July 22, 2024
Global Smart Mobility Market

Increasing focus on smart transportation solutions to drive the growth of Smart Mobility market

The Global Smart Mobility Market is estimated to be valued at US$ 26.89 Bn in 2023 and is expected to exhibit a CAGR of 20.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The smart mobility market involves integration of advanced technologies such as IoT, artificial intelligence, and cloud computing in transportation systems. This enables development of smart transportation solutions for efficient movement of goods and people. Smart mobility offers advantages such as optimized transportation operations, reduced traffic congestion, lower carbon footprint, and improved safety. With rising urbanization and demand for seamless transportation, there is a need for smart and sustainable mobility solutions across the world.

Market key trends:

One of the key trends in the smart mobility market is growing focus on connected and autonomous vehicles. Major automakers are investing heavily in developing self-driving cars with advanced driver-assistance features. Furthermore, deployment of vehicle-to-everything (V2X) communication technology that allows vehicles to communicate with other vehicles and infrastructure is gaining traction. This facilitates development of intelligent transportation solutions for traffic management and emergency handling. Rising demand for Mobility-as-a-Service (MaaS) is another trend in the market. MaaS integrates various forms of transport services including public transit services within a single mobility service accessible on demand.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the companies need significant investments to enter the Smart Mobility market. However, technological advancements have lowered the entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high as the Smart Mobility market has many established players providing substitutable products. Buyers can easily switch between various options.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components and services are available from numerous global suppliers. Suppliers do not have pricing leverage.

Threat of new substitutes: The threat of substitutes is moderate as alternate mobility solutions can replace certain smart mobility services. However, differentiation and network effects create switching costs.

Competitive rivalry: The competitive rivalry is high due to many global players competing. Players differentiate based on technology, product portfolios and service offerings.

Key Takeaways

The Global Smart Mobility Market is expected to witness high growth, exhibiting a CAGR of 20.9% over the forecast period 2023-2030, due to increasing urban population and demand for smart city solutions.

North America dominates the smart mobility market currently due to higher adoption of advanced technologies and presence of major players in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing investments in smart infrastructure projects by various countries like China and India.

Key players operating in the Smart Mobility market are Cisco Systems, Inc., Excelfore, Ford Motor Company, Robert Bosch GmbH, and TomTom International N.V. Cisco and Bosch are focusing on developing integrated platforms for mobility services. Ford is investing in autonomous driving and connected car technologies. While Excelfore and TomTom provide location services and driverless vehicle support to various stakeholders.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it