The rising trend of on-demand transportation around the world is driving the growth of the global smart mobility market
Allied Market Research published a report entitled “Smart Mobility Market by Elements” (cycling, car sharing and driving sharing), solution (traffic management, parking management, mobility management, etc. ) 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 valued at $ 70. 46 billion by 2027, growing at a CAGR of 20. 2% from 2020 to 2027.
The trend towards on-demand transportation services and cheap government initiatives to develop smart cities are driving the growth of the global smart mobility market. However, threats related to data hacking and low internet penetration in developing countries are holding back market growth.
On the other hand, the use of intelligent transport systems and the improvement of the performance of autonomous vehicles will open up new opportunities in the coming years.
Based on the solution, the traffic management segment contributed the highest market share in 2019 and held more than a quarter of the global smart mobility market. It is expected to maintain its dominant share over the forecast period. This is due to its benefits, including less traffic jams on roads and a limited number of vehicles on roads in a given period of time.
However, the highest CAGR of 21 is forecast for the parking management segment. 9% from 2020 to 2027.
This is attributed to the flexibility in the use of parking spaces and the optimization of the parking space.
Based on technology, the RFID segment had the highest market share, accounting for almost a quarter of the total share of the global smart mobility market in 2019 and will maintain its leading position over the forecast period. This is attributed to the fact that vehicles are being equipped with RFID in order to offer scanning systems with which vehicles can be scanned quickly and operating time reduced.
However, the GPS segment is expected to have the highest CAGR of 21. 9% from 2020 to 2027 due to real-time information about the environment offered to drivers to help them make better decisions depending on the situation.
By region, North America had the highest market share with nearly a third of the global smart mobility market in 2019 and is expected to maintain its sales dominance through 2027. This is due to the increasing production and sales of vehicles as well as the development of better infrastructure in the region.
However, the highest CAGR of 22 is expected for the Asia-Pacific region. 2% from 2020 to 2027 due to the collaboration of leading market players and the introduction of innovative technologies such as RFID for intelligent mobility.
• On-demand transport services were suspended during the lockdown imposed by governments in many countries. With the lifting of the lock restrictions, services such as carpooling or car pooling were affected for security reasons. • Various initiatives to develop smart cities have been postponed by governments to curb the spread of the coronavirus. • Autonomous vehicles’ production and R&D activities have ceased as factories and manufacturing facilities closed during the lockdown. In addition, the interruptions in the supply chain for raw materials hampered ongoing manufacturing activities.
Would you like to get the data? Inquire here at: www. alliedmarketresearch. com / purchase… quiry / 7023 Leading Market Players • Cisco • Excelfore Corporation • Ford Motor Company • Innoviz Technologies. Inc. . • MAAS Global Oy • QuaLiX information system • Robert Bosch GmbH • Siemens • TomTom International • Toyota Motor Corporation
World News – UK – Smart Mobility Market Share, Size, Revenue of $ 70. 46 Billion By 2027 Report Examines Key Drivers, Business Insights
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– Tag: Parkmobile LLC
– Smart Mobility Market Share, Size, Revenue Of $ 70. 46 Billion By 2027 Report Examines Key Drivers, Business Insights
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– Global Market Research Report for Smart Parking from Top Manufacturers – Robert Bosch GmbH Continental Ag Valeo SA . . .
– Crowd Sourced Smart Parking Market 2020 Consumption Analysis, Key Regions, Top Manufacturers – Cubic . . .
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