The growing urban population has led to significant traffic congestion issues in major cities around the world. Smart mobility solutions aim to optimize transportation systems and traffic flows using technologies such as transportation management systems, smart traffic lights, fleet and traffic management, parking management systems, and electric vehicles. These solutions provide features such as vehicle connectivity to infrastructures, traffic signal priority, electric vehicle charging, and integrated multimodal transport services to travelers. Smart mobility reduces traffic and fuel consumption, minimizes carbon footprint, and enhances road safety and user experience.
The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn in 2024 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 key trends:
One of the key trends in the smart mobility market is the growing adoption of mobility as a service (MaaS). MaaS enables travelers to plan, book and pay for multi-modal transportation services like car/bike sharing, public transport, and taxi services using a single online platform or mobile app. It provides door-to-door transportation services by integrating different modes of transport like public transit systems with other shared, private, and active mobility options. MaaS offers significant benefits such as convenience, affordability, and flexibility to travelers while reducing traffic congestion and carbon footprint. Major smart cities across regions are implementing MaaS programs to redefine urban mobility ecosystem.
Threat of new entrants: The smart mobility market requires high investment in R&D for technology development. The presence of established players makes it difficult for new players to enter the market.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of alternatives. However, differentiated product offerings give buyers varied options.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to the availability of substitute components. However, suppliers of critical technology components wield some control over prices.
Threat of new substitutes: Substitutes like conventional transportation modes pose a moderate threat. However, the unique value proposition of smart mobility helps it gain traction.
Competitive rivalry: The market has the presence of major global players competing on the basis of technology, pricing, services, and innovation.
The Global Smart Mobility Market Growth is expected to witness high growth over the forecast period. The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Asia Pacific dominates the market currently due to rapid urbanization, growing population, and infrastructure development in countries such as China and India. Advancements in communication technologies and emphasis on smart cities will further propel the regional market. North America is expected to grow at a significant rate owing to the presence of major players and increasing investments in smart infrastructure projects. Europe is also one of the major markets driven by supportive government regulations for connected transportation.
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. The key players are focused on new product launches and partnerships to expand their reach.