Smart Mobility Market Growth 2024-2032 | Outlook, Demand, Trends And Opportunity

(MENAFN- IMARC Group) IMARC Group's report titled “Smart Mobility Market Report by Technology (3G and 4G, Wi-Fi, Global Positioning System (GPS), Radio Frequency Identification (RFID), Embedded System, and Others), Solution (Traffic Management, Parking Management, Mobility Management, and Others), Element (Bike Commuting, Car Sharing, Ride Sharing), and Region 2024-2032” . The global smart mobility market size reached US$ 59.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 208.6 Billion by 2032, exhibiting a growth rate (CAGR) of 14.6% during 2024-2032.

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Factors Affecting the Growth of the Smart Mobility Industry:

  • Technological Advancements:

The integration of advanced technology, such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, and connectivity, is bolstering the growth of the market. These advancements enable the development of innovative smart mobility solutions, including autonomous vehicles, intelligent transportation systems, and mobility-as-a-service platforms.
In addition, these solutions offer enhanced efficiency, safety, and convenience by leveraging data-driven insights and automation. Furthermore, big data analytics leverage vast amounts of transportation data to derive actionable insights for optimizing traffic flow, route planning, and demand forecasting. Predictive modeling techniques enable proactive decision-making and real-time adjustments to transportation systems, improving efficiency and responsiveness.

  • Favorable Government Initiatives:

Governing agencies of various countries are encouraging the adoption of smart mobility solutions by implementing policies and providing incentives, which are supporting the market growth. In addition, they are offering subsidies for electric vehicles (EVs), investing in public transportation infrastructure, and supporting the deployment of autonomous vehicles. These initiatives assist in promoting sustainable and efficient transportation. Apart from this, the rising focus on maintaining a greener environment and lowering greenhouse gas (GHG) emissions is bolstering the growth of the market.

  • Environmental Concerns:

The increasing awareness among individuals about environmental issues, particularly climate change and air pollution, is impelling the market growth. In addition, rising preferences for sustainable transportation options among eco-conscious individuals is supporting the growth of the market. Besides this, electric vehicles (EVs), shared mobility services, and alternative fuels are eco-friendly alternatives to traditional transportation modes. Furthermore, governing authorities,
organizations, and individuals are increasingly prioritizing solutions that minimize carbon emissions, reduce reliance on fossil fuels, and promote environmental sustainability in the transportation sector.

Leading Companies Operating in the Global Smart Mobility Industry:

  • Cisco Systems Inc.
  • Excelfore Corporation
  • Ford Motor Company
  • Innoviz Technologies Ltd
  • QuaLiX Information System LLP
  • Robert Bosch GmbH
  • Siemens AG
  • Thales Group
  • TomTom N.V.
  • Toyota Motor Corporation

Smart Mobility Market Report Segmentation:

By Technology:

  • 3G and 4G
  • Wi-Fi
  • Global Positioning System (GPS)
  • Radio Frequency Identification (RFID)
  • Embedded System
  • Others

Radio frequency identification (RFID) represents the largest segment as it enables automatic identification and tracking of objects or assets without direct contact or line-of-sight scanning.

By Solution:

  • Traffic Management
  • Parking Management
  • Mobility Management
  • Others

Traffic management holds the biggest market share on account of the rising focus on enhanced road safety.

By Element:

  • Bike Commuting
  • Car Sharing
  • Ride Sharing

Ride sharing accounts for the largest market share due to the increasing need for last-mile connectivity.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America enjoys a leading position in the smart mobility market, which can be attributed to investments in smart mobility infrastructure.

Global Smart Mobility Market Trends:

The rising need for efficient transportation solutions to mitigate congestion, pollution, and accessibility challenges is supporting the growth of the market. In addition, the growing demand for smart mobility solutions to optimize urban transportation networks, reduce commute times, and enhance overall accessibility is offering a positive market outlook. People are increasingly valuing convenience, affordability, and sustainability in transportation choices. They are preferring services like ride-hailing, bike-sharing, and car-sharing.

In line with this, smart mobility solutions are beneficial in reducing transportation costs for both individuals and companies by optimizing routes, reducing fuel consumption, and minimizing downtime.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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