The global smart mobility market is expanding due to the trend of on-demand transportation services and encouraging government initiatives
The ground-breaking concept of “smart mobility” aims to improve movement in a safer, more effective, and cleaner manner. The smart mobility idea is supplemented by a variety of transit options, including buses, light rails, bicycles, kick scooters, and autonomous and electric vehicles. The concept of smart mobility is supplemented globally by several initiatives that are implemented in different nations.
The global smart mobility market is expanding due to the trend of on-demand transportation services and encouraging government initiatives for the creation of smart cities. However, the market’s expansion is constrained by risks associated with data hacking and developing nations’ low internet adoption rates.
However, in the upcoming years, new opportunities will be created by the implementation of intelligent transportation systems and the enhancement of autonomous vehicle performance.
With a compound annual growth rate (CAGR) of 20.2%, the size of the worldwide smart mobility market was estimated at $34.04 billion in 2019 and is expected to reach $70.46 billion by 2027.
The concept of smart mobility involves utilizing several modes of transportation to go between locations without relying on personal vehicles.
This covers the ideas of using public transportation instead of driving one’s own automobile, carpooling, ride-sharing, and bike-sharing.
The demand for smart mobility is a result of worsening traffic conditions worldwide, which is exacerbated by associated negative effects such pollution, wasted time in traffic, and fatalities.
Factors Shaping New Trends
The global market for smart mobility is expanding as a result of factors like the growing popularity of on-demand transportation services and government initiatives for smart cities.
Additionally, factors that are anticipated to limit the growth of the smart mobility market during the projected period include the low rate of internet access in developing nations and the potential of data hacking.
However, the elements anticipated to offer chances for market expansion include the intelligent transportation system and enhanced autonomy of autonomous vehicles.
RFID Segment – Major Growth Driver
Technology-wise, the RFID segment held the largest market share in 2019, accounting for almost 25% of the worldwide smart mobility market. It is expected to continue leading the market during the forecast period.
This is a result of car RFID outfitting, which provides scanning equipment that can quickly scan vehicles and cut down on operating time.
The GPS market, however, is anticipated to grow at the fastest rate of 21.9% between 2020 and 2027 because it provides drivers with real-time information about their surroundings, allowing them to make more informed judgments depending on the circumstances.
Leading the Worldwide Smart Mobility Industry
In terms of revenue, North America is predicted to continue to dominate the worldwide smart mobility industry, accounting for about one-third of the market in 2019.
This is a result of increased car production and sales as well as the improvement of regional infrastructure.
Asia-Pacific, however, is anticipated to exhibit the highest CAGR of 22.2% between 2020 and 2027, shaping vital smart mobility trends. APAC region’s major market players’ cooperation and the implementation of cutting-edge technologies like RFID for intelligent mobility will further steer the smart mobility market.
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