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Soaring Demand Set to Propel Smart Mobility Market to $116.63 Billion by 2029
Smart Mobility
Smart Mobility Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The scope of the intelligent mobility market has swiftly expanded in the previous years. Predicting a leap from $52.83 billion in 2024 to $61.92 billion in 2025, the compound annual growth rate (CAGR) is pegged at 17.2%. The spurt during the historic phase can be tied to the surge in urban populace, escalation in fuel expenses, heightened governmental backing for eco-friendly transportation, amplified environmental apprehensions, and an upswing in the allocation of funds toward public transportation infrastructure.
Smart Mobility Market Size Forecast: What's the Projected Valuation by 2029?
In the forthcoming years, the smart mobility market is projected to experience a swift expansion. The anticipation is for the market value to reach $116.63 billion by 2029, expanding at a Compound Annual Growth Rate (CAGR) of 17.2%. This growth during the forecast period is likely due to factors such as the increased uptake of electric vehicles, the escalating demand for autonomous driving technology, further integration of AI and machine learning into mobility, heightened penetration of 5G connectivity, and amplified investments in smart infrastructure. Key trends anticipated in the forecast period comprise advancements in battery technology for electric vehicles, improvements in vehicle-to-everything communication, AI-assisted navigation and routing innovations, progress in data-based urban planning, and the integration of shared mobility with public transport.
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What Are the Drivers Transforming the Smart Mobility Market?
The smart mobility market is predicted to experience substantial growth due to the increase in smart city initiatives. A smart city, which uses digital technology and data-driven solutions to enhance the quality of life, urban services, and sustainable development, is a reaction to rapid urbanisation and the need for sustainable urban growth. As populations migrate towards cities, there is a growing strain on public services and resources such as transportation, energy, and waste management. Smart mobility in these urban environments employs technologies to improve transportation, decrease traffic congestion, and foster sustainability. This includes smart traffic management, electric vehicles, shared mobility services, and autonomous vehicles, all with the goal of rendering urban transport more efficient, interconnected, and environmentally conscious. For instance, the German federal government committed to fostering smart cities and regions more actively in June 2023, with funding totaling €820 million ($918.4 million), as reported by Cities Today, a UK magazine. The support of the smart cities model projects (Modellprojekte Smart Cities) includes 73 projects, which yield best practices for 11,000 municipalities across Germany. Hence, the growth of the smart mobility market is driven by the surge in smart city initiatives.
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What Long-Term Trends Will Define the Future of the Smart Mobility Market?
Leading corporations in the smart mobility field are prioritizing the incorporation of artificial intelligence (AI) to improve the effectiveness, security, and sustainability of transportation systems. By leveraging AI in smart mobility, traffic flow can be optimized and congestion minimized through real-time data analysis. Predictive maintenance and route planning are also improved, thus advancing the safety and efficiency of transport systems. In a noteworthy development, Hyundai Motor Company, an automotive manufacturer based in the US, in September 2023 unveiled the Venue and the Venue N Line, in India. These vehicles were outfitted with advanced driver assistance systems (ADAS), making them the most economically priced sports utility vehicle (SUV) with cutting-edge technology in the sub-4m category. The deployment of ADAS is aimed at increasing road safety and satisfying the rising consumer demand for state-of-the-art facilities in compact SUVs. By focusing on cost-effectiveness and technological innovation, Hyundai has made the Venue a strong contender against other brands like Tata Nexon and Maruti Suzuki Brezza.
Which Segments in the Smart Mobility Market Offer the Most Profit Potential?
The smart mobilitymarket covered in this report is segmented -
1) By Type: Integrated Mobility Platforms, Smart Transportation Solutions, Connected Vehicle Solutions, Mobility As A Service, Traffic Management Systems
2) By Technology: Internet Of Things, Artificial Intelligence, Blockchain, Big Data Analytics, Cloud Computing
3) By Transport Mode: Public Transport, Private Transport, Shared Mobility, Electric Vehicles, Rail Transport
4) By End-User: Government, Transportation Service Providers, Fleet Operators, Corporate, Individuals
Subsegments:
1) By Integrated Mobility Platforms: Multimodal Trip Planning, Real-Time Transit Information, Payment And Ticketing Integration, Mobility Aggregator Apps
2)By Smart Transportation Solutions : Intelligent Public Transport, Smart Parking Systems, Dynamic Traffic Signal Control, Electric Vehicle Charging Infrastructure
3) By Connected Vehicle Solutions: Vehicle-to-Vehicle (V2V) Communication, Vehicle-to-Infrastructure (V2I) Communication, Telematics And Infotainment Systems, Advanced Driver Assistance Systems (ADAS)
4) By Mobility As A Service (MaaS): Ride-Hailing Services, Car-Sharing Services, Bike And Scooter Sharing, Subscription-Based Mobility Plans
5) By Traffic Management Systems: Adaptive Traffic Control Systems, Incident Detection Systems, Traffic Data Analytics, Electronic Toll Collection Systems
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Which Firms Dominate the Smart Mobility Market by Market Share and Revenue in 2025?
Major companies operating in the smart mobility market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors, Bayerische Motoren Werke AG, Hyundai Motor Company, Robert Bosch GmbH, Siemens AG, Intel Corporation, Cisco Systems Inc., Škoda Auto AS, Uber Technologies Inc., Lyft Inc., TomTom International BV, Waymo LLC, Lime Electric Scooter Sharing Company, Gett Inc, Mindteck, QuaLiX Information System LLP, Excelfore Corporation, Innoviz Technologies Ltd.
Which Regions Offer the Highest Growth Potential in the Smart Mobility Market?
North America was the largest region in the smart mobility market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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