Smart mobility refers to integrated transportation systems that efficiently move people and goods using connected vehicles, automated driving systems and smart city solutions. Rising demand for connected transportation along with growing concerns related to traffic congestion and emissions have propelled the adoption of smart mobility solutions across the globe. Smart mobility enables transportation optimization through real-time data collection and analysis to improve traffic flows.
The global smart mobility market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Connected transportation has emerged as a promising opportunity in the smart mobility domain. Integration of vehicles, infrastructure and mobile devices through internet connectivity is enabling intelligent traffic management. Connected vehicles are capable of communicating with other vehicles and smart infrastructure to share real-time traffic and road condition data. This assists in optimizing traffic signals, warning drivers about collisions and congestions. Further, connected transportation helps in gathering aggregate mobility data that provides insights into traffic patterns. Transportation authorities can leverage such analytics to implement dynamic pricing of tolls and ride-sharing to reduce traffic. Growing deployment of vehicle-to-everything communication solutions is expected to boost connected transportation and aid the growth of the overall smart mobility market during the forecast period.
Porter's Analysis
Threat of new entrants: Low economies of scale in manufacturing and established brand loyalty create barriers for new entrants.
Bargaining power of buyers: Large buyers like fleet operators can negotiate lower prices but overall bargaining power of buyers remains moderate due to fragmented demand.
Bargaining power of suppliers: Suppliers of key components like electric vehicle batteries and automotive semiconductors hold significant bargaining power due to consolidation.
Threat of new substitutes: Improvements in public transport systems and further penetration of shared mobility services pose a threat. However, personal vehicle ownership is still dominant.
Competitive rivalry: Intense competition exists among major automakers and new technology entrants trying to capture opportunities in connectivity, autonomy, sharing and electrification.
SWOT Analysis
Strengths: Growing environmental awareness and supportive regulations are driving adoption. Falling battery prices and improving charging infrastructure are bolstering prospects.
Weaknesses: High upfront costs remain a key limitation for fleet operators and individual buyers. Technology issues and lack of standardization also hamper wider acceptance.
Opportunities: Connected infrastructure spending can open up new mobility as a service models. Developing markets are largely untapped with massive longer-term potential.
Threats: Prolonged recession could negatively impact fleet renewal budgets. Stringent emissions rules may impact components supply and costs.
Key Takeaways
The Global Smart Mobility Market Growth is expected to witness high growth over the forecast period supported by favourable regulations and rising consumer acceptance. The global smart mobility market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis shows that Asia Pacific region will continue holding the largest share owing to ongoing electrification drive and large population centers experimenting with smart mobility options. China and India specifically are investing heavily in connected infrastructure and offering EV subsidies making them lucrative markets.
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€TMs Pharmacy, and Davis Islands Pharmacy. These players are focusing on development of electric and shared mobility solutions through strategic partnerships and acquisitions.
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