BANGALORE, India, Aug. 27, 2020 /PRNewswire/ -- The global smart mobility market size was USD 34.04 Billion in 2019 and is projected to reach USD 70.46 Billion by 2027, registering a 20.2% CAGR.
The major factors driving the Smart Mobility Market size are technological advancements to improve the consumer experience, growing government initiatives and PPP models for smart transportation, rising urbanization, and increasing adoption of IoT and automation technologies to enhance technical optimization.
COVID-19 IMPACT ON SMART MOBILITY MARKET
The increase in the number of COVID-19 cases has caused a big blow to the transport industry. With most governments implementing isolation policies, the transportation sector is suffering a drastic decline. Governments are taking many steps to face up to the challenges. All kinds of toll and fare collections have been stopped in countries, such as China and the US. China is now introducing a tariff-free, no-stop, no-check scheme for vehicles carrying emergency supplies. This measure might ease the burden of logistics companies and would ensure the timely delivery of supplies.
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TRENDS INFLUENCING THE SMART MOBILITY MARKET SIZE
Technological advancements in the areas of IoT and high-performance networking are expected to fuel the growth of smart mobility market size. Rapid developments in these fields have, in recent years, allowed improved communication of artifacts, resulting in the creation of smarter ecosystems. With current advances, smart networking and control systems are expected to become increasingly intelligent and self-governing. Transportation services can gather data from various channels and exchange it with a single control center using the cloud.
Increased autonomous vehicle performance and its growing adoption are expected to create lucrative business growth opportunities. The introduction of autonomous vehicles is essential to the development of the smart mobility market, as such vehicles do not need drivers, which will result in a decrease in costs for mobility service providers.
Smart mobility will gradually be a factor in customer preference and how they travel. The value of smart mobility offering is expected to fundamentally change the existing modal difference between various transport options. The autonomous road transport would probably serve as a catalyst in this context, bringing smart mobility solutions to the mainstream.
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SMART MOBILITY MARKET SHARE ANALYSIS
Based on technology, the RFID segment is expected to hold a significant share in the smart mobility market due to its functionality in traffic control capabilities. Furthermore, RFID receives data from various signal control systems and sends it to the data center, helping to develop more reliable traffic tracking and prediction software.
Europe is expected to hold the largest smart mobility market share based on the region during the forecast period. This dominance of Europe is attributed to its technology adoption and infrastructure development.
TOP COMPANIES IN THE SMART MOBILITY MARKET
To succeed in the smart mobility market, businesses will need to position themselves quickly and create products that integrate not just short-term developments but also a long-term market perspective. As the market matures, consumers will want integrated solutions that combine travel services with ancillary services categories.
On the one hand, significant market potential and a plethora of possible smart mobility services emphasize the importance of the right service mix to maximize profitability.
Top companies in the smart mobility market discussed in this report are
- Excelfore Corporation,
- Ford Motor Company,
- Innoviz Technologies. Inc.,
- MAAS Global Oy,
- QuaLiX Information System,
- Robert Bosch GmbH,
- TomTom International,
- Toyota Motor Corporation
KEY BENEFITS FOR STAKEHOLDERS
- This study presents an analytical depiction of the global smart mobility market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall smart mobility market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global smart mobility market with a detailed impact analysis.
- The current smart mobility market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
KEY MARKET SEGMENTS
- Bike Commuting
- Car Sharing
- Ride Sharing.
- Traffic Management
- Parking Management
- Mobility Management
- 3G & 4G
- Embedded system
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SIMILAR REPORTS :
- Traffic Management Systems Market Report
In 2019, the global Traffic Management Systems market size was USD 1785.9 Million, and it is expected to reach USD 3307.7 Million by the end of 2026, with a CAGR of 9.1% during 2021-2026.
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- Bike Sharing Market Report
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- Car-Sharing Market Report
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This report focuses on the global Car-Sharing market size, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Car-Sharing development in the United States, Europe, China, Japan, Southeast Asia, India, Central & South America, and Other Regions.
- Ride-Sharing Market Report
In 2018, the global Ride Sharing market size was 24400 Million USD, and it is expected to reach 103600 million USD by the end of 2025, with a CAGR of 19.8% between 2019 and 2025.
- Mobility as a Service (MaaS) Market Report
The Global Mobility as a Service (MaaS) market size will reach 230400 Million USD by 2025, from 43440 million USD in 2019, at a CAGR of 32.6% during the forecast period 2020-2026
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