Smart Mobility Market Is Estimated To Witness High Growth Owing To...

Smart Mobility Market Is Estimated To Witness High Growth Owing To Emergence of Autonomous Vehicles

Posted 2023-11-02 11:23:43

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.