April 23, 2024

Smart Mobility Market Will Grow at Highest Pace Owing to Increasing Demand for Connected Vehicles

Some key advantages of smart mobility include enhanced traffic management, improved road safety features, reduced transportation costs, and minimized environmental impact. With growing urbanization and traffic congestion issues, smart mobility offers intelligent solutions to optimize transportation systems.

The Global Smart Mobility Market is estimated to be valued at US$ 37.26 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2030.

Key Takeaways

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 new product launches and partnerships to expand their market presence. The growing demand for autonomous and electric vehicles is a major factor driving the growth of the smart mobility industry. Technologies like 5G, AI, IoT are enabling advanced connectivity features in vehicles and improving transportation infrastructure.

Market Trends

Growing popularity of mobility-as-a-service (MaaS) is a key trend in the smart mobility market. MaaS integrates various public and private transportation services through a single interface like a mobile app. This allows users to seamlessly plan, book and pay for multi-modal transportation on-demand. Another trend is the rising demand for vehicle autonomy to reduce traffic incidents and optimize transport flows. Technologies like advanced driver assistance systems, vehicle-to-everything communication, and autonomous vehicle navigation are advancing vehicle autonomy.

Market Opportunities

Development of smart cities presents a major growth opportunity for Smart Mobility Market Size providers. Integration of renewable energy for electric vehicle charging infrastructure can provide opportunities to support sustainable transportation. Building connected vehicle platforms to enable vehicle cybersecurity and cooperative automated driving also offers significant scope for innovation. Standardization of 5G cellular vehicle-to-everything communication presents an opportunity to accelerate development of cooperative self-driving networks.

Impact of COVID-19 on Smart Mobility Market
The COVID-19 pandemic has significantly impacted the growth of the smart mobility market. During the initial phase of the pandemic, most countries imposed nationwide lockdowns to curb the spread of the virus. This resulted in strict travel restrictions and work from home guidelines. As people avoided public transport and shared mobility services due to safety concerns, the demand for smart mobility solutions declined sharply.

Mobility as a service (MaaS) providers witnessed a steep drop in ridesharing. Bike and scooter rentals also declined as people restricted non-essential travel. However, demand grew for personalized mobility options like electric bikes and scooters for commute to nearby areas. Contactless delivery services boosted the scope for autonomous delivery vehicles. Investments in autonomous technologies were disrupted as OEMs focused resources on managing disruptions in supply chains.

As lockdowns eased, shared mobility operators adopted stringent safety protocols like vehicle sanitization, mandatory masks and limited capacity to allay fears. Bikesharing saw strong demand for last-mile commute options. Investors have regained confidence in autonomous vehicles for commercial logistics. Rising fuel costs and emission regulations will further fuel demand for electric vehicles in the coming years. While the pandemic slowed growth initially, sustained policy support for green mobility combined with technology advancements are expected to drive the smart mobility market going forward.

Geographical regions with high Smart Mobility Market concentration
Currently, the smart mobility market in terms of value is highly concentrated in North America and Europe. This is attributed to strong government support for sustainable transportation initiatives as well as growing investments in autonomous technologies by major automakers and technology companies in these regions.

Countries like the US, Germany, France and UK account for over 60% of the global market revenue. High disposable incomes, stringent emission norms and extensive investments in smart city infrastructure projects have boosted adoption of smart mobility solutions like ridesharing, bikeshares and electric vehicles. However, Asia Pacific is emerging as the fastest growing regional market with China and India at the forefront. Favorable policies for EVs and growing investments in urban mobility infrastructure are fueling rapid expansion of smart mobility in these developing economies.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it