Smart Mobility Market Size & Share Report 2028: A Detailed Analysis of Emerging Trends and Future Growth Prospects | Xcellent Insights
Pune, March 16, 2023 (GLOBE NEWSWIRE) — Xcellent Insights announces the release of the recent report “Smart Mobility Market Size & Share Report 2028: A Detailed Analysis of Emerging Trends and Future Growth Prospects”. The global smart mobility market size is expected to register a significant revenue CAGR during the forecast period. Rising urbanization across the globe, rising need for better traffic, parking, and mobility management solutions, increasing population worldwide, and increasing investments in deploying advanced mobility solutions are expected to drive global market growth during the forecast period.
Smart mobility is an emerging concept that integrates all modes of transportation and infrastructure such as cars, autonomous vehicles, bikes, drones, traffic signals, parking spaces, and emergency vehicles via wireless communications and applies real-time data analytics and machine learning for making transportation safer and efficient. Smart mobility provides affordable commuting via various transportation options. These smart mobility solutions consist of novel technologies and revolutionary solutions for providing a greener, safer, and more efficient future, reshaping and optimizing transportation.
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Many countries across the globe are rapidly deploying smart mobility solutions to cater to rising number of vehicle accidents on the road, increasing pollution, and rising need to improve commute efficiency. Factors such as rapid advancements in global positioning systems (GPS) technology, rising pollution and latest trend of on demand transportation services are expected to drive global market growth going ahead.
However, factors such as lack of funds in various countries for developing smart mobility cities, rising connectivity issues and threat of data hacking, and low awareness about smart mobility in many parts of the world are expected to hamper overall market growth during the forecast period.
Key Companies Operating in the Market:
- Tom Tom
Smart Mobility Industry Recent Developments:
- In May 2019, Hyundai Motors announced the launch of new Smart Mobility Plan India to focus on electric, clean and connected cars. The smart mobility solution is based on 3 pillars, shared mobility, connected mobility and clean mobility.
- In November 2021, Targa Telematics, leading tech company announced the launch of Targa Smart Mobility with integrated mobility services in a single platform. With is platform, mobility operators can optimize user travel experience by providing an intuitive and fast user interface.
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The global smart mobility market has been segmented based on type, application, and region:
Market Segment by Type:
- Consulting Services
- Integration Services
Integration Services Segment To Register Rapid Revenue CAGR:
The integration services segment is expected to register rapid revenue CAGR during the forecast period. This can be attributed to growing adoption of smart cities, increasing awareness about importance of smart mobility solutions, and rising funds for deploying integrated smart mobility services.
Market Segment by Application:
- Traffic Management
- Mobility Intelligence
- Customer Mobility
Traffic Management Segment to Account for a Significantly Larger Revenue Share:
The traffic management segment is expected to account for a significantly larger revenue share during the forecast period. Factors such as rapid urbanization across the globe, increasing population, and rising adoption of smart traffic management systems to monitor traffic volumes, and detect and manage congestion areas are expected to drive segment revenue growth between 2022 and 2028.
Regional Market Analysis:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia, Nordic Countries, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, Southeast Asia, India, Australia, Rest of Asia)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E, Rest of MEA)
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share during the forecast period owing to growing adoption of smart cities across the region, rapid adoption of advanced technology, rising need for and increasing awareness about smart mobility. In addition, rising funds for developing smart mobility solutions and presence of key players are expected to drive North America market growth during the forecast period.
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Highlights of the Report:
- Estimates 2022 to 2028 smart mobility market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the smart mobility market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global smart mobility market
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global smart mobility market?
- What is the expected market size of the global smart mobility market between 2022 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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