Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Smart Mobility Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 17, 2021 (GLOBE NEWSWIRE) — The Global Smart Mobility Market is expected to grow at a CAGR of around 20.5 % from 2020 to 2027 and reach the market value of over US$ 70.5 Bn by 2027.
Europe is predicted to hold dominating share for the global smart mobility market
The rapid advancement of technology and its widespread adoption have resulted in the rapid expansion of the smart mobility market in Europe. Furthermore, cities in Europe account for 75% of the population and consume 80% of the energy. Because they were built on infrastructure designed for a smaller and less active population, the influx of people can create new opportunities while also posing significant economic, environmental, and social challenges. As a result, the demand for innovative solutions to emerging urban challenges is increasing rapidly.
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Breakthroughs in next-generation wireless technologies, such as 5G and Wi-Fi, have recently been observed with the goal of benefiting society. Furthermore, an increasing number of government mandates, such as those issued by the European Union (EU) and the Intelligent Transport System Directive, are expected to benefit the market during the forecast period.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. Increased investments in smart city projects are expected to open up new growth opportunities in the coming years, as smart transportation is an essential component of any smart city. Furthermore, rising government focus on reducing greenhouse gas emissions and reducing alarming levels of traffic congestion is expected to drive industry growth in the APAC region over the next few years.
Factors such as the growing popularity of on-demand transportation services and government initiatives to promote smart cities drive the global smart mobility market forward. Furthermore, the low rate of internet penetration in developing regions, as well as the threat of data hacking, is expected to limit the growth of the smart mobility market during the forecast period. Intelligent transportation systems and improved autonomous vehicle performance, on the other hand, are expected to provide lucrative opportunities for market growth.
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COVID-19 impact on the global smart mobility market
With the onset of the COVID-19 pandemic, the smart mobility market experienced sluggish growth in 2020 and is expected to experience slower growth in 2021 as well. This decline is attributed to a worldwide decrease in demand for ride sharing and carpooling. According to industry experts, this decreased demand is expected to reverse after the year 2022. The smart mobility market is expected to expand following the implementation of safety measures in car sharing and carpooling services, such as the introduction of a plastic barrier between a car’s passengers and the driver.
The global smart mobility market is segmented based on element, solution, and technology. By element, the market is segmented as bike commuting, car sharing, and ride sharing. Based on solution, the market is segmented as traffic management, parking management, mobility management, and others. By technology, the market is segmented as 3G & 4G, Wi-Fi, GPS, RFID, embedded system, and others
Key companies profiled in this report involve Cisco Systems, Inc., Excelfore, The Ford Motor Company, Innoviz Technologies Ltd, Maas Global Ltd, QUALIX INFORMATION SYSTEM, Robert Bosch GmbH, and among others.
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Some of the key observations regarding smart mobility industry include:
- In April 2021, Excelfore, announced collaboration with Red Hat. The collaboration aims to bring standardization from the cloud to edge controller and sensors. Open approaches of both Red Hat and Excelfore are creating alternatives to alleviate this mounting problem in the automotive industry.
- In May 2021, Innoviz Technologies Ltd, announced partnership with Sensagrate. The addition of InnovizOne to the SensaVision suite will enable a variety of applications that improve pedestrian and automobile safety, preventing near-miss collisions at intersections, collecting unique data for root cause analysis of pedestrian related incidents through intelligent data collection and predictive analytics. LiDAR-based intelligent traffic decisions will improve traffic flow and reduce traffic congestion, leading to a decrease in fatalities and emissions. We believe the collection of precise data, derived with InnovizOne on Sensagrate’s system, will advance city planning by allowing predictive models to be built over time that help cities have safer roads while reducing congestion.
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