The Global Smart Mobility Market is estimated to be valued at US$ 26.89 billion in 2023 and is expected to exhibit a CAGR of 20.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart mobility products and services help optimize urban transportation systems and provide transportation options to individuals. These include transportation services, payment services, traffic management, and shared mobility services that aim to optimize road usage.
Market key trends:
Growing demand for transportation services that are safe, efficient, affordable and sustainable is fueling the adoption of smart mobility solutions. Smart mobility solutions offer on-demand transportation services through various modes including shared vehicles, public transportation, and para-transit. These solutions allow users to seamlessly pay for transportation services and switch between multiple modes of transportation using a single interface like a mobile app. This provides greater flexibility and convenience to users.
Segment Analysis
The smart mobility market is segmented into transportation type, solution type, services, and geography. Based on transportation type, the roadways segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is due to the increasing adoption of connected and autonomous vehicles, electric vehicles and shared mobility services like ride hailing and car sharing on roadways around the world.
Key Takeaways
The Global Smart Mobility Market size is expected to witness high growth, exhibiting a CAGR of 20.9% over the forecast period 2023-2030, due to the increasing adoption of autonomous and electric vehicles, shared mobility, and advanced traffic management systems across the world. Asia Pacific dominated the smart mobility market with a share of over 30% in 2022 owing to rapid technological advancements and government initiatives promoting smart transportation infrastructure development in countries like China and India.
Regional analysis
Regionally, Asia Pacific is expected to remain the fastest growing as well as the largest smart mobility market during the forecast period. This is attributed to increasing government spending on development of smart transportation infrastructure and promotion of electric vehicles in emerging economies such as China and India.
Key players
Key players operating in the smart mobility market are Cisco Systems, Inc., Excelfore, Ford Motor Company, Robert Bosch GmbH, and TomTom International N.V. Cisco Systems aims to strengthen its position in transportation infrastructure by developing smart mobility solutions for connected roadways. Ford focuses on advancing autonomous vehicle technology and increasing shared mobility offerings.\
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