Smart Mobility Market Size to Grow USD 70.46 Billion by 2027 at a CAGR of 20.2% | Valuates Reports

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Nov 15, 2023, 16:53 ET

BANGALORE, India , Nov. 15, 2023 /PRNewswire/ -- Smart Mobility Market is Segmented by Element (Bike Commuting, Car Sharing, and Ride Sharing), Solution (Traffic Management, Parking Management, Mobility Management and Others), and Technology (3G & 4G, Wi-Fi, GPS, RFID, Embedded System, and Others): Global Opportunity Analysis and Industry Forecast - 2027.

The global smart mobility market is projected to reach USD 70.46 Billion by 2027, registering a CAGR of 20.2%.

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Major Factors driving the growth of Smart Mobility Market:

The global market for smart mobility is expanding as a result of factors like the growing popularity of on-demand transport services and government initiatives for smart cities. However, the variables anticipated to offer profitable prospects for market expansion are enhanced autonomous vehicle performance and intelligent transportation systems.

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TRENDS INFLUENCING THE GROWTH OF SMART MOBILITY MARKET:

Numerous governmental endeavors have been launched to execute the notion of intelligent mobility worldwide. The market for smart mobility has expanded globally as a result of this. The implementation of investment and subsidy programs by various governments worldwide has resulted in the expansion of the global market.

One of the main factors driving the expansion of the smart mobility industry is the swift advancement of technology, especially in the areas of artificial intelligence, the Internet of Things, and the 5G connection. These developments have made it possible for different forms of transport to seamlessly integrate and communicate with one another, opening the door to a more connected and effective mobility environment. The advent of intelligent automobiles, furnished with sensors and communication apparatuses, amplifies security, streamlines vehicular movement, and furnishes users with up-to-date information to facilitate enhanced decision-making.

The demand for smart transportation solutions is largely driven by the global trend towards urbanization and the ongoing population expansion. Sustainable and intelligent transport systems are becoming more and more necessary in densely populated cities to alleviate traffic, cut pollution, and enhance general urban mobility. In densely populated locations, smart mobility solutions—such as ride-sharing, micro-mobility options, and smart public transportation—offer practical substitutes for conventional means of transportation. Concerns about climate change and rising environmental consciousness are causing a movement in favor of eco-friendly and sustainable transportation options. By streamlining routes, lessening traffic, and encouraging the use of electric vehicles, smart mobility solutions are essential for advancing sustainability.

Convenience, accessibility, and customized experiences are becoming more and more important in today's changing expectations and preferences of consumers. These shifting tastes are met by intelligent mobility solutions including integrated mobility platforms, on-demand transportation services, and ride-sharing apps. The need for adaptable, user-focused transit solutions is driving innovation in the smart mobility market to meet changing customer demands. Globally, governments are realizing how smart mobility may help solve transport issues and spur economic growth. Intelligent traffic management systems, electric vehicle incentives, and the creation of smart infrastructure are just a few of the policies and programs that many nations are putting into place to promote the adoption of smart transportation solutions. Investments and encouragement from the government stimulate the market for smart transportation.

Smart mobility solutions increase total transportation efficiency, which has a positive economic impact. Businesses and people can save money through better logistics, less fuel usage, and optimized traffic management. Organizations are becoming more motivated to invest in these solutions as they become aware of the financial advantages of using smart mobility technologies, which is further propelling the market's expansion.

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SMART MOBILITY MARKET SHARE ANALYSIS
Between 2020 and 2027, Asia-Pacific would have the highest CAGR of 22.2%. Asia-Pacific market, as a result of top service providers working together and utilizing cutting-edge technology like RFID for intelligent mobility. Wireless service providers are also striving to offer cutting-edge wireless platforms for smart transportation, which is anticipated to support the expansion of the smart mobility market in the Asia-Pacific region.

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Major Players:

Cisco
Excelfore Corporation
Ford Motor Company
Innoviz Technologies. Inc.
MAAS Global Oy
QuaLiX Information System
Robert Bosch GmbH
Siemens
TomTom International
Toyota Motor Corporation

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SIMILAR REPORTS
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- The globally connected car market size is projected to reach USD 225.16 billion by 2027, registering a CAGR of 17.1%.

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- The global connected motorcycle market size is projected to reach USD 304.1 million by 2027, registering a CAGR of 39.6%.

- Smart City Platforms market size is projected to reach USD 198650 million by 2027 at a CAGR of 9.3%.

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