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:
The Smart Mobility market consists of solutions and services that are enabling intelligent transportation systems and connected vehicles. This includes autonomous vehicles, mobility as a service platforms, smart transportation management systems and electric vehicle charging infrastructure. These solutions use technologies such as internet of things (IoT), artificial intelligence, communication networks and data analytics to deliver enhanced transportation experience.
Market Dynamics:
The growth of the Smart Mobility market is attributed to the emergence of autonomous vehicles driven by technological advancements in areas of sensors, AI, 5G connectivity and vehicle-to-everything communication. Major automakers are heavily investing in testing and developing driverless vehicles which is expected to reduce road accidents caused by human errors and provide mobility to disabled. In addition, government policies and initiatives promoting electric vehicles and investment in charging infrastructure across major countries is also fueling the adoption of smart mobility solutions.
SWOT Analysis
Strength: Smart Mobility has three main strengths. It provides efficiency and optimization to transportation systems which saves time and money for both personal users and businesses. It also improves safety through connected vehicle technologies and data-driven insights. Additionally, it is environmentally friendly by reducing traffic and encouraging car-sharing/public transit.
Weakness: The high initial investment costs for infrastructure and technology upgrades present a weak point. Integration challenges between different platforms from various providers is another weakness.
Opportunity: The growth of urbanization and rising demand for sustainable transportation present major opportunities. Emerging technologies like AI and IoT also offer opportunities to further enhance smart mobility systems.
Threats: Cybersecurity risks and data privacy issues threaten the continued adoption of smart mobility. Dependency on telecom networks and disruptions could also negatively impact operations.
Key Takeaways
The Global Smart Mobility Market is expected to witness high growth, exhibiting a CAGR of 20.9% over the forecast period, due to increasing demand for optimized transportation systems in urban centers. Growing concerns for environmental sustainability and modern lifestyles are additionally propelling the demand.
North America dominated the market in 2022 with a share of over 35%, due to widespread early adoption of connected vehicle technologies across the US and Canada. Asia Pacific is anticipated to be the fastest-growing regional market, expanding at a CAGR of around 22%, due to rapid economic development, infrastructure investments, and smart city initiatives in countries like China and India.
Key players operating in the Smart Mobility market include Cisco Systems, Inc., Excelfore, Ford Motor Company, Robert Bosch GmbH, and TomTom International N.V. The players focus on developments like autonomousdriving systems, mobility-as-a-service, and mobility analytics to gain a competitive edge. Strategic partnerships for shared mobility and investments in 5G connectivity are other growth strategies.
