The global smart mobility industry is being driven by the heightened urbanisation and rapid technological advancements. The growing population across the globe is leading to a rise in demand for transportation. In addition, the rapidly increasing smartphone ownership, along with growing access to the internet, is also impacting the industry growth positively. Moreover, the increasing application of radio frequency identification (RFID) systems in asset tracking processes is also driving the market growth. In addition, the growing demand for cab services and ride sharing services in major cities, especially among the working population, is also expected to contribute to the overall market growth in the coming years.
The growing focus of the leading players to develop advanced mobility solutions in order to enhance customer experience is expected to positively stimulate the industry growth in the forecast period. In July 2019, Ford Smart Mobility LLC, a subsidiary of the Ford Motor Company (NYSE: F), announced the acquisition of Journey Holding Corporation, a transportation system software vendor. This acquisition would help provide technological solutions for on-demand and fixed-route systems for public and private transit operations. Furthermore, another leading manufacturer of smart mobility solutions, Innoviz Technologies (NASDAQ: INVZ), in a press release dated May 2021, announced its partnership with Sensagrate, a leader in smart city technology, to integrate InnovizOne with SensaVision, which would help to provide improved automobile and pedestrian safety, prevention of potential collisions at the intersections, predictive analytics, and intelligent data collection, among others. Such developments are expected to drive the growth of the smart mobility industry.
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The major players in the global smart mobility market are Cisco Systems, Inc., Hitachi, Ltd., Ford Motor Company, Siemens Mobility, Robert Borsch GmbH, Excelfore Corporation, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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