others
On the basis of technology, the industry can be divided into:
• 3G and 4G
• Wi-Fi
• Global Positioning System (GPS)
• Radio Frequency Identification (RFID)
• Embedded Systems
• Others
On the Basis of region, the market can be divided into:
• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa
Market Trends
The global positioning system (GPS) category is expected to hold a considerable market share in the smart mobility industry, based on technology. This increase can be ascribed to the increased use of GPS technology in carpooling and cab services, which allows for quick tracking of people using satellite signals to calculate their whereabouts. Furthermore, GPS technology aids in the reduction of fuel expenses while also enhancing safety and productivity.
It also allows for smart route planning with automated real-time warnings, which adds to its total market success. In the forecast term, these factors are expected to contribute to the segment’s growth. In the forecast period, Asia Pacific is expected to have a significant proportion of the smart mobility market. This rise can be linked to the region’s rapid population expansion, as well as expanding urbanisation tendencies, which are driving up consumer demand for smart mobility solutions.
Furthermore, in countries like India, where 70 percent of the population is forecast to live in cities by 2050, mobility requirements are expected to create difficulties such as air pollution and traffic congestion, driving up demand for smart mobility solutions in the region. These elements are expected to have a favourable impact on the growth of the smart mobility industry in the Asia Pacific.
Key Market Players
The major players in the market are Cisco Systems, Inc., Hitachi Ltd., Ford Motor Company, Siemens Mobility, Robert Bosch GmbH, Excelfore Corporation, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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