According to Ameco Research, the global Smart Mobility Market size is estimated to grow a CAGR above 20% over the forecast timeframe and reach a market value of more than USD 120 Billion by 2030.
In a smart city context, the smart mobility market refers to the use of different modes of transportation such as car-sharing, ride-sharing, public walking, bicycling, transportation, and more. As a result, it is clear that the need for a smart mobility outlook is driven by rising traffic, fuel costs, emissions, and even time waste. The concept encompasses a wide range of low-cost transportation options, such as mopeds, bikes, buses, and subways. These transportation amenities are managed by public-private partnerships as well as the government. In fact, numerous private entities have performance and ultimately provide smart mobility in a variety of smart urban centers.
Smart mobility is the ultimate real-world application of the Internet of Things (IoT) and cloud computing, in which all modes of transportation and user interface design can interact with one another via a wireless communications infrastructure. This encourages people to use the best transportation options possible while also ensuring traveler safety, reducing transit time, mitigating the negative consequences of overcrowding, and improving efficiency. According to the National Highway Traffic Safety Administration, careless driving killed 3,450 individuals in the United States in 2016, an increase of 8% from the previous year. Smart mobility, on the other hand, is the solution to a desperate need to improve road safety, and as the technologies underlying it improve, humans will see a decrease in fatal crashes over time. As a result, the smart mobility market has gained tactical market gain and has become a crucial factor of the transportation feet over time.
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Global Smart Mobility Market Growth Aspects
The rises of on-demand transportation facilities, as well as increased infrastructure programs for green infrastructure, are propelling the global smart mobility market forward. Smart transportation infrastructure and improved autonomous driving performance are expected to create lucrative opportunities for the growth of the smart mobility market. Furthermore, technological advancements to develop cutting-edge smart mobility systems and the working population to provide in a customer-centric and professional manner might provide multiple opportunities for the worldwide smart mobility sector to grow over the forecast period. However, limited network provider company penetrations in developing countries, as well as smart mobility market penetration in low and middle-income countries, as well as concerns about technology and privacy confidentiality, are some of the factors that could stymie global smart mobility market growth. Similarly, the low rates of internet connectivity in emerging economies, as well as the threat of cyber-attacks on data, are expected to constrain the smart mobility market during the forecast period.
Impact of COVID-19
The Covid-19 disease outbreak has hampered the growth of the global smart mobility market. Most governments around the world have imposed mobilization restrictions and strict lockdowns, causing disruptions in a variety of industries, including transport facilities. As a result, there is less demand for passenger transportation, shared mobility, and transportation services. Furthermore, as the Covid-19 epidemic impacted the transportation problem, the impact on transportation and logistics was demonstrated. Implementing safety precautions and limiting the number of passengers traveling in various modes of alternative solution mobility, on the other hand, may result in a sustained growth rate over the forecast period.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global smart mobility market. North America is expected to lead the global smart mobility market and keep its lead throughout the projected timeline. Factors such as rising smart mobility adoption, rising traffic congestion problems, and the existence of well-established telecommunications infrastructure are propelling the market's growth in this region. Furthermore, the evolution of 5G technology, cloud-based services, and IoT adoption is driving the regional market. In contrast, the Asia-Pacific region is anticipated to witness the fastest-growing region in the coming years. This is because of growing demands for ride-sharing and passenger vehicles, the development of the transportation sector, and the growing significance of traffic management.
Market Segmentation
The global smart mobility market has been segmented by Ameco Research based on element, solution, and technology. Based on the element, the market is divided into car sharing, bike commuting, and ride sharing. Based on the solution, the market separated into parking management, traffic management, mobility management, and others. Based on technology, the market is categorized 3G & 4G, GPS, Wi-Fi, embedded system, RFID, and others.
Major Players
Some key players covered global in the smart mobility industry are Cisco Systems, Inc., TomTom International N.V., The Ford Motor Company, Siemens, Maas Global Ltd, Robert Bosch GmbH, QUALIX INFORMATION SYSTEM, Excelfore, Innoviz Technologies Ltd, and Toyota Motor Corp.
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