Smart mobility is the employment of alternative modes of transportation in place of or in addition to owning a gas-powered automobile. There are several ways to do this, including car- and ride-sharing, walking, biking, using public transportation, and other activities. Rising traffic congestion and its detrimental impacts, including pollution, fatalities, and lost time, led to a demand for smart mobility.
The business is being propelled by government initiatives to encourage smart mobility, technical advancements, and the growing need to minimize traffic congestion and greenhouse gas emissions. A significant factor in the market's rise is the rising passenger capacity per vehicle. The on-demand service includes passenger cars, taxis, and charter cars in addition to other features including vehicle tracking, in-the-moment feedback, and customer ratings. Automobile availability and fare comparison with the correspondent are made simpler by a variety of smartphone applications. The use of smart mobility solutions is anticipated to increase along with the popularity of on-demand transportation services, fueling the expansion of the global smart mobility market during the course of the projected period. Several governments throughout the world are promoting smart mobility through smart city initiatives. Several governments around the world are implementing similar subsidy programs and investments. This aspect is thus likely to drive expansion in the worldwide smart mobility market over the forecast period.
The global Smart Mobility Industry is predicted to increase at a compound annual growth rate (CAGR) of 20.9% between 2023 and 2030.
Top Companies in the Smart Mobility Industry:
1. Cisco Systems, Inc.
Cisco Systems, Inc. is a global digital communications technology firm headquartered in the United States. It was established in 1984 and is headquartered in California, USA. It is present in over 80 countries. In June 2023, Cisco announced the launch of a new Full-Stack Observability Platform, a vendor-neutral solution that makes use of all of the offerings available to it. It offers clients correlated, contextual, and predictive information that helps them solve problems more quickly and improve their experiences while lowering corporate risk.
2. Excelfore
Excelfore was founded in 2008 and headquartered in California, United States. It operates in more than 40 countries. In October 2018, the smart mobility network operator Excelfore announced the launch of a new customer solutions support facility in Tokyo, Japan. With the installation of a new engineering development facility in Tokyo, Excelfore's footprint in Japan is now much stronger.
3. Ford Motor Company
Ford Motor Company was founded in 1903 and headquartered in Michigan, United States. It operates in over 125 countries all over the world. In July 2019, Ford Smart Mobility, a division of Ford Motor Company, will purchase Journey Holding, a technology company that develops software for intelligent transportation systems.
4. Robert Bosch GmbH
Robert Bosch GmbH was founded in 1886 and headquartered in Gerlingen, Germany. It operates in over 60 countries worldwide. Bosch underlines the crucial importance of software in its products during Software Day 2023 in June 2023. The usage of software is intended to help the mobility sector grow. In Detroit's M-1 Intelligent Corridor, new Intelligent Traffic Systems are supported by Bosch software. Bosch Mobility also aims to increase its revenue in the Americas to almost $20 billion by 2029, with recent customer wins worth billions of dollars.
5. TomTom International N.V.
TomTom International N.V. was founded in 1991 and headquartered in Amsterdam. It operates in 37 countries. TomTom (TOM2), a leader in geolocation technology, declared in March 2022 that it has become the first and only worldwide mapmaker and navigation provider to join the MIH Consortium. To construct the next generation of electric cars (EV), autonomous driving, and mobility service applications, the Foxconn-founded MIH Consortium is bringing together critical partners from across the automotive sector, including TomTom.
*Definition: Smart Mobility is a new paradigm for rethinking and changing how we travel. It is the transportation era of the future. It involves fusing a variety of technologies to boost efficiency, sustainability, and accessibility.
