Smart Mobility Market: Considerable Advancements in the Way Technology Is Used in Automobiles Drive the Global Growth
Global Smart Mobility Market: Overview
The world is on the brink of the fourth industrial revolution, which is expected to result in considerable advancements in the way technology is used in automobiles. In the previous few years, smart mobility has grown at an exponential rate. This was largely owing to the invention and integration of several advancements ranging from artificial intelligence to big data, cellular networking to the internet, and embedded devices, semiconductors, and sensors, among others. By 2040, it is predicted that roughly half of the world’s population will be living in cities, increasing the demand for smart mobility solutions. Electrification, Autonomy, Shared Mobility, and Connectivity are the components that influence smart mobility. Each of these components is expected to have an individual impact on the mobility sector. Automobile systems designed around individual mobility in the future would have all these four components to reduce traffic congestion, increase road safety and make transportation more accessible and affordable.
As per the Facts and Factors market research report, the global smart mobility market share generated sales revenue of USD 36.20 Billion in 2020. Further, smart mobility sales are expected to generate revenue of USD 88.20 Billion by the end of 2026, increasing at a CAGR of around 16% from 2021 to 2026.
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Global Smart Mobility Market: Growth Factors
The internet has advanced our world and brought us closer together digitally. Because of our reliance on the internet, there is a greater demand for a more seamless connectivity experience. Users expect connectivity while traveling, and transportation system business organizations or government authorities managing a fleet of public transportation vehicles are aware of this necessity. Many organizations have taken initiatives to improve connectivity for people traveling by subway or train by installing subterranean broadband that offers Wi-Fi connectivity. Other amenities for public transportation have been modified to promote digital ticketing, increased safety and security, and solutions that provide data for smart travel decisions.
Information made available to users through connectivity can help them make smart travel plans. This data comes from access to big data gathered through a variety of user experiences, infrastructure that uses IoT as an application, and end-users who employ artificial intelligence. Big data is studied to determine user trends and patterns, which aids in infrastructure enhancement to provide a simple and efficient experience of mobility.
Also Read, Smart Mobility Market In-Dept Report TOC
Global Smart Mobility Market: Segmentation
The study provides a decisive view of the global smart mobility market by segmenting it based on transport sector, technology, charging infrastructure, mobility intelligence, customer mobility, and geographic regions. The transport sector segment is categorized into electric cars, electric buses, and autonomous vehicles. 3G/4G, WI-FI, GPS, RFID, and Embedded Systems is the technology segment of the global smart mobility market. To offer better target customer analysis, our analyst further bifurcates the charging infrastructure segment into in-house, public charging stations, e-parking, and intermodal mobility. The mobility intelligence segment is categorized into smart map secured communication, and fleet management. In addition, to understand the industry, our analyst classified customer mobility segments by smart payment, smart parking, ride-sharing, and robocabs.
Global Smart Mobility Market: Regional Analysis
Based on regions, the global smart mobility market can be divided into five main regions namely North America, Europe, Asia Pacific, Latin America, and The Middle East, and Africa.
Urbanization is one of the key drivers that has led to the adoption of smart mobility. The increased demand of connectivity and technology in transportation has grown the smart mobility market. The European Market has been an early adopter of smart mobility solutions and thus is expected to be the fastest-growing and largest market globally. The country has once known more for technological imitation than innovation is now one of the global leaders in electric vehicles and other next-generation mobility products. It is estimated that the Chinese market is set to generate 40% of combined revenues globally over the forecast period. Drivers, riders, and service providers are all required for ride-hailing services. All operations, including matching riders with drivers, fare estimation, and ride payment, are carried out on a smartphone with internet access. Eritrea, Burundi, Chad, and Somalia, for example, have limited internet penetration, which limits the expansion of the smart mobility market in these countries. The limited penetration of internet connectivity in emerging nations is also hindering the growth in the intelligent mobility market in these places.
For More Research Insights, Visit Smart Mobility Market Report, 2021-2026