Rising Demand for Smart Mobility Market Solutions Driving Adoption of Smart Transportation Technologies
Technologies like GPS, IoT, autonomous vehicles and emission monitors help improve traffic management, commute times, and reduce pollution levels. Smart mobility solutions are being adopted to address challenges of urbanization and vehicle traffic congestion globally.
Smart mobility encompasses a variety of transportation modes including smart cars, shared mobility, public transport, micro-mobility and transportation infrastructure. These solutions are equipped with technologies that provide enhanced connectivity between vehicles and infrastructure for better user experiences. Smart mobility optimizes traffic flows and reduces pollution by enabling efficient fleet management, dynamic ride-sharing, and intelligent transport systems.
The Global Smart Mobility Market is estimated to be valued at US$ 37.26 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the smart mobility market are Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller’s Pharmacy, and Davis Islands Pharmacy. The growing adoption of autonomous, connected and electric vehicles is fueling demand for advanced mobility solutions globally. Increasing investments by governments and tech companies in smart city projects is also boosting the smart transportation industry. Furthermore, smartphone integration with mobility services and location-based services are enabling companies to expand their operations across various geographies.
The increasing global vehicle fleet is leading to traffic congestion and higher pollution levels in urban areas. Smart mobility solutions are helping address these issues through optimized traffic management and emissions monitoring systems. Connected vehicle technologies are also improving road safety by enabling features like blind spot monitoring, adaptive cruise control and automatic emergency braking. These technologies collect critical incident data to prevent road accidents.
Market Key Trends
One of the key trends in the Smart Mobility Market Size is the adoption of Mobility-as-a-Service (MaaS). MaaS provides an integrated platform for planning, booking and paying for various transport options. It offers a single interface for multi-modal transportation on-demand using a user's mobile device. MaaS aims to offer a personalized and seamless transportation experience to users through public-private partnerships between mobility providers and transport authorities.
Porter’s Analysis
Threat of new entrants: High capital requirements and well established brands act as a deterrent for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternate solutions.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due availability of variety of component manufacturers.
Threat of new substitutes: Threat of new substitutes is moderate as mobility solutions with similar functions are available.
Competitive rivalry: Intense competition exists among existing players to gain market share.
Geographical Regions
North America holds the largest share of the smart mobility market currently in terms of value, due to high adoption of advanced technologies and presence of major players in the region.
Asia Pacific is expected to grow at the fastest rate during the forecast period. This is attributed to increasing population, rising disposable income, investments in transportation infrastructure and focus of governments to develop smart cities in developing countries such as China and India.
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