Smart Mobility Market is Estimated To Witness High Growth Owing To Trends of Shared Mobility

The Smart Mobility market is estimated to be valued at US$ 26.89 billion in 2023 and is expected to exhibit a CAGR of 20.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Smart mobility incorporates advanced technologies like the Internet of Things (IoT), Artificial Intelligence, and Big Data to optimize transportation systems and infrastructure. It aims to provide integrated, connected, and seamless transportation services. Smart mobility products include fleet management solutions, parking management solutions, integrated multimodal mobility, and traffic management solutions. These solutions assist in managing traffic, reducing traffic congestion and emissions, improving road safety, and enabling smart infrastructure.

Market key trends:
One of the key trends driving growth of the smart mobility market is shared mobility. Shared mobility includes car-sharing, bike-sharing, ride-hailing, and ridesharing. It offers benefits like reduced need for personal car ownership, lower transportation costs, optimized asset utilization, and reduced congestion and emissions. Rising environmental concerns and growing focus on sustainability are increasing adoption of shared mobility solutions globally. Implementation of shared mobility projects in various cities worldwide is projected to propel the smart mobility market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The high initial investment required to enter the smart mobility market acts as a barrier for new players. The market is dominated by major established players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various product and service options from different providers in the market.

Bargaining power of suppliers: The key suppliers in the market are technology providers and component suppliers. Their specialized skills and technologies place them in a strong position during negotiations.

Threat of new substitutes: Minimal threat as smart mobility solutions offer convenience that is difficult to substitute.

Competitive rivalry: Intense among the established players.

SWOT Analysis

Strength: Growing adoption of smart technologies across transportation modes. Ability to optimize traffic flow and offer enhanced driver/passenger experience.

Weakness: High initial setup and maintenance costs. Concerns regarding data privacy and security.

Opportunity: Scope for integrating technologies such as IoT, AI, blockchain. Growing demand for mobility as a service.

Threats: Stringent regulations. Technology obsolescence risks.

Key Takeaways

The Global Smart Mobility Market is expected to witness high growth, exhibiting CAGR of 20.9% over the forecast period, due to increasing demand for optimized transportation systems. Rising adoption of autonomous and connected vehicle technologies is accelerating the market growth.

North America dominates the smart mobility market currently. However, Asia Pacific is projected to grow at the fastest rate during the forecast period owing to rapid infrastructure development and government initiatives to promote the adoption of smart transportation solutions in emerging countries such as China and India.

Key players operating in the smart mobility market are Cisco Systems, Inc., Excelfore, Ford Motor Company, Robert Bosch GmbH, and TomTom International N.V. Major players are investing in R&D to develop advanced solutions focused on driver assistance, navigation, tracking, and parking applications. Partnerships with city planners and local authorities are helping companies strengthen their presence.

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