Global Smart Mobility Market Overview
The smart mobility market comprises mobility solutions that leverage advanced technologies to improve transportation systems. This includes mobility services such as ride-hailing, bike-sharing, scooter-sharing and car-sharing apps that allow commuters to book and pay for transportation services via their smartphones. These on-demand and shared mobility services offer flexibility, convenience and cost-efficiency over private vehicle ownership.
The Global Smart Mobility Market is estimated to be valued at US$ 37.26 Mn 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 include Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller’s Pharmacy, and Davis Islands Pharmacy. The growing popularity of on-demand transportation services coupled with traffic congestion and need for sustainable commuting solutions is fueling demand in the market. Major technology companies and automakers are investing heavily in developing autonomous and electric shared vehicles to strengthen their presence globally.
Market Key Trends
Advanced connectivity is a key trend boosting the Smart Mobility Market Size Growing adoption of IoT, AI, cloud computing and 5G technologies allow mobility service providers to offer seamless and personalized experiences to users. Real-time data sharing between autonomous vehicles and transportation infrastructure helps improve road safety and traffic management. Data analytics further helps optimize operations and resource allocation based on commuting patterns.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale pose barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and substitutes. Bargaining power of suppliers: Suppliers have high bargaining power due to the differentiated and specialized nature of inputs required. Threat of new substitutes: Threat of new substitutes is high as alternative mobility solutions keeps emerging. Competitive rivalry: Intense competition exists among existing players to gain market share through innovation.
The smart mobility market in Europe accounted for the largest share of around 35% in terms of value in 2024. The large base of tech-savvy consumers and supportive government initiatives for smart city development have boosted the adoption of smart mobility solutions in European countries like the UK, Germany, France and others.
North America is projected to witness the fastest growth during the forecast period. Presence of leading mobility solution providers and growing investment to develop connected transportation infrastructure are driving the market in the region. Countries like the US and Canada are at the forefront of adopting autonomous and electric vehicles which is accelerating the growth of smart mobility sector.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
