28-Sep-2021 | Facts and Factors
According to a Facts and Factors market research report, the global smart mobility market was USD 36.20 Billion in 2020; further, this revenue is expected to reach around USD 88.20 Billion by the end of 2026, increasing at a CAGR of around 16% from 2021 to 2026.
The ability to move freely and effortlessly is characterized as mobility. Mobility is essential to urban life and is the backbone of our cities. People rely on mobility to get around and do their everyday tasks. When people go from point A to point B, they desire a safe, clean, and economical mode of transportation, but they face congestion, pollution, and high traffic owing to increased urbanization. As a result, urbanization has acted as a driver for the growth of the Smart Mobility Market, which has resulted in a more accessible and multi-modal transportation system.
Smart Mobility implements innovative and integrated technologies to provide ecologically friendly solutions that enhance people's quality of life while also contributing to economic growth. With a succession of long-term investments, Smart Mobility has taken off. Connectivity, electrification, autonomy, and shared mobility are among the technology advancement projected to be embraced at an unprecedented rate. Increased urbanization and the expansion of "megacities" also play a big role and are projected to revolutionize technology as well as make it more efficient and easy to use.
Technology and innovation have become critical components of the mobility industry's revenue growth. The more the company's success, the greater its market share. As a result of the increased demand for low-emission car manufacturing, all of the major players have made significant expenditures in research and development. Toyota, Ford, Hyundai, Toyota, and Ford, for example, have made significant investments in low-emission and environmentally sustainable vehicles. Toyota is anticipated to launch a self-driving car in the near future. Other big technological players are likely to enter this market area as well. In recent years, technological progress has been a crucial source of difference for mobility businesses. This is due to the fact that end-users focus has shifted to fuel-efficient and high-mileage vehicles. Vehicle sales of low-emission and fuel-efficient automobiles have risen dramatically in recent years. As a result, it reveals that one of the most important variables impacting the sale and long-term viability of the mobility sector is technology.
In order to improve the autonomous system, Artificial Intelligence and Big Data are crucial. Passenger vehicles and other public transportation systems, such as buses and railways, are incorporating autonomous technology. Mobility as a service has enabled a multimodal transportation system as a result of technological improvements. All modes of transportation have navigation, location sharing, digital ticketing, and an online payment system. End-user data and public infrastructure data are shared to enable integration and communication between numerous infrastructures more efficiently, allowing autonomous vehicles to take over the role of current public transportation.
The acceptability of smart mobility is largely dependent on connectivity. During their journey, end-users demand a simple, accessible, and intelligent solution. With the growing adoption of smart mobility, software businesses now have the opportunity to develop smart cars and secure mobile platforms. Another factor that strengthens and promotes the mobility sector is the Internet of Things. With the increased demand for new electric vehicles and self-driving vehicles, the number of sensors developed is likely to rise. Sensors capture data and provide end-users with useful information. When a high-tech company receives data via sensors and analyses it, a bigger number of memory storage computers will be necessary. As a result, demand for large computer storage memory is likely to rise. Other technologies, such as big data, machine learning, and predictive analytics, are likely to be promoted in tandem with smart mobility to improve the customer experience.
Top Market Players
The key players in the team collaboration software market are Cisco Systems, Inc., Ford Motor Company, Robert Bosch GmbH, Siemens AG, TomTom N.V., Toyota Motor Corporation, Excelfore Corporation, Innoviz Technologies, Thales Group S.A., MaaS Global Oy, among others.
Growth in Urbanization has accelerated the demand
Because of the population increase, urbanization is a primary long-term driver of the smart mobility market. The average density of metropolitan regions grows as the population grows. By 2030, metropolitan areas are predicted to grow by roughly 30%. As a result, demand for mobility is likely to rise. If passenger miles traveled per person remains constant in comparison to today and the GDP growth of car ownership remains consistent with historical records, these two factors will ensure the double number of mobility demands. By 2050, the majority of the world's population is predicted to live in cities, resulting in increased demand for the mobility sector.
Availability of charging infrastructure is expected to increase the demand
Two commodities that are interdependent on each other are electric vehicles and charging infrastructure. As end-user acceptance of electric vehicles grows, more charging infrastructure will be built. Similarly, the availability of charging infrastructure is predicted to boost electric vehicle adoption. Shared, self-driving vehicles will drive themselves to the charging point, resulting in higher usage and promoting quick charging techniques. As a result, it is critical have to charge infrastructure in place for the electrification of private and shared electric vehicles in order for them to gain widespread acceptability.
Browse the full report “Smart Mobility Market By Transport Sector (Electric Cars, Electric Buses, Autonomous Vehicles), By Technology (3G/4G, WI-FI, GPS, RFID, Embedded Systems), By Traffic Management (Intelligent Transport System, Real-Time Traffic Analysis, Traffic Prediction), By Charging Infrastructure (In-House, Public Charging Stations, E-Parking, Intermodal Mobility), By Mobility Intelligence (Smart Maps, Secured Communication, Fleet Management), By Customer Mobility (Smart Payment, Smart Parking, Ride Sharing, Robocabs): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/smart-mobility-market
The global smart mobility market is segmented into:
Global Smart Mobility Market: By Transport Sector
- Electric Cars
- Electric Buses
- Autonomous Vehicles
Global Smart Mobility Market: By Technology
- Embedded Systems
Global Smart Mobility Market: By Traffic Management
- Intelligent Transport System
- Real Time Traffic Analysis
- Traffic Prediction
Global Smart Mobility Market: By Charging Infrastructure
- Public Charging Stations
- Intermodal Mobility
Global Smart Mobility Market: By Mobility Intelligence
- Smart Maps
- Secured Communication
- Fleet Management
Global Smart Mobility Market: By Customer Mobility
- Smart Payment
- Smart Parking
- Ride Sharing
Global Smart Mobility Market: By Region
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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