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 involves the integration of intelligent transportation systems with communication technologies to provide innovative services relating to different modes of transport and traffic management. It provides solutions to reduce traffic congestion and fuel consumption while increasing road safety and transportation efficiency through services like car sharing, bike sharing and integrated ticketing.
Market key trends:
One of the key trends driving the growth of the smart mobility market is the rising adoption of mobility as a service. MaaS allows consumers to plan, book and pay for multi-modal journeys through a single interface by integrating public transport services with taxi and rental car services. The increasing investments by major mobility providers to expand their MaaS offerings across different cities is expected to boost the growth of smart mobility solutions over the forecast period.
Market Key Trends:
The key trend in the smart mobility market is the development and adoption of autonomous and connected vehicles. Leading automotive companies are heavily investing in developing self-driving technologies using artificial intelligence, sensors, and advanced mapping systems. The adoption of autonomous vehicles is still at a nascent stage but is expected to grow significantly over the next decade as technology mature and regulations permit their use on public roads.
SWOT Analysis
Strengths: Growing investments in self-driving technologies from automotive and tech giants. Declining costs of sensors and computing power enhancing autonomous capabilities.
Weaknesses: High R&D costs associated with autonomous driving. Lack of regulations and infrastructure support for autonomous vehicles in most countries.
Opportunities: Potential to reduce accident rates and enhance mobility for elderly and disabled. New mobility services like robotaxis to generate new revenue streams.
Threats: Cyber security risks from increased vehicle connectivity. Slow pace of regulations may limit large scale autonomous vehicle deployment.
Key Takeaways
The Global Smart Mobility Market is expected to witness high growth, exhibiting CAGR of 20.9% over the forecast period 2023-2030, due to increasing investments in autonomous vehicle technologies from automakers and technology companies.
North America currently dominates the smart mobility market owing to significant R&D spending and early adoption of advanced driver assistance systems in the region. China and some countries in Europe are also emerging as major markets for smart mobility solutions.
Key players operating in the smart mobility market are Cisco Systems, Inc., Excelfore, Ford Motor Company, Robert Bosch GmbH, and TomTom International N.V. Major automakers like Ford are heavily investing in autonomous driving division to develop self-driving cars commercially by 2025. Whereas network infrastructure providers like Cisco are focussing on developing connected vehicle platforms and smart city technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
