Market Insights - Industry Research Report

Smart Mobility Market

Smart Mobility Market Size, Share, & Growth Report By Element (Ride Sharing, Car Sharing, Bike Commuting), By Solutions (Management of Traffic, Management of Parking, Management of Mobility, Others), By Technology (3G and 4G, Wi-Fi, GPS, RFID, Embedded System, Others), By End User (Civil Work, Business Development, Academics, Municipal Sectors, Others) and By Region – Global and Regional Industry Overview, Market Intelligence, Premium Insights, Complete Analysis, Historical Data, and Forecasts 2024 – 2032

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

  1. Ridesharing
  2. Car sharing
  3. Bike commuting

Smart Mobility Market by Solutions

  1. Management of traffic
  2. Management of parking
  3. Management of mobility
  4. Others

Smart Mobility Market by Technology

  1. 3G and 4G
  2. Wi-Fi
  3. GPS
  4. RFID
  5. Embedded system
  6. Others

Smart Mobility Market by End User

  1. Civil work
  2. Business development
  3. Academics
  4. Municipal sectors
  5. Others

Smart Mobility Market by Region

  1. North America
    • The U.S.
    • Canada
    • Mexico
  2. Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  3. Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Southeast Asia
  4. The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  5. Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
Smart Mobility Market Report Scope
Report AttributeDetails
Market Size Value in 2022USD 68.75 billion
Revenue Forecast in 2030USD 349.43 billion
Growth RateCAGR of 19.80 % from 2024 to 2032
Base Year for Estimation2023
Historical Data2017 – 2023
Forecast Years2024 – 2032
Quantitative UnitsRevenue in USD million and CAGR from 2024 to 2032
Report CoverageRevenue forecast, company ranking, Trends
competitive landscape, and growth factors
Segments Covered Element, Solutions, Technology, End User, and Region
Regional ScopeNorth America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country ScopeU.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
Key Companies ProfiledTOYOTA 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

Frequently Asked Questions

The growing public concern over the environment is the main factor driving the global market.
According to Beyond Market Insights, the global smart mobility market size was worth USD 68.75 billion in 2023 & is estimated to grow to USD 349.43 billion by 2032, with a compound annual growth rate (CAGR) of approximately 19.80 % over the forecast years.
In 2023, the Asia Pacific dominated the market for smart mobility. This expansion can be ascribed to the region’s rapid population growth.
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.

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