Smart Mobility Market: Overview
The global smart mobility market size was worth USD 47.90 billion in 2021 and is estimated to grow to USD 243.47 billion by 2030, with a CAGR of approximately 19.80 percent over the forecast period.
Smart mobility entails using modern technologies to provide people with an efficient, sustainable, and resilient form of transportation. This includes on-demand ride services, the adoption of electric cars (EVs), and shared transportation services, all of which help to streamline urban economies while enhancing road safety. Furthermore, it contributes to economic progress by delivering intelligent and environmentally pleasant transportation services to the masses. As a result, it aids in improving traffic management and efficiently managing parking lots while lowering greenhouse gas (GHG) emissions. The growing public concern over the environment is the main factor driving the global market. Due to this, the adoption of shared services and electric vehicles (EVs) has increased globally, favoring market expansion. Additionally, the transportation industry’s ongoing technological developments foster an optimistic outlook for the business. A significant growth-inducing aspect is a pervasive integration of artificial intelligence (AI), cloud-based services, and the internet of things (IoT) with smart mobility solutions. Furthermore, quick digitization and high-speed internet connectivity are helping the market flourish.
Smart Mobility Market Drivers:
Urbanization is a key long-term driver of the smart mobility market due to population growth. As the population expands, so does the average density of urban regions. Metropolitan regions are expected to develop by approximately 30% by 2030. As a result, there will be an increase in demand for mobility. Suppose the number of passenger miles driven per person remains constant compared to today, and the GDP growth of car ownership maintains consistency with historical records. In that case, these two factors will ensure a doubling of mobility demands. The world’s population is expected to live in cities by 2050, increasing demand for the transportation sector.
Smart Mobility Market: Restraints
Ride-hailing services rely on three parties to function: drivers, passengers, and service providers. All procedures, including matching riders and drivers, fare estimation and calculation, ride payment, and reputation management, are carried out using a smartphone with internet access. However, some nations, such as Eritrea, Chad, Burundi, and Somalia, have limited internet penetration, which hampers the growth of the smart mobility market in these areas. As a result, limited internet connectivity penetration in developing regions stifles the development of the smart mobility industry in those regions.
Smart Mobility Market: Segmentation
The global smart mobility market has been segmented into elements, solutions, technology, and end user.
Based on the elements, the market is divided into ride-sharing, car-sharing, and bike commuting. Among these, the ride-sharing segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. The increase is attributed to internet penetration in developing nations and individuals worldwide. In addition, the emergence of new services to ensure maximum customer pleasure is projected to act as a driving force in the segment’s growth. On the other hand, the bike-sharing category is anticipated to grow significantly over the forecast period. Furthermore, two-wheeler services are projected to grow in the next years because they are regarded as the quickest and most efficient means to commute on congested metropolitan streets.
Based on the end user, the market is classified into civil work, business development, academics, municipal sectors, and others. In 2021, the business development category dominated the global market because of faster technology; sharing has been easier through technological solutions, as has productivity and market rate. Alternative modes of mobility include electrically powered vehicles and bicycles with enhanced electrification systems. On the other hand, the civil work category is expected to grow significantly. During the forecast period, the market rose due to civil work.
Smart Mobility Market: Regional Landscape
In 2021, the Asia Pacific dominated the market for smart mobility. This expansion can be ascribed to the region’s rapid population growth, as well as expanding urbanization tendencies, which are fueling consumer demand for smart transportation solutions. Furthermore, in countries such as India, where 70% of the population is forecast to live in cities by 2050, mobility requirements are expected to create difficulties such as air pollution and congestion, which is expected to raise demand for smart mobility solutions in the region. These factors are expected to favor the growth of the Asia Pacific smart mobility sector.
Smart Mobility Market: Competitive Landscape
Some of the main competitors dominating 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, Tom Tom International N.V and Innoviz technologies.
- March 2022: Vogo, a two-wheeler shared mobility startup, was acquired by Chalo, a smartphone application with a Bangalore address that allows for bus booking and tracking across cities. Vogo has intended to convert all of its vehicles to EVs (electric vehicles), expand services beyond two wheels, and provide additional EV models to meet market demands as part of this acquisition.
COVID-19 Impact on Smart Mobility Market:
The COVID-19 pandemic has caused the smart mobility market to decline in 2020, and it is predicted that growth will be slower in 2021 as well. This decline is attributable to the worldwide decline in demand for ride-sharing and carpooling. In addition, to lessen the spread of the virus, the various governments in respective nations have halted various activities and human mobility. As a result, transportation services have been suspended, and demand for smart mobility has begun to fall.
Global Smart Mobility Market is segmented as follows:
Smart Mobility Market by Element
- Car sharing
- Bike commuting
Smart Mobility Market by Solutions
- Management of traffic
- Management of parking
- Management of mobility
Smart Mobility Market by Technology
- 3G and 4G
- Embedded system
Smart Mobility Market by End User
- Civil work
- Business development
- Municipal sectors
Smart Mobility Market by Region
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Smart Mobility Market Report Scope
|Market Size Value in 2022
||USD 57.38 billion
|Revenue Forecast in 2030
||USD 243.47 billion
||CAGR of 19.80 % from 2022 to 2030
|Base Year for Estimation
||2017 – 2021
||2022 – 2030
||Revenue in USD million and CAGR from 2022 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
|| Element, Solutions, Technology, End User, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||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