According to a recent report published by Allied Market Research, titled, “Smart Mobility Market by Element, Solution, and Technology: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart mobility market was valued at $34.04 billion in 2019, and is projected to reach $70.46 billion by 2027, registering a CAGR of 20.2%.

Smart mobiIity is the methodology of using different means of transportation to travel from one place to another without using personal vehicles. This includes the concepts of carpooling, ridesharing, bike-sharing, and using public transport rather than using personal vehicles. The need for smart mobility is attributed to increased traffic conditions across the globe and is supplemented by its related side effects, such as pollution, time wastage during traffic jams, and fatalities.

Smart mobiIity is a revolutionary idea to determine how to move around in a cleaner, safer, and more efficient way. Various modes of transportation such as kick scooters, bicycles, buses, light rails, and autonomous & electric vehicles supplement the smart mobility concept. Different smart mobility concepts are running in different countries, such as Bicing in Barcelona, Singapore Driverless Mass Rapid Transit (MRT), and bicycling in the Netherlands, which supplement the concept of smart mobility across the globe.

Factors such as the rise in the trend of on-demand transportation services and government initiatives for smart cities lead to the growth of the global smart mobiIity market. Moreover, the low rate of internet penetration in developing regions and the threat of data hacking are the factors that are expected to restrain the smart mobility market during the forecast period. However, intelligent transportation systems and improved performance of autonomous vehicles are the factors expected to provide opportunities for market growth.

Leading market players

By element, the market is categorized into bike commuting, car sharing, and ride sharing. Ride-sharing accounted for the highest revenue in 2019, owing to its higher adoption However, the car sharing segment is anticipated to witness the highest CAGR during the forecast period, owing to increased adoption of car-sharing, thus leading to the growth of the global smart mobility market.

On the basis of the solution, the smart mobiIity market is segregated into traffic management, parking management, mobility management, and others. The traffic management segment accounted for over 28% market share in 2019 and is anticipated to lead the market during the forecast period, owing to its wider application in smart mobility across the globe.

North America to maintain its dominance in terms of revenue by 2027

Based on region, North America held the highest market share with nearly one-third of the global smart mobiIity market in 2019 and is expected to maintain its dominance in terms of revenue by 2027. This is due to the rise in production and sales of the vehicles along with the development of better infrastructure across the region.

However, Asia-Pacific is expected to portray the highest CAGR of 22.2% from 2020 to 2027, owing to the collaboration of leading market players and the adoption of innovative technologies such as RFID for smart mobility.