In a recent published report, Kenneth Research has updated the market report for Global Smart Mobility Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Smart Mobility Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2024. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2024.
Smart mobility is one of the major requirements for the development of smart cities. Along with smart mobility, smart technology, smart governance, and smart infrastructure are important for the development of smart cities. Smart mobility deals with providing intelligent transportation solutions using innovative and integrated technologies and solutions, which is environmental-friendly and promotes sustainable development.
Smart mobility includes the promotion of environmental-friendly transport modes such as electric vehicles, shared transportation services, and on-demand smart mobility services. It promotes convenient and safe multi modal travel, accessibility, and efficient use of roads and resources through a strong circulation network management.
Developed and developing countries are expected to adopt more smart mobility technologies owing to the huge scope for developing smart mobility modes and the developed nations will demand technological up gradations in the existing smart mobility solutions.
Market Revenue and Segmentation Analysis:
The smart mobility market is expected to grow at a CAGR of 19.9% during the forecast period 2017-2023. The market is analysed based on regions, services, solutions, and technology. The solutions segment includes traffic management solutions, infrastructure, mobility intelligence, and customer mobility. The traffic management solutions are divided into intelligent transportation system, real-time traffic analysis, traffic prediction; the infrastructure includes charging stations, e-parking, inter modal mobility, the mobility intelligence includes smart maps, secured communication, fleet management/logistics, customer mobility includes mobility planning, ride-sharing, robocabs, and fare payment/collection. The solutions market has wide functionalities, which are required in developing smart mobility solutions. The traffic management and infrastructure are at a higher demand across the regions to face urbanization, limit the city expansion rate, and to bring sustainability. The solutions market is expected to grow at a higher CAGR during the forecast period, 2017 to 2024.
The services platform is segmented into consulting service provider, integration service provider, maintenance service providers, and others. The consulting and integration services providers are the growing segments owing to the demand for smart mobility developments in various countries and mostly these services are focused on bringing small and pilot projects to the smart cities.
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Technology Segment Analysis:
The technology segmentation includes 3G and 4G, Wi-Fi, GNSS/GPS, RFID, embedded systems, and others. Internet services provide Internet facility for the wide adoption of smart mobility services. RFID are at a higher demand owing to its wide functionalities in traffic management and collects the data from several signal management systems and posts it to the data center, which helps in building more accurate traffic monitoring and prediction tools. GNSS/GPS offers route mapping and quick destination mapping services and these are also used in predictive and real-time traffic management solutions. Embedded technologies are used for building electronic systems required for building the connectivity.
Regions Analysis:
The regions covered in report are Americas, Europe, Asia Pacific, and ROW. Among these, Americas is expected to grow at a higher CAGR during the forecast period 2017-2023. The US, Canada, the UK, China, Spain, and Brazil are expected to adopt more smart mobility technologies. Italy, France, Germany, Australia, Singapore, and South Korea are the emerging countries for smart mobility technology adoption owing to government budgeting, adopting more eco-friendly mobility solutions for development, to face rapid urbanization, and others.
Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape. Smart mobility technology is expected to change the shape of industries by 2025 with its wide range of capabilities. The report covers an in-depth analysis of Toyota, Siemens, Cisco, Ford, Robert Bosch, Innoviz Technologies. Inc., QuaLiX Information System, MAAS Global Oy, TomTom, and Excelfore Corporation.
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The study offers a comprehensive analysis of the “Global Smart Mobility Market”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
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