The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn or Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Smart mobility includes products like ride-sharing applications, smart parking services, electric and autonomous vehicles, transportation services, and others that make transportation more efficient, sustainable and personalized. These products ease urban transportation and reduce traffic congestion and carbon emissions.
Market key trends:
One of the major trends in the smart mobility market is the rising adoption of autonomous and electric vehicles. Government initiatives promoting electric vehicles along with increasing investment by major automakers in autonomous driving technologies are expected to boost the demand for autonomous and electric vehicles. Other trends include growing popularity of shared mobility services due to increasing concerns around traffic and pollution levels in urban areas and deployment of IoT and AI technologies in transportation systems for better management of traffic and parking services.
Strength: The smart mobility market has strong growth prospects due to rising urbanization and development of smart city initiatives globally. Advancements in IoT and connectivity technologies enable efficient smart mobility solutions.
Weakness: High initial investments and lack of standardized platforms poses challenges for wide adoption of smart mobility systems. Cyber security issues and privacy concerns associated with connected vehicles also limit the growth of this market.
Opportunity: Growing focus on reducing carbon emissions and traffic congestion is driving the demand for electric, autonomous and shared mobility services. Big data analytics provides opportunities to optimize transportation systems.
Threats: Low digital literacy in emerging nations poses threats for smart mobility solutions. Stringent regulations around autonomous vehicles and data privacy can hamper the innovation in this market.
The global Smart Mobility Market Share Is expected to witness high, exhibiting CAGR of 20% over the forecast period, due to increasing adoption of electric, autonomous and shared mobility solutions. North America dominated the global market in 2023 with over 30% share due to widespread advancement in smart city infrastructure and connectivity in the US and Canada. Asia Pacific is expected to be the fastest growing market at a CAGR of 22.5% owing to rising investments by governments in smart transportation systems especially in China and India.
The Asia Pacific smart mobility market is projected to grow at the highest CAGR driven by rising disposable income, growing urban population and supportive government initiatives. China dominates the Asia Pacific market with over 25% share in 2023 on back of smart city projects in major cities like Beijing, Shanghai and Guangzhou.
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 players are focusing on partnerships, mergers and acquisitions to develop innovative smart mobility solutions including electric vehicle charging infrastructure, toll management systems and mobility as a service platforms.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it