Smart Commute Market Worth $86.56 Billion, Globally, by 2028 at 16.1% CAGR – Exclusive Report by The Insight Partners
The global smart commute market growth is driven by increasing demand for carpool & bike pool services, adoption of connected last mile commute with IoT and rising trend of mobility-as-a-service.
New York, Feb. 21, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Smart Commute Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Type (Carpooling, Van Pooling, Bike Pooling, Metro, and Others), Solution (Mobile Apps, Parking Management, Traffic Management, and Others), End User (Personal and Enterprises), and Geography”; the global smart commute market size is expected to grow from USD 30.46 billion in 2021 to USD 86.56 billion by 2028; it is estimated to grow at a CAGR of 16.1% from 2021 to 2028.
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Global Smart Commute Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 30.46 Billion in 2021|
|Market Size Value by||USD 86.56 Billion by 2028|
|Growth rate||CAGR of 16.1%from 2021-2028|
|No. of Pages||155|
|No. of Tables||88|
|No. of Charts & Figures||84|
|Historical data available||Yes|
|Segments covered||Type, Solution, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trendstrends|
|Companies Covered||BlaBlaCar, CommuteSmart, Enterprise Holdings Inc, ePoolers Technologies Pvt. Ltd, Golden Concord Holdings Limited, Oakland Smart Commute, Quick Ride, Transhelp Technologies Pvt Ltd, Uber Technologies Inc., Smart Commute|
|Key Research Capabilities||Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development|
|Global Smart Commute Market Forecast to 2028 – Latest COVID-19 Analysis||https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00009536/|
Global Smart Commute Market: Competitive Landscape and Key Developments
BlaBlaCar, CommuteSmart, Enterprise Holdings Inc, ePoolers Technologies Pvt. Ltd, Golden Concord Holdings Limited, Oakland Smart Commute, Quick Ride, Transhelp Technologies Pvt Ltd, Uber Technologies Inc., and Smart Commute are among the key players profiled during this market study. In addition, several other essential smart commute market players were studied and analyzed to get a holistic view of the global smart commute market and its ecosystem.
In January 2021: a city-based mobility firm built an app platform that integrates routes with prices for the first time, combining the bus, metro, Uber, Yulu, and other last-mile choices.
In January 2022: Tummoc, a multi-modal mobility firm, announced to expand operations to ten other cities, including Delhi and Mumbai, by 2022.
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Adoption of Connected Last-Mile Commute with IoT to propel the Global Smart Commute Market Growth:
IoT devices can be used to make daily commutes more enjoyable. These technologies help reduce overall transport costs while being environmentally beneficial which is bolstering the global smart commute market growth. Connected bicycles are the best IoT option for the last-mile journey. Citizens have begun to benefit from combined bike-sharing possibilities provided by smart commute market players. Users may keep track of bike availability, usage, and trip details. The only stumbling block for linked bike-sharing programs is integrating them into today’s traffic. Governments must ensure that designated bike lanes exist to maintain a smooth traffic flow. In a few areas, connected electric scooters are also available for rent. A few firms offer complimentary helmets to electric scooter riders for a minimal shipping fee. Apps for taxi commuting are popular among the youth. Rather than driving their car, many commuters use taxi services such as Uber and Lyft. This is a more cost-effective and environmentally responsible solution than single-user rides. These businesses have access to tremendous data that is monitored and studied to improve cab-sharing services which is bolstering the smart commute market growth. Unlike most public transit, facilities in the smart commute market can function similarly to public transportation, but they can provide a comprehensive commute option.
People who are not capable of purchasing a car can experience seamless travel through mobility services. According to the Bureau of Transportation Statistics, the average cost of owning and operating a vehicle is ~US$8,858, assuming 15,000 km of drive per year. Mobility-as-a-service (MaaS) reduces these costs for the user by maximizing the usage of transportation services such as carpooling and ride-hailing. It also reduces traffic congestion and overall automobile emissions in cities. As a result, digitally enabled carpooling and ride-hailing efficiently manage transport demands and provide a convenient and environmental-friendly alternative to private automobile ownership. Moreover, according to Deloitte report, 55% of the world’s population currently lives in cities, and estimations suggest that by 2050, ~68% of the population will be living in cities. The rapid pace of urbanization is leading to traffic congestion. MaaS concept can be a better choice for reducing traffic congestion by making greater use of existing public and private transportation infrastructure. The urgent demand for effective solutions to handle traffic in smart cities in a faster, less expensive, and more convenient manner is expected to fuel the MaaS market growth by 2028. Therefore, the increasing trend of MaaS is expected to fuel the growth of the global smart commute market.
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Consumers are hesitant to make large investments in vehicles that are only consumed for a short time. As a result, bike pooling is gaining popularity in European markets because of its ease of use and low cost. Despite the recent development of taxi players such as Uber and Lift, major cities are increasingly turning to two-wheeler ride-hailing applications to alleviate traffic congestion and environmental issues. Two-wheeler rental firms are rising by offering 24-hour customer service and free pickups and drops at designated places. Helmets, first-aid kits, and a phone holder placed on the bike are available in these rental two-wheelers. Optional additions, such as free 4G internet or pocket Wi-Fi, are especially popular in tourist destinations to maximize client advantages. Such factors are contributing to the growing adoption of smart commuting services, leading to the smart commute market growth.
Global Smart Commute Market: Type Overview
Based on type, the smart commute market is segmented into carpooling, vanpooling, bike pooling, metro, and others. The carpooling segment is anticipated to hold a significant share in the global smart commute market, and it is expected to grow at the highest CAGR. The smart commute is defined as regularly traveling from one point to another via carpooling, vanpooling, biking, bicyclists, or taking the metro. Public transit companies, governments, and other stakeholders have developed a complete strategy that considers smart travel and shares it with the public to construct more powerful transportation in metropolitan regions.
Impact of COVID-19 Pandemic on Global Smart Commute Market:
The COVID-19 outbreak had a significant impact on the transportation sector. The demand for carpooling and vanpooling services reduced globally in 2020 due to the COVID-19 pandemic. The global smart commute market witnessed a considerable decline in revenue generation in 2020 compared to 2019, partly due to the lockdowns and customers’ reluctance to use ride-sharing services even after the regulations were lifted. Ride-sharing firms are always attempting to maintain driver and passenger confidence in terms of safety and sanitation. However, post COVID-19 the market is again gaining momentum owing to the government initiatives towards sustainblity development.
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