The smart mobility market involves the integration of advanced technologies such as IoT, artificial intelligence, and 5G connectivity into transportation systems and infrastructure to provide enhanced transportation services. Smart mobility solutions enable transportation modes including private vehicles, public transport, and traffic management systems to collect, analyze, and share data for improved efficiency. Key applications of smart mobility solutions include smart parking, vehicle telematics, route information, traffic management, and toll collection. Growing urbanization and Rising investments in smart city projects are boosting the adoption of smart mobility solutions across the globe. Governments are launching several initiatives to modernize transportation networks through connected vehicles, smart logistics, and environmental-friendly mobility.
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 2031.
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€TMs Pharmacy, and Davis Islands Pharmacy. These players are focusing on developing advanced smart mobility solutions and establishing partnerships with city authorities to strengthen their market position.
Growing demand for optimized transportation systems is a key factor driving the Smart Mobility Market Size The rising congestion levels on roads coupled with increasing spending on smart city initiatives are encouraging public and private organizations to adopt smart mobility technologies.
- Technological advancements in areas such as 5G, artificial intelligence, cloud computing, and IoT are supporting the development of innovative smart mobility solutions. Several smart mobility startups are launching advanced products focused on autonomous vehicles, EV charging solutions, and smart traffic management systems.
Market Trends
- Growing adoption of Mobility-as-a-Service (MaaS): MaaS uses an on-demand model and integrates various transport services such as public transit systems with bike and ride-sharing services through a single digital platform for providing passengers flexible transportation options.
- Increasing investments in smart infrastructure development: Governments across major economies are allocating large budgets for modernizing aging transportation infrastructure through smart technologies. This is encouraging private players to introduce advanced smart mobility solutions.
Market Opportunities
- Rapid fleet electrification providing opportunities for EV charging infrastructure providers and networks: Widespread adoption of electric vehicles will drive the need for EV charging stations at homes, commercial buildings, and public places.
- Advancements in autonomous vehicles: Continued advancements in autonomous driving technologies and declining costs will support the commercialization of self-driving vehicles over the forecast period. This presents opportunities for automotive OEMs and autonomous vehicle technology companies.
Impact of COVID-19 on Smart Mobility Market Growth
The COVID-19 pandemic has significantly impacted the growth of the smart mobility market. During the initial phase of pandemic, lockdowns and social distancing measures imposed by various governments led to a decline in public transport ridership. People preferred using personal vehicles or bikes for commuting to maintain social distancing. This negatively impacted the demand for shared mobility services like ride-hailing and bike-sharing. Mobility as a service (MaaS) providers witnessed a steep decline in revenues due to lower usage of their platforms.
However, with mobility restrictions being eased now, there is an increased focus on safety, accessibility and reliability of transportation systems. Many cities are implementing initiatives and infrastructure changes to encourage active mobility like cycling and walking. Shared mobility services are also focusing on introducing safety protocols like vehicle sanitization and contactless payments. The pandemic has accelerated the shift towards shared, electric and autonomous mobility solutions. Connected vehicles allowing vehicle telematics are being considered essential for managing fleet operations. Many cities plan to leverage mobility data and technologies for redesigning transportation networks during the post-pandemic era. Overall, while COVID-19 impacted the market in short-term, it is likely to drive faster adoption of smart mobility technologies in long-run for enabling safer, efficient and sustainable transportation solutions.
Geographical Regions with Highest Smart Mobility Market Value
In terms of value, North America region holds the largest share in the global smart mobility market. The US is the major contributor due to advanced mobility infrastructure and high adoption of new mobility services across major cities. The presence of global leaders in smart transportation, connected vehicles and Mobility as a Service further supports the market growth. Europe is another leading region driven by initiatives towards smart city developments and investments in shared mobility infrastructure across countries like the UK, Germany and France. The Asia Pacific region is expected to witness the fastest growth during the forecast period led by China, Japan and emerging economies focusing rapidly on developing smart mobility ecosystems. Countries are launching programs and allocating funds to modernize public transit systems and encourage adoption of electric vehicles, smart logistics and autonomous driving technologies.
Fastest Growing Region in the Global Smart Mobility Market
The Asia Pacific region holds immense growth potential for the smart mobility market and is expected to be the fastest growing region during the forecast period. This is due to massive ongoing investments and initiatives by governments as well as private organizations across emerging economies like China, India and Southeast Asian countries towards developing smart transportation infrastructure and mobility services. Factors like rapidly growing urbanization, rising disposable income, expansion of shared mobility startups and focus on reducing traffic congestion and pollution are driving the adoption of smart mobility solutions. Furthermore, higher support and initiatives for electric vehicles, connected autonomous vehicles and Mobility as a Service are accelerating the Asia Pacific region to emerge as the innovation hub for new mobility technologies globally.
Get More Insights On, Smart Mobility Market
Explore More Related Topic On, Global Osmometers Market
Comments
0 comment