Smart mobility offers connectivity, automation, shared mobility, and electrification for transportation needs. Connected cars provide cellular connectivity and GPS-enabled services for vehicle maintenance, navigation, entertainment, and emergency response. Autonomous cars utilize sensors and machine learning algorithms to operate semi-autonomously or fully autonomously based on road conditions and other vehicles. This reduces road accidents and enables mobility for the elderly and differently-abled.
The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of connected and autonomous vehicles is one of the key trends driving the growth of the smart mobility market. Connected cars allow for real-time traffic information, safety alerts, remote diagnostics, and entertainment features through embedded telematics systems. Meanwhile, autonomous cars rely on sensors like cameras, radars, and LiDAR for navigation without human intervention. Major automakers are heavily investing in developing self-driving technologies to commercialize autonomous cars by 2025. Furthermore, strategic partnerships between automotive and tech companies will help standardize connected car platforms and accelerate the testing and rollout of autonomous vehicles globally. This is expected to significantly boost the demand for smart mobility solutions in the forecast period.
Segment Analysis
The global smart mobility market is dominated by the electric vehicles segment, which accounts for over 30% share of the total market. This is due to rapid adoption of electric cars and two-wheelers across major markets to reduce vehicular emissions. Within electric vehicles, the electric cars sub-segment dominates currently owing to supportive government policies and initiatives in form of subsidies and tax benefits on purchase of electric cars in multiple countries.
Key Takeaways
The Global Smart Mobility Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global Smart Mobility Market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific accounts for over 35% share of the global smart mobility market led by China, which is the largest EV market globally. This is because China is offering the most aggressive push for EV adoption through purchase incentives and mandates on automakers. Countries like Japan and South Korea are also contributing to regional growth. Europe is the second largest market for smart mobility led by Germany, which is a leader in EV manufacturing and policy push for electrification.
Key players
Key players operating in the smart mobility market are Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller’s Pharmacy, and Davis Islands Pharmacy. These players are focusing on development of connected and autonomous vehicles as well as expanding charging infrastructure.
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https://www.newsstatix.com/smart-mobility-market-size-share-growth-outlook-2023/
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