Smart Mobility Market Size to Surpass USD 345.63 Bn by 2032

The global smart mobility market size was estimated at USD 57 billion in 2022 and it is expected to hit around USD 345.63 billion by 2032 and growing at a CAGR of 19.8% from 2023 to 2032.

Key Takeaways:

By solution, the traffic management segment contributed revenue share of around 31% in 2022. However, the parking management segment is predicted to reach at a notable CAGR from 2023 to 2032.
By element, the ride sharing segment has had market share of over 36% in 2022. However, the car sharing segment is predicted to reach at strongest CAGR between 2023 to 2032.
By technology, the ride sharing segment has garnered highest revenue share in 2022. However, the GPS segment is predicted to hit at a noteworthy CAGR from 2023 to 2032.
By region, the North America region has garnered 40% market share in 2022. However, Asia-Pacific region is growing with a highest CAGR of 21% between 2023 to 2032.

Smart Mobility Market Size 2023 To 2032

Increasing population with increasing demands and developed innovated technologies which gave rise to the smart mobility market. Smart mobility is basically explained as improved modes of transportation with developed technologies such as bike sharing, car sharing, bike commuting, drones system and many more. Improved transportation technology with cheaper rates, decreased pollution with less emission of the carbon dioxide. Improved solutions such as management of traffic, parking management, mobility management. Which gave rise to the market during the forecast period and helped the environment.

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The presence and development of advance technologies in the smart mobility with increasing demands and facilities provided by the government also helped to boost the smart mobility market growth. The market players involved and developed technologies improved the market.

Report Highlights

On the basis of solution, the traffic management segment accounted 31% market share in 2021. However, the parking management segment is expected to grow at a highest CAGR over the forecast period.
On the basis of element, the ride sharing segment accounted largest revenue share 36% in 2021, owing to its higher adoption. However, the car sharing segment is projected to grow at a highest CAGR over the forecast period.
On the basis of technology, the GPS segment is expected to grow at a higher CAGR from 2022 to 2030. However, the ride sharing segment dominated the market with highest revenue share in 2021
On the basis of region, Asia-Pacific is expected to grow at a highest CAGR 22% from 2022 to 2030. However, the North America region accounted 38% revenue share in 2021.

Regional Snapshots

The smart mobility market increased in the various regions with improved facilities to develop region with the new technology arrived. Asia Pacific region to be the highest region to rise the smart mobility market rate. Increased population with the increased demand from the market with developed solutions and advance technologies helped to boost the market growth.
North America also has shown the significant growth in the smart mobility market due increased demand from the customer and supply of the needs has driven the market in the region to grow high. The smart mobility market in different regions is expanding high because of the demands from the market and improved facilities.
Improved market in the regions such as India, China, Japan, Europe, France, Mexico, U.S, Canada, North America, Germany, U.K, Middle East and Africa, South and Central America and rest of the world helped to grow the market.

Table of Contents

Report Scope of the Smart Mobility Market

Report Coverage	Details
Market Size in 2023	USD 68 Billion
Market Size by 2032	USD 345.63 Billion
Growth Rate from 2023 to 2032	CAGR of 19.8%
Base Year	2022
Forecast Period	20223 to 2032
Segments Covered	Element, Solutions, Technology, End User, Geography

Smart Mobility Market dynamics

Drivers

The smart mobility with improved developed technologies in mobility management helped to grow the market. The key market players introduced various developments in the smart mobility which helped to rise the market.
Smart mobility has introduced various types of transportation modes one is public transport and another is owned vehicle which is taken on rent. Improved elements such as ride sharing, bike commuting, car sharing and other. With improved solutions such as managing traffic, managing parking, mobility management.
Innovative technology in the smart mobility with the connectivity such as 3G, 4G, Wi-Fi, GPS, RFID, embedded system these advanced system in smart mobility market boosted the market at high peak.

Restraints

Lack of awareness among the people regarding the available of various transport modes improved in the smart mobility market hamper the growth of the market during the forecast period. Connectivity with the communicators such as driver, customer and supporters help to connect between them. Therefore, low internet connectivity may decrease the market growth so internet connectivity is of utmost important, along with that electrification system play a major role in the increasing smart mobility market. Power Generation is most important, less generating power may affect the smart mobility market.

Opportunities

The underdeveloped countries with improving smart technologies in different regions provided different facilities as per the requirements from the customer may improve the market growth in the countries. Rising population with increasing demands and rapid urbanization with increased revenue helped the market to boost the smart mobility market. Improved technology such as internet connectivity, cloud, wife wireless connection to share the data over smart mobile phones and transformation of information from one machine to another. Support, investment and facilities provided by the government for developing smart mobility market. The market players in the smart mobility developed technology increased the number of available technologies boosted the market growth.

Challenges

Decreased awareness among the people about the smart mobility technology services may hamper the growth of market. Availability of various transport options other than smart mobility may decrease the market. Very challenging task to aware the customers about the developed technology and benefits of smart mobility. Connectivity may challenge for the growth of the smart mobility market due to decreased internet connectivity may affect the smart mobility market growth rate.

Recent Developments:

In the year 2022, Hyundai launched the first smart mobility solutions that is new Hyundai Venue was announced in new Delhi was introduced by Hyundai Motor India Ltd with the comfort, good look, amazing performance, size, edges, Hyundai SUV is renovated to Hyundai venue.
In the year 2022 announced electric rides intercity, with the platform for electric ride hailing from the regions like Delhi NCR to Jaipur and Delhi NCR to Chandigarh.

Key Market Players

TOYOTA motor corporation
Excel fore
Cisco Systems, Inc.
Ford motor company
Siemens
Robert Bosch Gmbh
Qualix information System
Maas Gobal Oy
Tom Tom International N.V
Innoviz technologies

Segments Covered in the Report

By Element

Ride sharing
Car sharing
Bike commuting

By Solutions

Management of traffic
Management of parking
Management of mobility
Others

By Technology

3G and 4G
Wi-Fi
GPS
RFID
Embedded system
Others

By End User

Civil work
Business development
Academics
Municipal sectors
Others

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa