The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Smart mobility refers to an innovative approach for managing transportation systems through integration of advanced technologies. The solutions provided under smart mobility aims to improve transportation efficiency, network performance, and experiences through deployment of smart technologies such as Internet of Things (IoT), artificial intelligence (AI), mobile applications, and electric vehicles. Smart mobility systems help transport authorities to monitor traffic flow, detect congestion points, plan routes effectively, and guide drivers for optimized journeys. These solutions benefit both public and private transport organizations to enhance mobility experience of commuters.
Market key trends:
One of the major trend in smart mobility market is growing adoption of electric vehicles. Continuous decline in battery prices and improvements in charging infrastructure is encouraging consumers to shift from conventional vehicles to electric vehicles. Leading automakers are heavily investing in development of advanced electric vehicles to cater increasing demand. Integration of electric vehicles with smart mobility solutions provides advantages such as optimized route planning, battery status monitoring, and improved vehicle diagnostics. This is expected to significantly drive the adoption of electric vehicles, thereby propelling growth of smart mobility market over the forecast period.
Threat of new entrants: The threat of new entrants in the smart mobility market is moderate. New entrants have to invest a substantial amount in research and development, technology development and infrastructure to compete with the existing players in the market.
Bargaining power of buyers: The bargaining power of buyers in the smart mobility market is high. Buyers can easily switch between various vendors offering similar products and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key suppliers of components include component manufacturers, technology providers and platform providers among others.
Threat of new substitutes: The threat of substitutes is low for smart mobility as there are limited alternatives available that can offer similar connectivity and mobility services.
Competitive rivalry: High as major players are focusing on new product launches and strategic partnerships to gain higher market share.
The global Smart Mobility Market Is Size expected to witness high, exhibiting CAGR of 20.% over the forecast period, due to increasing investment by both public and private organizations for development of smart infrastructure.
Regional analysis: North America dominates the global smart mobility market and is expected to maintain its dominance over the forecast period. This is attributed to presence of tech giants and rapid adoption of advanced technologies. Asia Pacific is expected to exhibit highest growth rate owing to improving transportation infrastructure and growing urbanization.
Key players operating in the smart mobility market are Cisco Systems, Inc., Excelfore, Ford Motor Company, Robert Bosch GmbH, and TomTom International N.V. Key players are focusing on integrated mobility solutions and partnerships with cities to strengthen their product portfolio and geographical footprint.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it