Smart Mobility Market Size is Projected to Reach USD 70.46 Billion by 2027 ⋆

Smart Mobility Market Size is Projected to Reach USD 70.46 Billion by 2027

The global smart mobility market size was USD 34.04 Billion in 2019 and is projected to reach USD 70.46 Billion by 2027, registering a 20.2% CAGR.

The major factors driving the Smart Mobility Market size are technological advancements to improve the consumer experience, growing government initiatives and PPP models for smart transportation, rising urbanization, and increasing adoption of IoT and automation technologies to enhance technical optimization.

COVID-19 IMPACT ON THE SMART MOBILITY MARKET

The increase in the number of COVID-19 cases has caused a big blow to the transport industry. With most governments implementing isolation policies, the transportation sector is suffering a drastic decline. Governments are taking many steps to face up to the challenges. All kinds of toll and fare collections have been stopped in countries, such as China and the US. China is now introducing a tariff-free, no-stop, no-check scheme for vehicles carrying emergency supplies. This measure might ease the burden of logistics companies and would ensure the timely delivery of supplies.

TRENDS INFLUENCING THE GLOBAL SMART MOBILITY MARKET SIZE

Technological advancements in the areas of IoT and high-performance networking are expected to fuel the growth of smart mobility market size. Rapid developments in these fields have, in recent years, allowed improved communication of artifacts, resulting in the creation of smarter ecosystems. With current advances, smart networking and control systems are expected to become increasingly intelligent and self-governing. Transportation services can gather data from various channels and exchange it with a single control center using the cloud.

Increased autonomous vehicle performance and its growing adoption are expected to create lucrative business growth opportunities. The introduction of autonomous vehicles is essential to the development of the smart mobility market, as such vehicles do not need drivers, which will result in a decrease in costs for mobility service providers.

Smart mobility will gradually be a factor in customer preference and how they travel. The value of smart mobility offering is expected to fundamentally change the existing modal difference between various transport options. The autonomous road transport would probably serve as a catalyst in this context, bringing smart mobility solutions to the mainstream.

SMART MOBILITY MARKET SHARE ANALYSIS

Based on technology, the RFID segment is expected to hold a significant share in the smart mobility market due to its traffic control capabilities. Furthermore, RFID receives data from various signal control systems and sends it to the data center, helping to develop more reliable traffic tracking and prediction software.

Europe is expected to hold the largest smart mobility market share based on the region during the forecast period. This dominance of Europe is attributed to its technology adoption and infrastructure development.

TOP COMPANIES IN THE SMART MOBILITY MARKET

To succeed in the smart mobility market, businesses will need to position themselves quickly and create products that integrate not just short-term developments but also a long-term market perspective. As the market matures, consumers will want integrated solutions that combine travel services with ancillary services categories.

On the one hand, significant market potential and a plethora of possible smart mobility services emphasize the importance of the right service mix to maximize profitability.