Press Release

Global Smart Mobility Market to Grow at a CAGR of 21% During 2021-2026, Aided by the Heightened Urbanisation Worldwide

Global Smart Mobility Market

According to a new report by EMR titled, ‘Global Smart Mobility Market Report and Forecast 2021-2026’, the market reached a value of around USD 31 billion in 2020. It is expected to witness a healthy growth in the forecast period, growing at a CAGR of 21% between 2021 and 2026 to attain USD 97 billion by 2026.

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.

Market Breakup by Element, Solution, Technology, and Region:

  • The market is divided based on elements into bike commuting, car sharing, and ride sharing.
  • On the basis of solution, the market can be distributed into traffic management, parking management, mobility management, and others.
  • The industry is segmented, on the basis of technology, into 3G and 4G, Wi-Fi, global positioning system (GPS), radio frequency identification (RFID), embedded systems, and others. 
  • Region-wise, the global market for smart mobility can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for smart mobility is being driven by the growing urbanisation worldwide. 
  • The increased demand for carpooling facilities among consumers has significantly contributed to the market expansion. 
  • The escalating eco-consciousness observed globally is also aiding the industry growth. 
  • The rising technological advancements and development in the manufacturing of smart mobility systems are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart mobility for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the elements, solutions, technologies, and major regions of smart mobility.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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