Smart Mobility Market Set to Reach $70.46 Billion by 2027 | CAGR 20.2%
On-demand transport services and government support for smart cities are key drivers fueling growth in the global smart mobility market.
WILMINGTON, DE, UNITED STATES, November 22, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global smart mobility market size was valued at $34.04 billion in 2019, and is projected to reach $70.46 billion by 2027, registering a CAGR of 20.2%.
Smart mobility is the methodology of using different means of transportation to travel from one place to another without using personal vehicles. This includes the concept of car-pooling, ride sharing, bike-sharing, and using public transports rather than using personal vehicles. The need for smart mobility is attributed to increased traffic conditions across the globe and is supplemented by its related side effects such as pollution, time wastage during traffic jams and fatalities.
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Smart mobility is a revolutionary idea to determine how to move around in a cleaner, safer, and efficient way. Various modes of transportation such as kick scooters, bicycles, buses, light rails, and autonomous & electric vehicles supplement the smart mobility concept. Different smart mobility concepts are running in different countries such as Bicing in Barcelona, Singapore Driverless Mass Rapid Transit (MRT), and bicycling in the Netherlands, which supplement concept of smart mobility across the globe.
By element, the market is categorized into bike commuting, car sharing, and ride sharing. Ride sharing accounted for the highest revenue in 2019, owing to its higher adoption However, the car sharing segment is anticipated to witness highest CAGR during the forecast period, owing to increased adoption of car sharing, thus leading to growth of the global smart mobility market.
On the basis of solution, the smart mobility market is segregated into traffic management, parking management, mobility management, and others. The traffic management segment accounted for over 28% market share in 2019, and is anticipated to lead the market during the forecast period, owing to its wider application in the smart mobility across the globe.
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Factors such as rise in trend of on-demand transportation services and government initiatives for smart cities lead to growth of the global smart mobility market. Moreover, low rate of internet penetration in developing regions and threat of data hacking are the factors that are expected to restrain the smart mobility market during the forecast period. However, intelligent transportation system and improved performance of autonomous vehicles are the factors expected to provide opportunities for the market growth.
COVID Impact Analysis
1. With the advent of the COVID-19 pandemic, the smart mobility market has registered a downfall in the year 2020, and is expected to encounter slower growth in the year 2021 as well.
2. This downfall is attributed to the decrease in demand for ride sharing and carpooling across the globe.
3. As per the industry experts, this decreased demand is expected to see a positive curve after the year 2022.
4. The smart mobility market is expected to grow after the availability of safety measures in car sharing and carpooling services such as introduction of plastic barrier between passengers of a car and driver.
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