Smart Mobility Market to Reach $70.46 Bn, Globally, by 2027
Implementation of on-demand transportation services and supportive government initiatives regarding smart cities drive the growth of the global smart mobility market.
PORTLAND, Ore., Aug. 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Mobility Market by Element (Bike Commuting, Car Sharing, and Ride Sharing), Solution (Traffic Management, Parking Management, Mobility Management, and Others), and Technology (3G & 4G, Wi-Fi, GPS, RFID, Embedded System, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global smart mobility industry generated $34.04 billion in 2019, and is estimated to reach $70.46 billion by 2027, growing at a CAGR of 20.2% from 2020 to 2027.
Download Report Sample (246 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/7023
Prime determinants of growth
Trend of on-demand transportation services and favorable government initiatives for development of smart cities propel the growth of the global smart mobility market. However, threats related to data hacking and low penetration of the internet in developing countries restrain the market growth. On the other hand, deployment of intelligent transportation systems and improvement in performance of autonomous vehicles create new opportunities in the coming years.
Covid-19 Scenario of Smart Mobility:
- On-demand transportation services were closed down during the lockdown imposed by governments of many countries. As the lockdown restrictions lifted off, services such as ridesharing or carpooling have taken a hit due to safety concerns.
- Various initiatives regarding smart city development have been postponed by governments to curb the spread of coronavirus.
- The production and R&D activities of autonomous vehicles have been halted as factories and manufacturing plants have been closed during the lockdown. Moreover, the disruptions in the supply chain of raw materials hampered the ongoing manufacturing activities.
Get detailed COVID-19 impact analysis on the Smart Mobility Market Request Here!
The traffic management segment to maintain its dominant share throughout the forecast period
Based on solution, the traffic management segment contributed to the highest market share in 2019, holding more than one-fourth of the global smart mobility market, and is expected to maintain its dominant share throughout the forecast period. This is due to its advantages including less traffic congestion on roads and limited number of vehicles on roads at a specific time period. However, the parking management segment is projected to witness the highest CAGR of 21.9% from 2020 to 2027. This is attributed to flexibility in the usage of car parking along with optimization of parking space.
The RFID segment to maintain its lead position during the forecast period
Based on technology, the RFID segment accounted for the highest market share, contributing nearly one-fourth of the total share of the global smart mobility market in 2019, and will maintain its lead position during the forecast period. This is attributed to equipping vehicles with RFID for offering scanning systems that can scan vehicles rapidly and reduce the operational time. However, the GPS segment is expected to portray the highest CAGR of 21.9% from 2020 to 2027, owing to real-time information about the surroundings offered to drivers for enabling them with better decisions as per the situation.
Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/7023
North America to maintain its dominance in terms of revenue by 2027
Based on region, North America held the highest market share with nearly one-third of the global smart mobility market in 2019, and is expected to maintain its dominance in terms of revenue by 2027. This is due to rise in production and sales of the vehicles along with development of better infrastructure across the region. However, Asia-Pacific is expected to portray the highest CAGR of 22.2% from 2020 to 2027, owing to collaboration of leading market players and adoption of innovative technologies such as RFID for smart mobility.
Leading market players
- Excelfore Corporation
- Ford Motor Company
- Innoviz Technologies. Inc.
- MAAS Global Oy
- QuaLiX Information System
- Robert Bosch GmbH
- TomTom International
- Toyota Motor Corporation
Schedule a Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/7023
Similar Reports (10% on Customization):
Ride-Hailing Service Market 2020-2030: The global ride-hailing service market is segmented based on service type, vehicle type, location, end user, and region.
Car Rental Market 2020-2030: The global car rental market is segmented on the basis of application, rental category, vehicle type, and region.
Mobility-as-a-Service Market 2020-2030: The mobility-as-a-service market is segmented into organization size, service type, vehicle type, application type, business model, and region.
Smart Transportation Market 2020-2030: The smart transportation market segmentation is based on services, solutions and geography.
Intelligent Transportation System Market 2020-2030: The in-depth analysis provides market intelligence with respect to segments based on applications, systems and geographies.
Smart Parking Market 2020-2030: The global smart parking market is segmented based on type, component, technology, application, end user, and region.
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn |