Smart Mobility Market Size

Global Smart Mobility Market Overview

The Global smart mobility market is estimated to reach a valuation of USD 258 billion by the year 2032, at a CAGR of 20.1% during the forecast period from 2024 to 2032. The smart mobility market has grown substantially due to the improvement in technology. The use of IoT and Big Data analytics as a service has enabled the growth of a brand-new market. The industry has become more sophisticated, and companies are focusing on modernizing their products and services. While smart mobility is already a big market, it is expected to grow even more in the coming years. 

Global demand for smart mobility products will increase in the future; consequently, this industry will experience tremendous growth, leading to an expansion of the smart vehicle industry and other related sectors. A discernible transition in consumer behavior has occurred in favor of individual modes of transportation. There is evidence that individuals favor using personal vehicles, such as automobiles, bicycles, and e-scooters, to reduce the risk of virus transmission and maintain social distancing. Initiatives and projects involving autonomous vehicles have been postponed and delayed as a result of the pandemic. In the said market, digitization and contactless technologies have become increasingly prominent. The utilization of mobile applications for reservations, remote vehicle administration, and contactless transactions has increased, offering users safer and more expedient mobility experiences. 

Smart Mobility Market Insight: 

Smart Mobility Market Trends Insight: 

The adoption of electric vehicles and electric vehicle fleets is aiding the smart mobility market's growth.

With tangible consequences, smart mobility trends are reshaping the future of transportation. Global adoption of EVs is burgeoning, and to reduce carbon emissions, EVs will power over 50% of sales. By 2026, it is anticipated that the autonomous vehicle market will have expanded at an exponential rate, reaching USD 550 billion. By integrating diverse travel modalities, Mobility-as-a-Service (MaaS) platforms are bringing about a paradigm shift in the transportation industry. 

Congestion management and traffic flow are optimized by connected infrastructure; by 2027, the market for intelligent transportation is anticipated to be worth USD 220 billion. The integration of smart cities, micromobility solutions, and data analytics all contribute to the ongoing evolution of the said market segment. Combined, these trends contribute to the advancement of sustainable transportation, improved connectivity, and enhanced user experiences. 

Smart Mobility Market Segment Insights 

The global smart mobility market is primarily segmented based on the elements and technology.

Based on elements, the smart mobility market is further classified into bike commutes, car commutes and shared rides. Out of these, the car commutes segment dominates the global market share due to factors such as congestion and urbanization, cost-effectiveness, convenience, and sustainability. The surge in urbanization and the scarcity of parking spaces within cities served as catalysts for the increased demand for car-sharing services as a substitute for private automobile ownership. Car-sharing services that utilized the convenient and cost-effective pay-per-use model attracted individuals in search of economical and uncomplicated modes of transportation. Moreover, the incorporation of electric vehicles into car-sharing fleets corresponded with the increasing need for environmentally friendly modes of transportation, thereby reinforcing the market leadership of the car commutes segment.

Based on technology, the smart mobility market is further bifurcated into 3G & 4G, Wi-Fi and global positioning systems (GPS). Out of these, global positioning systems (GPS) segmentation owes the major market share. The GPS smart mobility segment holds the highest market share and, thus, is the market leader. GPS-based solutions find extensive application across diverse modes of transportation, encompassing automobiles, buses, trains, and unmanned aerial vehicles, for navigation, monitoring, and providing location-based services. GPS's real-time capabilities, precision, and dependability have facilitated the creation of sophisticated smart mobility applications, including fleet management, ride-hailing, and intelligent logistics. Furthermore, the integration of GPS technology with other cutting-edge technologies, including IoT and AI, has significantly improved the performance and effectiveness of intelligent mobility solutions. This integration has positioned GPS as the market leader.

Smart Mobility Market Region Insights 

The smart mobility market is primarily studied across four major regions, namely North America, Europe, Asia-Pacific and the Rest of the World. Out of which, the Asia-Pacific region dominates the global market share. 

The Asia-Pacific region has become a prominent player in the smart mobility market. The Asia-Pacific region has experienced substantial adoption of smart mobility technologies due to its sizable and constantly expanding population, urbanization, and rising need for efficient transportation solutions. Both governments and corporate entities in the region have made substantial investments in the advancement of smart mobility infrastructure, including smart cities, intelligent transportation systems, and electric mobility programs. Furthermore, the growing middle class, evolving consumer preferences, and heightened awareness regarding environmental sustainability have significantly contributed to the need for intelligent transportation solutions in the Asia-Pacific region, establishing it as a prominent market participant in the global smart mobility market. 

The growth of the smart mobility market in the North American region is occurring at a fast pace owing to the rising demand for connected and driverless vehicles, along with the surging popularity of ride-hailing services. Moreover, the region is host to several prominent technological corporations that are making substantial investments in the advancement of intelligent transportation systems. The North American market is experiencing growth because of the rising popularity of electric vehicles and the increasing demand for shared mobility services. In addition, the region is host to several prominent car manufacturers who are making substantial investments in the advancement of intelligent transportation systems.

Furthermore, the European region's dedication to decreasing emissions and enhancing air quality is also propelling the expansion of the smart mobility market, which is demonstrated by the implementation of rules like the Clean Mobility Package, which aims to decrease emissions from road transportation. The European region is also host to several pioneering startups that are creating novel technology and services to enhance transportation efficiency. This fosters a competitive atmosphere, resulting in a decrease in pricing and the enhancement of intelligent transportation options for consumers. The region's robust infrastructure and highly established public transportation networks are facilitating the advancement of smart mobility solutions and facilitate the rapid and efficient development and deployment of solutions by companies.

Smart Mobility Market Key Players & Competitive Insights 

Major key competitors in the said market segment employ crucial strategies, including partnerships, joint ventures, mergers and acquisitions, product launches and business expansion deals to expand their business operations across the globe and have a strong command over a certain region in the market. 

Prominent players in the global smart mobility market include

• Cisco,


• Excelfore Corporation,


• Ford Motor Company,


• Innoviz Technologies. Inc.,


• MAAS Global Oy,


• QuaLiX Information System,


• Robert Bosch GmbH,


• Siemens,


• TomTom International,


• Toyota Motor Corporation

Smart Mobility Industry Developments

April 2024 - 

In April 2024, DENSO, a leading mobility provider, announced its new venture, MobiQ, which will be the company's new venture for vehicle-to-everything items. 

March 2022 - 

In March 2022, Chalo, an Indian startup in smart mobility, signed an acquisition deal with Vogo, a two-wheeler rental platform, to enhance its customer experience.

April 2020 - 

In April 2020, TomTom International expanded its operations through a partnership with Verizon, offering maps APIs and SDKs. Verizon and TomTom have agreed to incorporate TomTom's Maps APIs and SDKs into Verizon's location services.

Scope of the Report

By Element

• Bike Commuting


• Car Sharing


• Ride Sharing

By Solution Type

• Traffic Management


• Parking Management


• Mobility Management


• Others

By Technology

• 3G & 4G


• Wi-Fi


• Global Positioning System (GPS)


• Radiofrequency Identification (RFID)


• Embedded System


• Others

By Region

• 
  
  South America
  
  


• 
  
  Middle East
  
  


• 
  
  Africa