Smart mobility solutions involve advanced technologies including electric vehicles, connected and autonomous vehicles, shared mobility services, and traffic management systems to enable efficient transportation services. These solutions help reduce carbon footprint and traffic congestion with features such as shared ride options and traffic signal optimization. With rising urban population and vehicle ownership, traffic congestion has become a major issue in many cities globally. Smart mobility offers an integrated approach to address this challenge through coordinated movement of people and goods.
The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to reduce traffic congestion through smart mobility solutions is expected to drive significant market growth. Smart technologies allow optimization of traffic signals based on real-time traffic patterns to increase road capacity and reduce wait times at intersections. Shared mobility services also shift more people from private vehicles to fewer cars on the road through models like ride-sharing and bike-sharing. Introducing smart public transit systems integrated with mobile apps further incentivizes commuters to choose mass transit over private vehicles. As urban congestion worsens due to rising vehicle numbers, many cities are deploying smart mobility solutions to mitigate the situation. This presents an opportunity for higher adoption of advanced transportation technologies and services that can ease road congestion substantially.
Porter’s Analysis
Threat of new entrants: The smart mobility market requires large capital investment for R&D, which acts as a barrier for new players. However, the growing market size provides opportunities for new entrants with technological expertise.
Bargaining power of buyers: Individual buyers have low bargaining power due to the availability of a variety of smart mobility solutions from different providers. However, large corporate buyers can negotiate on pricing and contracts.
Bargaining power of suppliers: The suppliers of components and technologies have moderate bargaining power due to the differentiated nature of solutions. However, established suppliers are dependent on smart mobility providers for business.
Threat of new substitutes: Alternatives such as driverless vehicles, Hyperloop, and other innovations present a threat. However, their commercial availability continues to be limited.
Competitive rivalry: Intense due to the presence of global technologically advanced players and growing demand. Companies compete on technology, innovation, partnerships, service quality, and pricing.
SWOT Analysis
Strength: Growing investment in infrastructure, favorable regulations for testing. Advanced technologies for connectivity and automation.
Weakness: High R&D costs, cybersecurity challenges, lack of standardized regulations. Dependence on 5G networks and supportive policies.
Opportunity: Expanding shared mobility services, connectivity of vehicles and cities. Growth in smart cities projects globally especially in Asia and Europe.
Threats: Slow macroeconomic conditions hampering spending. Stringent emission norms impacting adoption of combustion engines. Market dominance of tech giants with autonomous driving solutions.
Key Takeaways
The Global Smart Mobility Market Size is expected to witness high growth over the forecast period due to growing investments in smart infrastructure and expanding shared mobility services. The market size is projected to reach US$ 32.34 Bn by 2023, expanding at a CAGR of around 5.5% during the forecast period.
Asia Pacific dominates the global market and is expected to maintain its lead through 2030 supported by rapid urbanization and investments in smart cities Projects especially in China, India, and Southeast Asian countries. Countries such as Singapore and South Korea are among the global leaders in smart mobility technologies.
Key players operating in the smart mobility market are Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller€TMs Pharmacy, and Davis Islands Pharmacy. These players are focusing on R&D, collaborations, and service expansions to strengthen their market positions.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
