Smart Mobility Market Outlook
According to the report by Expert Market Research (EMR), the global smart mobility market size is projected to grow at a CAGR of 21% between 2024 and 2032. Aided by the escalating demand for efficient transportation solutions and the integration of advanced technologies in transport systems, the market is expected to grow significantly by 2032.
Smart mobility refers to the use of innovative technologies and data analytics to optimise transportation systems, enhance traffic management, reduce congestion, and improve the overall travel experience. This sector encompasses a variety of solutions, including intelligent transportation systems, smart city initiatives, electric and autonomous vehicles, and shared mobility services.
The burgeoning smart mobility market growth is chiefly driven by the rising global urbanisation and the increasing need for sustainable and efficient transportation systems. With the urban population escalating rapidly, cities face numerous challenges related to traffic congestion, pollution, and limited parking spaces. Smart mobility solutions offer an effective way to address these issues by improving the efficiency of transport systems and reducing their environmental impact.
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Technological advancements heavily influence the smart mobility market outlook. The integration of technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics in transportation systems has led to the development of advanced solutions like real-time traffic management, predictive maintenance, and automated fare collection systems. These technologies enable cities to manage their transportation networks more effectively and provide better services to commuters.
Additionally, the growing environmental concerns and the emphasis on reducing carbon emissions are further propelling the smart mobility market demand. Electric vehicles (EVs), which are a key component of smart mobility, are gaining popularity due to their lower carbon footprint compared to traditional vehicles. Governments worldwide are encouraging the adoption of EVs through incentives and supportive policies, contributing to the growth of the smart mobility market.
The rise of shared mobility services, such as car-sharing and bike-sharing, is also a significant factor driving the market. These services offer a convenient and cost-effective alternative to private vehicle ownership, particularly in urban areas where parking and traffic congestion are major concerns. The increasing adoption of shared mobility services is expected to continue, driven by the convenience they offer and the growing awareness of their environmental benefits.
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Smart Mobility Market Segmentation
The market can be divided based on elements, solution, technology, and region.
Market Breakup by Elements
- Bike Commuting
- Car Sharing
- Ride Sharing
Market Breakup by Solution
- Traffic Management
- Parking Management
- Mobility Management
Market Breakup by Technology
- 3G and 4G
- Wi-Fi
- Global Positioning System (GPS)
- Radio Frequency Identification (RFID)
- Embedded Systems
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart mobility market. Some of the major players explored in the report by Expert Market Research are as follows:
- Cisco Systems, Inc.
- Hitachi, Ltd
- Ford Motor Company
- Siemens Mobility
- Robert Bosch GmbH
- Excelfore Corporation.
- Others
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