Smart Mobility Market: Current Analysis and Forecast (2022-2030)

Smart Mobility refers to the integration of advanced technologies such as artificial intelligence, the Internet of Things, and connected vehicles, to create intelligent and sustainable transportation systems. The goal of SMART Mobility is to improve the efficiency, safety, and environmental impact of transportation while enhancing the overall mobility experience for users. This can be achieved through various technologies and services such as real-time traffic management, intelligent routing, predictive maintenance, autonomous vehicles, electric and hybrid vehicles, and shared mobility services. SMART Mobility is expected to revolutionize the way we travel and transport goods, leading to a more connected, sustainable, and efficient transportation system.

The Smart Mobility Market is expected to grow at a strong CAGR of 20% during the forecast period owing to Consumers becoming more interested in connected and autonomous vehicles, which offer improved safety, comfort, and convenience. Moreover, the Advancements in technologies such as artificial intelligence, the Internet of Things, and 5G networks are enabling the development of smart mobility solutions. For instance, in January 2023: BMW Group and Mobileye announced plans to launch a global autonomous ride-hailing service by 2025. November 2022: Daimler Trucks announced plans to launch an autonomous freight service in Europe.

Based on elements, the market is segmented into bike commuting, car sharing, and ride sharing. Amongst these, the car sharing segment dominated the market in 2021. This is because it offers an affordable and convenient alternative to traditional car ownership, which can be expensive and time-consuming. With car sharing, individuals can access a vehicle on an as-needed basis, without the long-term commitment of owning a car. Furthermore, car sharing can provide users with more flexibility and mobility, allowing them to travel to places they may not have otherwise visited. This can be particularly appealing to tourists, who may not want to rent a car for a short stay, or to people who only need a car occasionally.

By technology, the market is segmented into global positioning system (Gps), radio frequency identification (RFID), embedded system, and others. Among these, wireless smart mobility technology captured the majority share of the smart mobility market in 2021. The major share of the radio frequency identification (RFID) can be attributed to the RFID technology that allows for real-time tracking of vehicles, equipment, and other assets, which can be beneficial in a variety of applications, such as fleet management, supply chain management, and asset tracking. Moreover, RFID technology can improve the efficiency and accuracy of operations in a range of industries, such as transportation, logistics, and manufacturing. By automating the tracking and management of vehicles, equipment, and other assets, RFID can reduce the need for manual processes and minimize errors.

On the basis of solution type, the market is segmented into traffic management, parking management, mobility management, and others. The mobility management held a major share of the smart mobility market in 2020. Smart home penetration in the residential sector has drastically gathered steam as consumers have significantly found the value of connected devices that help to automate their homes and offer greater energy efficiency

For a better understanding of the market adoption of the smart mobility industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Italy, France, Norway, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America dominated the smart mobility market in 2020 due to the region having a well-established infrastructure for transportation, with a dense network of roads, highways, and public transportation systems. This provides a solid foundation for the deployment of smart mobility solutions, such as autonomous vehicles and intelligent transportation systems. Additionally, North America has a large and diverse population, which generates significant demand for smart mobility solutions. This includes a demand for more efficient and sustainable transportation options, as well as a demand for solutions that improve mobility and accessibility for people with disabilities. Overall, North America's well-established infrastructure, diverse population, and strong innovation ecosystem have all contributed to its significant share of the smart mobility market.

Some of the major players operating in the market include: Cisco Systems, Inc., Excelfore. , Innoviz Technologies Ltd., Siemens, MaaS Global Oy, TOYOTA MOTOR CORPORATION, TOMTOM INTERNATIONAL N.V, Robert Bosch GmbH, FORD MOTOR COMPANY, and QUALIX INFORMATION SYSTEM.