Implementation of on-demand transportation services and supportive government initiatives regarding smart cities drive the growth of the global smart mobility market.
PORTLAND, Ore., Aug. 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Mobility Market by Element (Bike Commuting, Car Sharing, and Ride Sharing), Solution (Traffic Management, Parking Management, Mobility Management, and Others), and Technology (3G & 4G, Wi-Fi, GPS, RFID, Embedded System, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global smart mobility industry generated $34.04 billion in 2019, and is estimated to reach $70.46 billion by 2027, growing at a CAGR of 20.2% from 2020 to 2027.
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Prime determinants of growth
Trend of on-demand transportation services and favorable government initiatives for development of smart cities propel the growth of the global smart mobility market. However, threats related to data hacking and low penetration of the internet in developing countries restrain the market growth. On the other hand, deployment of intelligent transportation systems and improvement in performance of autonomous vehicles create new opportunities in the coming years.
Covid-19 Scenario of Smart Mobility:
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The traffic management segment to maintain its dominant share throughout the forecast period
Based on solution, the traffic management segment contributed to the highest market share in 2019, holding more than one-fourth of the global smart mobility market, and is expected to maintain its dominant share throughout the forecast period. This is due to its advantages including less traffic congestion on roads and limited number of vehicles on roads at a specific time period. However, the parking management segment is projected to witness the highest CAGR of 21.9% from 2020 to 2027. This is attributed to flexibility in the usage of car parking along with optimization of parking space.
The RFID segment to maintain its lead position during the forecast period
Based on technology, the RFID segment accounted for the highest market share, contributing nearly one-fourth of the total share of the global smart mobility market in 2019, and will maintain its lead position during the forecast period. This is attributed to equipping vehicles with RFID for offering scanning systems that can scan vehicles rapidly and reduce the operational time. However, the GPS segment is expected to portray the highest CAGR of 21.9% from 2020 to 2027, owing to real-time information about the surroundings offered to drivers for enabling them with better decisions as per the situation.
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North America to maintain its dominance in terms of revenue by 2027
Based on region, North America held the highest market share with nearly one-third of the global smart mobility market in 2019, and is expected to maintain its dominance in terms of revenue by 2027. This is due to rise in production and sales of the vehicles along with development of better infrastructure across the region. However, Asia-Pacific is expected to portray the highest CAGR of 22.2% from 2020 to 2027, owing to collaboration of leading market players and adoption of innovative technologies such as RFID for smart mobility.
Leading market players
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