SMART MOBILITY MARKET ANALYSIS

Smart Mobility MarketSize and Trends

The global smart mobility market size was valued at US$ 26.89 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 20.9% from 2023 to 2030. The market is driven by the increasing need for reducing traffic congestion and emissions of greenhouse gases, government initiatives to promote smart mobility, and advancements in technology. Moreover, the rising number of passengers per vehicle is also a major driving force for the market growth.

Global Smart Mobility Market Trends:

Rise in use of electric vehicles and autonomous cars is recent trend

Growing use of autonomous cars and electric vehicles will drive the demand for smart mobility solutions in the coming future. The use of autonomous car will reduce the need for owing private vehicle and other burden along with it. The responsibility for driving will be eliminated for people, and it will help ride-sharing companies to grow their revenue. Thus, this trend is likely to grow in the global smart mobility market over the forecast future.

Bike commuting segment gaining traction in the market

Bike commuting involves traveling from one place to another in a specified range or a city using bicycles. This form of transportation is gaining traction as a smart mobility in several regions due to various benefits of bike commuting. This method is eco-friendly and does not need any kind of propulsion fuel. Moreover, with increasing emergence of electric bicycles, the use of electric bicycles is increasing. This trend is thus, expected to boost growth of the global smart mobility market during the forecast period.