by Smart Mobility involves integration of advanced and innovative transportation technologies in vehicles as well as infrastructure to provide enhanced mobility solutions and services. Advancements in connectivity, automation, electrification, and sharing are changing the way people and goods move. Smart Mobility enables optimized transport systems and traffic management as well as provides customized solutions to mobility needs. Some key advantages of smart mobility includes improved traffic management, enhanced road safety, reduced emissions, and optimized transport systems. The growing need for advanced and efficient mobility services has boosted demand for smart mobility solutions.
The Global Smart Mobility Market is estimated to be valued at US$ 37.26 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Smart Mobility are Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller€TMs Pharmacy, and Davis Islands Pharmacy. These players are focusing on developing advanced connectivity and automation solutions to capitalize on growth opportunities.
Growing investments by automotive manufacturers as well as technology companies in developing autonomous and connected vehicles is expected to open up new opportunities for smart mobility solutions. Furthermore, large scale implementation of intelligent transport systems and smart infrastructure in major cities worldwide will drive the adoption of smart mobility.
North America dominated the global Smart Mobility Market Size in 2024. However, Asia Pacific is expected to witness highest growth led by increasing government focus on smart cities development in major economies such as China and India. Growing mobile penetration and rising disposable incomes will further support regional market growth over the forecast period.
Market Drivers
The rising adoption of connected and autonomous vehicles is a major market driver. Automotive manufacturers are heavily investing in developing advanced driver-assistance systems and autonomous driving technologies. This is increasingly driving the demand for smart mobility solutions that enable vehicle connectivity, sharing of real-time traffic and navigation data, automated parking, and remote vehicle access.
PEST Analysis
Political: Governmental regulations regarding the transportation industry and autonomous vehicles help determine the growth and legalization of smart mobility solutions. Regulations around data privacy and autonomous driving further impact the adoption of these technologies.
Economic: Factors such as rising disposable incomes, spending power of consumers, and investments in smart city initiatives encourage the development and demand for smart mobility options. Deployment of 5G network infrastructure also affects the economic viability of these systems.
Social: Changing preferences of consumers towards environment-friendly and personalized transportation modes facilitate the social acceptance of mobility-as-a-service platforms. Increasing concerns around traffic, pollution and safety additionally support the smart mobility market expansion.
Technological: Pioneering technologies including AI, IoT, EV batteries, connected vehicles and 5G cellular networks enable the emergence of innovative smart mobility solutions involving autonomous driving, vehicle electrification and digital platforms. Continuous improvements in computing power and sensor technologies aid their further progression.
In terms of value, the smart mobility market in North America and Western Europe is highly concentrated currently owing to high vehicle ownership, existing transportation infrastructure and investments in smart city projects across countries like the US, Germany and France. However, Asia Pacific region is poised to become the fastest growing regional market between 2024 to 2031 on account of the large consumer base, rising middle-class population and government initiatives to develop advanced transportation networks in major countries including China and India. This stimulates the regional demand for shared, electric and autonomous mobility technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
