Smart Mobility Market: Overview
The global smart mobility market was valued at USD 68.75 billion in 2023 and is projected to grow to USD 349.43 billion by 2032, with a CAGR of approximately 19.80% over the forecast period 2024 To 2024.
Smart mobility leverages modern technologies to provide efficient, sustainable, and resilient transportation solutions. This includes on-demand ride services, the adoption of electric vehicles (EVs), and shared transportation services, all aimed at streamlining urban economies and enhancing road safety. Additionally, smart mobility supports economic progress by offering intelligent and eco-friendly transportation services, improving traffic management, efficiently managing parking lots, and reducing greenhouse gas (GHG) emissions. Growing public concern over environmental issues is a major driver of the global market, boosting the adoption of shared services and EVs. Continuous technological advancements in the transportation sector further foster an optimistic outlook for the industry. The integration of artificial intelligence (AI), cloud-based services, and the Internet of Things (IoT) with smart mobility solutions, along with rapid digitization and high-speed internet connectivity, is propelling market growth.
Smart Mobility Market Drivers:
Urbanization and Population Growth
Urbanization, driven by population growth, is a key long-term driver of the smart mobility market. As urban areas expand, the demand for mobility increases. Metropolitan regions are expected to grow by approximately 30% by 2030. If passenger miles are driven per person and car ownership rates remain consistent with historical records, mobility demands are set to double. By 2050, a significant portion of the world’s population is expected to live in cities, further increasing the demand for transportation solutions.
Smart Mobility Market Restraints:
Limited Internet Connectivity
Ride-hailing services depend on drivers, passengers, and service providers using smartphones with internet access for operations such as matching riders and drivers, fare estimation, ride payment, and reputation management. However, limited internet penetration in countries like Eritrea, Chad, Burundi, and Somalia hampers the growth of the smart mobility market in these areas. This lack of connectivity in developing regions stifles market development.
Smart Mobility Market: Segmentation
By Elements
The global smart mobility market is segmented into ride-sharing, car-sharing, and bike commuting. The ride-sharing segment led the market in 2023 and is expected to maintain its dominance throughout the forecast period, driven by increased internet penetration in developing nations and the emergence of new services aimed at maximizing customer satisfaction. The bike-sharing segment is anticipated to grow significantly, with two-wheeler services projected to expand due to their efficiency in congested urban areas.
By Application
The increased demand for smart mobility solutions is driven by advancements in technology and the development of cost-effective vehicle-sharing options. These innovations contribute to reducing carbon dioxide emissions and decreasing environmental pollution. Smart mobility applications also help manage traffic congestion, provide parking solutions, and improve mobility management, all of which are expected to boost market growth during the forecast period. Additionally, the use of smart mobility at the business level, with improved technological solutions offering faster speed and connectivity, enhances productivity and efficiency.
By End User
The market is classified into civil work, business development, academics, municipal sectors, and others. In 2023, the business development category dominated the global market, driven by faster technology adoption and enhanced productivity through technological solutions. Electrically powered vehicles and bicycles with advanced electrification systems are alternative mobility modes gaining traction. The civil work category is also expected to grow significantly during the forecast period due to increased demand for smart mobility solutions in civil infrastructure projects.
Smart Mobility Market: Regional Landscape
In 2023, the Asia Pacific dominated the smart mobility market, attributed to rapid population growth and urbanization trends fueling consumer demand for smart transportation solutions. In countries like India, where 70% of the population is projected to live in cities by 2050, challenges such as air pollution and congestion are expected to drive demand for smart mobility solutions. The smart mobility market has experienced significant growth across various geographical regions due to increasing developments. The Asia Pacific region is projected to be the fastest-growing market for smart mobility. North America has also demonstrated substantial growth in this sector. Additionally, Europe, South America, the Middle East, and Africa have shown important progress in expanding the smart mobility market.
Smart Mobility Market: Competitive Landscape
Key competitors in the global smart mobility market include Toyota Motor Corporation, Excel Fore, Cisco Systems, Inc., Ford Motor Company, Siemens, Robert Bosch GmbH, Qualix Information System, MaaS Global Oy, TomTom International N.V., and Innoviz Technologies.
Recent Developments
- March 2022: Vogo, a two-wheeler shared mobility startup, was acquired by Chalo, a smartphone application based in Bangalore that allows bus booking and tracking across cities. As part of this acquisition, Vogo plans to convert all of its vehicles to EVs, expand services beyond two-wheelers, and offer additional EV models to meet market demands.
Key Points:
- By Solution: The traffic management segment accounted for approximately 33% of revenue in 2023. However, the parking management segment is projected to achieve a notable CAGR from 2024 to 2032.
- By Element: The ride-sharing segment held over 37% of the market share in 2023. However, the car-sharing segment is expected to grow at the strongest CAGR between 2024 and 2032.
- By Technology: The ride-sharing segment garnered the highest revenue share in 2023. However, the GPS segment is anticipated to achieve a noteworthy CAGR from 2024 to 2032.
- By Region: North America captured a 42% market share in 2023. However, the Asia-Pacific region is expected to grow at the highest CAGR of 21% between 2024 and 2032.
Global Smart Mobility Market is segmented as follows:
Smart Mobility Market by Element
- Ridesharing
- Car sharing
- Bike commuting
Smart Mobility Market by Solutions
- Management of traffic
- Management of parking
- Management of mobility
- Others
Smart Mobility Market by Technology
- 3G and 4G
- Wi-Fi
- GPS
- RFID
- Embedded system
- Others
Smart Mobility Market by End User
- Civil work
- Business development
- Academics
- Municipal sectors
- Others
Smart Mobility Market by Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
| Smart Mobility Market Report Scope |
| Report Attribute | Details |
| Market Size Value in 2022 | USD 68.75 billion |
| Revenue Forecast in 2030 | USD 349.43 billion |
| Growth Rate | CAGR of 19.80 % from 2024 to 2032 |
| Base Year for Estimation | 2023 |
| Historical Data | 2017 – 2023 |
| Forecast Years | 2024 – 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2024 to 2032 |
| Report Coverage | Revenue forecast, company ranking, Trends
competitive landscape, and growth factors |
| Segments Covered | Element, Solutions, Technology, End User, and Region |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
| Key Companies Profiled | TOYOTA Motor Corporation, Excel fore, Cisco Systems, Inc., Ford Motor Company, Siemens, Robert Bosch Gmbh, Qualix information System, Maas Global Oy, Tom Tom International N.V and Innoviz technologies |
Table of Content
Smart Mobility Market Size, Share, Growth, and Forecast Report
1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Element
1.4.2. Solutions
1.4.3. Technology
1.4.4. End User
2. Smart Mobility Market Overview
2.1. Introduction
2.2. Analysis by Element, 2018-2032 (US$ Billion)
2.3. Analysis by Solutions, 2018-2032 (US$ Billion)
2.4. Analysis by Technology, 2018-2032 (US$ Billion)
2.5. Analysis by End User, 2018-2032 (US$ Billion)
2.6. Market Analysis by Region, 2018-2032 (US$ Billion)
3. Smart Mobility Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Elements
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Element
3.6.2. Solutions
3.6.3. Technology
3.6.4. End User
3.6.5. Region
3.7. Value Chain Analysis
4. Smart Mobility Market Competition Analysis
4.1. Smart Mobility Market Share Analysis by Company, 2019 – 2023
4.1.1. Top 3 Players, 2019 – 2023
4.1.2. Top 6 Players, 2019 – 2023
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
5. Global Smart Mobility Market Analysis by Element and End User, 2018-2032 (US$ Billion)
5.1. Element
5.1.1. Global Smart Mobility Market Share, by Element, 2023 and 2032
5.1.2. Global Smart Mobility Market Revenue, by Element, 2018-2032 (US$ Billion)
5.1.3. By Ridesharing Market Analysis 2018-2032 (US$ Billion)
5.1.4. By Car sharing Market Analysis 2018-2032 (US$ Billion)
5.1.5. By Bike commuting Market Analysis 2018-2032 (US$ Billion)
5.2. Solutions
5.2.1. Global Smart Mobility Market Share, by Solutions, 2023 and 2032
5.2.2. Global Smart Mobility Market Revenue, by Solutions, 2018-2032 (US$ Billion)
5.2.3. By Management of traffic Market Analysis 2018-2032 (US$ Billion)
5.2.4. By Management of parking Market Analysis 2018-2032 (US$ Billion)
5.2.5. By Management of mobility Market Analysis 2018-2032 (US$ Billion)
5.2.6. By Others Solutions Market Analysis 2018-2032 (US$ Billion)
5.3. Technology
5.3.1. Global Smart Mobility Market Share, by Technology, 2023 and 2032
5.3.2. Global Smart Mobility Market Revenue, by Technology, 2018-2032 (US$ Billion)
5.3.3. By 3G, 4G, and 5G Market Analysis 2018-2032 (US$ Billion)
5.3.4. By Wi-Fi Market Analysis 2018-2032 (US$ Billion)
5.3.5. By GPS Market Analysis 2018-2032 (US$ Billion)
5.3.6. By RFID Market Analysis 2018-2032 (US$ Billion)
5.3.7. By Embedded system Market Analysis 2018-2032 (US$ Billion)
5.3.8. By Others Technology Market Analysis 2018-2032 (US$ Billion)
5.4. End User
5.4.1. Market Share, by End User, 2023 and 2032
5.4.2. Market Revenue, by End User, 2018-2032 (US$ Billion)
5.4.3. By Civil work Market Analysis 2018-2032 (US$ Billion)
5.4.4. By Business Development Market Analysis 2018-2032 (US$ Billion)
5.4.5. By Academics Market Analysis 2018-2032 (US$ Billion)
5.4.6. By Municipal sectors Market Analysis 2018-2032 (US$ Billion)
5.4.7. By Others End User Market Analysis 2018-2032 (US$ Billion)
6. Global Smart Mobility Market Element Analysis by Region, 2018-2032 (US$ Billion)
6.1. Ridesharing Market Analysis 2018-2032 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Car sharing Market Analysis 2018-2032 (US$ Billion)
6.3. Bike commuting Market Analysis 2018-2032 (US$ Billion)
7. Global Smart Mobility Market Solutions Analysis by Region, 2018-2032 (US$ Billion)
7.1. Management of traffic Market Analysis 2018-2032 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Management of parking Market Analysis 2018-2032 (US$ Billion)
7.3. Management of mobility Market Analysis 2018-2032 (US$ Billion)
7.4. Others Solutions Market Analysis 2018-2032 (US$ Billion)
8. Global Smart Mobility Market Technology Analysis by Region, 2018-2032 (US$ Billion)
8.1. 3G, 4G, and 5G Market Analysis 2018-2032 (US$ Billion)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Wi-Fi Market Analysis 2018-2032 (US$ Billion)
8.3. GPS Market Analysis 2018-2032 (US$ Billion)
8.4. RFID Market Analysis 2018-2032 (US$ Billion)
8.5. Embedded system Market Analysis 2018-2032 (US$ Billion)
8.6. Others Technology Market Analysis 2018-2032 (US$ Billion)
9. Global Smart Mobility Market End User Analysis by Region, 2018-2032 (US$ Billion)
9.1. Civil work Market Analysis 2018-2032 (US$ Billion)
9.1.1. North America
9.1.2. Europe
9.1.3. Asia Pacific
9.1.4. Latin America
9.1.5. Middle East & Africa
9.2. Business Development Market Analysis 2018-2032 (US$ Billion)
9.3. Academics Market Analysis 2018-2032 (US$ Billion)
9.4. Municipal sectors Market Analysis 2018-2032 (US$ Billion)
9.5. Others End User Market Analysis 2018-2032 (US$ Billion)
10. Smart Mobility Market Analysis by Geography, 2018-2032 (US$ Billion)
10.1. North America Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.1.1. U.S. Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.1.1.1. Element
10.1.1.2. Solutions
10.1.1.3. Technology
10.1.1.4. End User
10.1.2. Canada Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.1.3. Mexico Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2. Europe Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2.1. UK Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2.1.1. Element
10.2.1.2. Solutions
10.2.1.3. Technology
10.2.1.4. End User
10.2.2. France Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2.3. Germany Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2.4. Spain Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2.5. Russia Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2.6. Italy Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.2.7. Rest of Europe Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3. Asia Pacific Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.1. China Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.1.1. Element
10.3.1.2. Solutions
10.3.1.3. Technology
10.3.1.4. End User
10.3.2. Japan Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.3. South Korea Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.4. India Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.5. Australia Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.6. Southeast Asia Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.7. Taiwan Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.3.8. Rest of Asia Pacific Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.4. Latin America Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.4.1. Brazil Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.4.1.1. Element
10.4.1.2. Solutions
10.4.1.3. Technology
10.4.1.4. End User
10.4.2. Argentina Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.4.3. Rest of Latin America Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.5. Middle East Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.5.1. Israel Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.5.1.1. Element
10.5.1.2. Solutions
10.5.1.3. Technology
10.5.1.4. End User
10.5.2. Turkey Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.5.3. Saudi Arabia Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.5.4. UAE Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.5.5. Rest of Middle East Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.6. Africa Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.6.1. Egypt Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.6.1.1. Element
10.6.1.2. Solutions
10.6.1.3. Technology
10.6.1.4. End User
10.6.2. South Africa Smart Mobility Market Analysis 2018-2032 (US$ Billion)
10.6.3. Rest of Africa Smart Mobility Market Analysis 2018-2032 (US$ Billion)
11. Company Profiles
11.1. TOYOTA motor corporation
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Benchmarking
11.1.4. Strategic Initiatives
11.2. Excel fore
11.3. Cisco Systems, Inc.
11.4. Ford Motor Company
11.5. Siemens
11.6. Robert Bosch Gmbh
11.7. QuaLiX Information System
11.8. Maas Global Oy
11.9. Tom Tom International N.V
11.10. Innoviz technologies.
12. COVID-19 Impact Analysis
12.1. Global Smart Mobility Market, 2020 – 2032, Pre-V/S Post COVID 19
12.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Smart Mobility Market Size In 2023, By Scenario
13. Conclusion
