Smart Mobility Market to Reach a value of US$ 135.6 Bn by 2028
Industry Overview of Smart Mobility Market
The smart mobility market is characterized by a network that leverages advanced technologies to deliver sustainable, efficient, and resilient transportation options to individuals. This includes the integration of public transportation, shared mobility services, electric vehicles (EVs), and on-demand ride solutions, all of which contribute to the optimization of urban economies and the enhancement of road safety infrastructure. Additionally, smart mobility initiatives prioritize eco-friendly transportation services, resulting in reduced pollution levels. They also improve traffic management systems, optimize parking areas, and effectively reduce greenhouse gas (GHG) emissions.
How Big Is the Smart Mobility Market?
According to the new market research report by IMARC Group the global smart mobility market reached a value of US$ 51.3 Billion in 2022. It is projected to reach a value of US$ 135.6 Billion by 2028, exhibiting a CAGR of 16.55% during 2023-2028.
Global Industry Trends and Drivers:
The smart mobility market is witnessing significant growth driven by the rising demand for shared services and electric vehicles (EVs) on a global scale, as consumers become increasingly concerned about the environment. The adoption of on-demand transportation solutions is also contributing to market expansion, thanks to their flexibility, cost-effectiveness, and widespread availability. Furthermore, the integration of Artificial Intelligence (AI), cloud-based solutions, and the Internet of Things (IoT) with smart mobility is accelerating market growth. Government subsidy programs aimed at promoting advanced technologies are further fueling the market's progress. Additionally, factors such as urbanization, advancements in the automotive industry, and substantial investments in research and development (R&D) activities by key market players are stimulating market growth. Moreover, the increasing penetration of high-speed internet connectivity is expected to drive the smart mobility market in the coming years.
Key Market Segmentation:
The report provides detailed segmentation of the global smart mobility market based on based on product, distribution channel and application and region.
Breakup by Technology:
- 3G and 4G
- Wi-Fi
- Global Positioning System (GPS)
- Radio Frequency Identification (RFID)
- Embedded System
- Others
Breakup by Solution:
- Traffic Management
- Parking Management
- Mobility Management
- Others
Breakup by Element:
- Bike Commuting
- Car Sharing
- Ride Sharing
Breakup by Region:
- 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
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are 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. and Toyota Motor Corporation.
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