April 22, 2024

Smart Mobility Market Is Driven By Increasing Global Urbanization

Key products in the smart mobility market include vehicle-to-everything (V2X) communication systems, autonomous vehicles, mobility as a service (MaaS), and transportation management systems. V2X systems allow vehicles, infrastructure, and pedestrians to communicate with each other, thereby enhancing road safety. Autonomous vehicles use sensors and artificial intelligence for navigation with little or no human input. MaaS combines different modes of transport, like public transit and ride-hailing services, through a single interface such as a mobile app. Transportation management systems optimize transport infrastructure and operations through analytics and smart technologies. The growing need for improved transportation infrastructure and services to cope with rapid urbanization is a major driver of demand for intelligent mobility solutions.

The Global smart mobility market is estimated to be valued at US$ 37.26 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the smart mobility market are Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller’s Pharmacy, and Davis Islands Pharmacy. Wedgewood Pharmacy, Pace Pharmacy and Tache Pharmacy are leaders in customized medications for pets.

The demand for Smart Mobility Market Size solutions is growing rapidly due to rising road congestion and need for improved transportation experience. Smart cities initiatives worldwide are emphasizing transport modernization through connectivity and artificial intelligence. Mobility as a service has seen strong adoption as users prefer the convenience of multimodal transport planned through a single digital interface.

Smart mobility companies are expanding globally to address the needs of large urban populations. Partnerships between tech firms and city authorities are resulting in deployment of advanced transportation pilot projects. Mergers and acquisitions have also increased as players consolidate to offer comprehensive smart mobility platforms and services. Both mature and emerging markets are prominent investment destinations for smart mobility enterprises.

Market Drivers

Growing global urbanization is a key driver of the smart mobility market. The UN estimates that 68% of the world population will live in urban areas by 2050 compared to 56% currently. This rapid urban influx is overwhelming existing urban infrastructures. Smart mobility platforms that enable multimodal transport integration, traffic management and autonomous driving are seen as viable solutions to urban congestion and development of sustainable transport. rising global vehicle ownership is also increasing the need for smart technologies in transportation to handle growing traffic and ensure passenger safety.

The ongoing Russia-Ukraine conflict is significantly impacting the growth of the Smart Mobility market across various regions of Europe and Asia. The ceaseless tensions and large-scale military operations between Russia and Ukraine have disrupted global supply chains and economic activities. Many countries have imposed tough sanctions on Russia in retaliation to its invasion of Ukraine. The sanctions are restricting trade, investment, and technology transfer between Russia and other nations. This is hindering mobility projects and delaying deployment of innovative transportation solutions in Eastern Europe. Countries are also facing higher energy and commodity prices due to sanctions on Russia, which is further straining their budgets. These geopolitical challenges are increasing uncertainty and dampening the investing environment for mobility startups and tech companies in the short to medium term.

To overcome these obstacles and accelerate adoption of smart mobility technologies, governments and enterprises need strategic long-term planning. They must diversify trade relations, energy sources, and critical supplies to reduce dependency on sanctioned countries. Incentivizing domestic manufacturing of mobility hardware can boost supply resilience. Collaborating with like-minded allies and adopting open innovation models can help access capital and technologies from new markets. Initiatives promoting affordable internet connectivity, 5G rollout, and workforce reskilling are also important to realize the full potential of connected, autonomous mobility in challenging times. Meanwhile, private firms must strengthen risk management, focus on cost optimization, and tap new demand pockets to sustain business operations and investments.

In terms of value, the Smart Mobility market is concentrated most heavily in North America and Western Europe. Advanced economies in these regions have favorable conditions like high internet penetration, strong technical skills, established digital payments infrastructure, and supportive mobility policies that drive higher adoption of smart mobility services. However, the Asia Pacific region excluding Japan is emerging as the fastest growing geographical segment for the Smart Mobility market. Countries such as China, India, Indonesia, and South Korea are witnessing massive investments in transportation transformation projects involving electric vehicles, Shared mobility, MaaS platforms, and intelligent transportation systems. Rising disposable incomes, rapid urbanization, growing young populations that are more tech-savvy are fueling the demand for innovative mobility alternatives in Asia, giving it tremendous future potential.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it