Driving the Future: Global Smart Mobility Market Set to Hit USD 70.46 Billion by 2027

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.

👉 Download Sample Pages - https://www.alliedmarketresearch.com/request-sample/A06658

North America dominated the market in terms of revenue, followed by Europe, Asia-Pacific and LAMEA in the year 2019. U.S. dominated the global smart mobility market share in 2019, and is expected to grow at a significant rate during the forecast period, owing to increase in adoption of smart mobility concept.

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.

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.

👉 Interested to Procure the Research Report? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/A06658

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.

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.

COVID Impact Analysis

With the advent of the COVID-19 pandemic, the smart mobility market has registered a downfall in the year 2020, and is expected to encounter slower growth in the year 2021 as well.

This downfall is attributed to the decrease in demand for ride sharing and carpooling across the globe.

As per the industry experts, this decreased demand is expected to see a positive curve after the year 2022.

The smart mobility market is expected to grow after the availability of safety measures in car sharing and carpooling services such as introduction of plastic barrier between passengers of a car and driver.

👉 Procure Complete Research Report Now: https://www.alliedmarketresearch.com/smart-mobility-market/purchase-options

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

Key Findings of the Study:

By element, the car sharing segment is expected to register a significant growth during the forecast period.
Depending on solution, the parking management segment is anticipated to exhibit significant growth in the near future.
On the basis of technology, the GPS segment is projected to lead the global smart mobility market, owing to higher CAGR as compared to other technologies.
By region, Asia-Pacific is anticipated to register the highest CAGR owing to the increased investments carried out across different Asia-Pacific countries.

Similar Reports

https://www.alliedmarketresearch.com/car-rental-market - Car Rental Market Size, Share, Competitive Landscape and Trend Analysis Report, by Application, Rental Category and Vehicle Type : Global Opportunity Analysis and Industry Forecast, 2020-2027

https://www.alliedmarketresearch.com/smart-transportation-market - Smart Transportation Market Size, Share, Competitive Landscape and Trend Analysis Report, by Solution, by Services, by Transportation Type : Global Opportunity Analysis and Industry Forecast, 2020-2030

https://www.alliedmarketresearch.com/intelligent-transportation-system-market - Intelligent Transportation System (ITS) Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Application, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

Contact:
David Correa
5933 NE Win Sivers Drive
205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |

About us :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.