The latest report by IMARC Group, titled “Smart Mobility Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global smart mobility market size reached US$ 41.3 Billion in 2021. Smart mobility is an intelligent network that involves the utilization of advanced technologies to offer sustainable, efficient, and resilient modes of transportation to the masses. It includes different concepts such as ride and car-sharing, and bike commuting across cities to reduce the number of vehicles running on roads and improve traffic conditions. It also helps to manage parking areas efficiently while reducing greenhouse gas (GHG) emissions and ensuring environmental and economic sustainability. As a result, smart mobility solutions are gaining widespread popularity among individuals across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Mobility Market Trends:
The rising environmental concerns among the masses have escalated the adoption of shared services and electronic vehicles (EVs) across the globe, thereby positively impacting the market growth. Smart mobility solutions offer intelligent and eco-friendly transportation services to the masses while improving safety levels and minimizing pollution. In addition, various technological advancements in the transportation sector represent another major growth-inducing factor.
Besides this, governments of various countries are investing heavily in developing smart cities and introducing subsidy programs to encourage the adoption of smart mobility services. This, coupled with the integration of innovative technologies, such as artificial intelligence (AI), Internet of Things (IoT), and big data, with smart mobility solutions, is contributing to the market growth.
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Moreover, significant improvements in the automotive industry, rapid urbanization, the growing penetration of high-speed internet, and extensive research and development (R&D) activities conducted by key players are some of the other factors creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 115.4 Billion by 2027, expanding at a CAGR of 17.60% during the forecast period (2022-2027).
- Based on technology, the market has been divided into 3G and 4G, Wi-Fi, global positioning system (GPS), radio frequency identification (RFID), embedded system, and others.
- The market has been segregated based on the solution into traffic, parking, mobility, and other management.
- On the basis of the element, the market has been classified into bike commuting, car sharing, and ride sharing.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Cisco Systems Inc., Excelfore Corporation, Ford Motor Company, Innoviz Technologies Ltd, QuaLiX Information System LLP, Robert Bosch GmbH, Siemens AG, Thales Group, TomTom N.V., and Toyota Motor Corporation.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.