The Global Smart Mobility Market is projected to record a CAGR of 20.1% during the forecast period due to the increasing number of passenger vehicles.

Market Research Future has published a half-cooked research report on the Global Smart Mobility Market, 2023–2032. The global smart mobility market is projected to exhibit a CAGR of 20.1% during the forecast period of 2024–2032.

Market Research Future has recognized the following companies as the key players in the global Smart Mobility Market Cisco, Excelfore Corporation, Ford Motor Company, Innoviz Technologies. Inc., MAAS Global Oy, QuaLiX Information System, Robert Bosch GmbH, Siemens, TomTom International, and Toyota Motor Corporation among others.

Market Highlights

The global smart mobility market is projected to record a CAGR of 20.1% during the forecast period. Smart mobility refers to the new approach to transport regarding the use of vehicles and the technologies linked to it to improve the quality of urban mobility. Smart mobility is a forward-looking approach, which focuses on the needs of all users – citizens, residents, workers, and visitors. The goal is to create a mobility system, which meets the needs of citizens and improves their quality of life effectively and efficiently.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Smart Mobility Market Trends

Due to the pandemic, there was various restriction and norms that was implemented by the government to tackle the pandemic. There was a decrease in the activities such as transportation and travel activities were banned. This has decreased the revenue of transport companies and is facing difficulties to manage their activities. The closure of transportation impacted the smart mobility market badly as the demand decreased for these. Post COVID the demand started to increase but still it will take time to fully recover from the losses that occurred during the pandemic.

Segmental Analysis

The global smart mobility market has been segmented based on element, solution type, technology, and region.

By element, the global market has been segmented into bike commuting, car sharing, and ride sharing. The car-sharing segment is estimated to the largest in the global smart mobility market. This growth is fueled by the increasing demand for on-demand mobility services and the high penetration of smart connected car technologies in mature markets. Automakers, technology companies, and traditional car-sharing companies have been pouring more and more resources into this sector. An increasing number of people are looking at car-sharing as the most viable and sustainable solution to the growing problems of traffic and environmental pollution. The sector has been seeing a lot of developments and innovations in the last couple of years.

By solution type, the global market has been segmented into traffic management, parking management, mobility management, and others. The parking management segment is expected to be the fastest-growing in the global smart mobility market. The main reason for the growth is the increasing number of passenger vehicles in the world and the need for managing parking spaces. The number of passenger vehicles is growing at a higher rate than the growth of two-wheelers, which is expected to drive the growth of the parking management business. Additionally, the growing need for real-time data and analytics to optimize the parking process is also expected to drive the growth of the market over the forecast period.

Based on the technology, the global market has been segmented based on 3G & 4G, Wi-Fi, Global Positioning System (GPS), Radiofrequency Identification (RFID), Embedded system, and others. The global positioning system segment is anticipated to be the fastest-growing segment in the global smart mobility market. A Global Positioning System (GPS) is a satellite-based navigation system that is widely used for vehicle tracking and location services. Currently, the growth of the GPS segment is driven by factors such as increasing application scope in defense, vehicle tracking, and location-based service.

Regional Analysis

Geographically, the global smart mobility market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to hold a significant market share of the global smart mobility market. This growth is expected to be driven by the increase in spending on smart mobility solutions by automotive OEMs and the increasing usage of smart mobility solutions to improve vehicle sales and enhance the user experience.