The smart mobility market involves mobility solutions that leverage advanced technologies such as connected vehicles, smart transportation systems, advanced traffic management systems, and smart infrastructure modules to optimize existing transportation systems. The rising adoption of electric and autonomous vehicles, real-time transportation services, advanced mobility services, and smart traffic management solutions are some key factors driving the market growth.
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 Dynamics:
The rising demand for real-time transportation solutions and the growing adoption of electric and autonomous vehicles are the major drivers fueling the growth of the global smart mobility market. The adoption of electric vehicles is increasing rapidly owing to various initiatives by governments worldwide to promote clean mobility solutions. In addition, the need for minimizing traffic congestion and accidents is fuelling investments in autonomous driving technology by major automobile manufacturers. However, high investment costs for deployment of advanced transportation infrastructure and lack of standardization are some factors limiting wider adoption of smart mobility solutions.
The growing implementation of smart traffic management systems with advanced technologies such as AI, IoT, and big data analytics is creating new opportunities for players in the market. Real-time collection and analysis of traffic data helps manage traffic flow efficiently and monitor road congestion. Rising initiatives for development of smart cities integrated with advanced mobility infrastructure are also expected to boost market growth over the forecast period.
Segment Analysis
The global smart mobility market is segmented into mobility as a service (MaaS), public transport, self-driving cars and car sharing. The MaaS segment dominates the market currently with over 35% share as individuals are preferring shared and sustainable mobility options for daily commutes. This segment is expected to witness highest growth during the forecast period due to increasing investments by major online transportation service providers and tech companies.
PEST Analysis
Political: Governments across regions are focusing on innovative transportation policies and solutions to tackle issues of mobility, traffic congestion and emissions. Supports being provided for adoption of electric vehicles.
Economic: Rising disposable incomes, urbanization and growing preference for shared mobility have been driving demand. However, high inflation and potential economic slowdowns remain challenges.
Social: Younger population is more receptive towards new mobility technologies and shared services. However, concerns around data privacy and autonomous vehicles still prevail among some.
Technological: Continuous innovations in areas of connectivity, automation, battery technologies and integrated mobility platforms are reshaping the industry. 5G rollouts will further boost connectivity capabilities.
Key Takeaways
The Global Smart Mobility Market Growth is expected to witness high growth at a CAGR of 5.5% during the period of 2023 to 2030. 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.
Regional analysis comprises: North America represents the largest regional market led by US. Asia Pacific is expected to see fastest growth due to increasing investments in smart infrastructure and urban mobility programs in countries like China and India.
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’s Pharmacy, and Davis Islands Pharmacy. Key players are focusing on partnerships, acquisitions and new service launches to expand offerings and geographical footprints.
