Smart Mobility Market Size, Share, and Trends 2024 to 2034

Smart Mobility Market Size and Forecast 2024 to 2034

The global smart mobility market size is estimated at USD 81.46 billion in 2024 and is anticipated to reach around USD 496.06 billion by 2034, expanding at a CAGR of 19.80% from 2024 to 2034.

Smart Mobility Market Key Takeaways

• By solution, the traffic management segment contributed revenue share of around 31% in 2023. However, the parking management segment is predicted to reach at a notable CAGR from 2024 to 2034.
• By element, the ride sharing segment has had market share of over 36% in 2023. However, the car sharing segment is predicted to reach at strongest CAGR between 2024 to 2034.
• By technology, the ride sharing segment has garnered highest revenue share in 2023. However, the GPS segment is predicted to hit at a noteworthy CAGR from 2024 to 2034.
• By region, the North America region has garnered 40% market share in 2023. However, Asia-Pacific region is growing with a highest CAGR of 21% between 2024 to 2034.

U.S. Smart Mobility Market Size and Growth 2024 to 2034

The U.S. smart mobility market size is evaluated at USD 22.81 billion in 2024 and is predicted to be worth around USD 141.64 billion by 2034, rising at a CAGR of 20.01% from 2024 to 2034.

Based on the basis of geographical regions smart mobility have raised the market across various regions and increasing developments. Asia Pacific region to be the growing region with the increasing smart mobility market. North America also shown the significant growth of the smart mobility market. Europe, South America, Middle East and Africa also shown important growth in expanding the smart mobility market growth.

Market Overview

Smart mobility is generally explained as manner of transport. Which includes Mobility as a service, Mobility on demand, Car Sharing, ride sharing, bike commuting, autonomous transport, public transport, drones and many more. Improving of the new transportation technologies in the period of mobility. Increasing demand of the various ride sharing such as zip car, uber, Ola, zimride . Improved technologies and methods of transportation to gain the trust of customer with increased economic revenue and improve the experience with different modes of transport. Mobility of transportation with improved smart technology and increased demand for the advance technology with development of the smart city and reduced pollution which give raise to the market growth.

The continuous growth of the smart mobility and increased demand from the customers led to the increase incorporation of the business of smart mobility helped to boost the market high. The usage of car sharing, ride sharing and less use of personal individual vehicles and increased sharing of the cars which led to less emission of the pollutants from the vehicles which helped the smart mobility.

Smart Mobility Market Growth factors

Development of the transportation modes in to the modern changes in the transport industries. Smart mobility is rapidly growing the market rate. Usage of the digitalization mode to manage the mobility from one end to another end. Transportation can be done by two modes one by public transport and another can be done private car on rent which has thrived the market growth with increasing demand on the smart mobility. With the increasing number of population and urbanization and increased number of vehicles gave rise to traffic jams, parking problem an mobility and recently developed modes of transport helped to develop smart mobility across the regions with decreased number of accidents, zero emission of pollutants and safe driving all these reasons are the factors for rising the growth of the smart mobility with gaining technologies.

The smart mobility market is divided in to elements which includes car sharing, ride sharing, bike commuting. Another type is solution which includes management of traffic, management of parking, management of mobility and other end use. Type based on the technology. Which includes 3G, 4G Internet connection, RFID, GPS, and Wi-Fi. Increasing research and development to improve the smart mobility solutions and developing latest technologies such as mobility as a service, artificial intelligence are important services which help to boost the market growth during the forecast period.

The increasing population worldwide with the introduced smart mobility developments and rising demands from the customer for cab sharing, bike commuting, and ride sharing and increasing the solutions with environment awareness. Due to the outbreak of the pandemic covid-19 affected the smart mobility market. As by the rules and regulations imposed by the government such as lock down, social distancing which negatively affected the market. Stoppage of the transport there was no mobility of the transportation decreased the growth of the smart mobility.

Market Scope

Market Dynamics

Key market Drivers

• Improved transportation system- Increased modes of transportation includes bike sharing, car sharing are developed technology. Which shares the data between the individuals and vehicles. Which gives the route and direction and time required to reach the destination also gives an alert about the further traffic with the safe driving and decrease accidents.
• Role of Government for developing smart cities-Several government have imposed new development and technologies for the development of the smart mobility with the investments by several governments across the regions.
• Decreased rate of internet- Car sharing, ride sharing are between three domains such as customers, drivers and providers. Information is shared through smart phone of the cab which require internet connectivity for calculating the ride, time taken to reach the destination. Low Internet connection may reduce the growth of the market.

Key Market Challenges 

• Internet Connectivity- Connectivity may be the challenge for the developing smart mobility. Low connectivity may led to disconnection between the individuals and the driver and decreased the market growth. Improved technologies developed with 3G, 4G, wife connection may led to improve the market.
• Investment funding’s- Sufficient funding to be invested by the various countries for developing the smart mobility city with decreased emission of the fuels and developing the electric system based cars and increasing the market.
• Less Demand for smart mobility- Low demand for the smart mobility due lack of awareness among the individuals and lack of knowledge across various regions among the people about smart phones. Usage of the automotive learning which is cost saving and effective. Awareness to create among the people to increase the market.
• Electric Based system- Increased electric cars and bikes low emission, decreased sound pollution are another developed transport system. Power generation is utmost for the good productivity and efficiency.

Key Market Opportunities

Opportunities according to the increasing developed technology and the smart mobility. Give the increasing opportunities in the rising market. In increasing population and rising demands for the smart mobility led to the rapid urbanization and increased revenue of the market which thrived the market growth.

Digital transformation of the data through processing information over internet increased digitalization process. Cloud computing for sharing the information over internet connectivity wireless connections for sharing the information increased automation improved technologies in business development to gain the solutions and improve productivity.

Increased cyber security and improved technologies for identifying fraud calls enables with the use of wide connectivity of 5G with high seed and required information over internet.

Element Insights

Based on product segmentation of smart mobility increased population with the rapid development of the urbanization. Increased demand with the developing technologies with the involvement of smart mobility and improved system in to the transportation system.

Cab sharing, bike sharing, ride sharing led to decreased usage of the personal vehicles less emission and decrease pollution. Improved the smart mobility market during the forecast period with the increased revenue market share.

Application Insights

Based on applications of smart mobility due to increased demand from the customers with the developed technologies and development used in sharing the vehicles with low cost which gives low emission of carbon dioxide gas and decrease the pollution in the environment also helps us to determine the traffic jam on the route, parking solution, technology development, and managing mobility help to boost the market growth during the forecast period. Usage at business level with improving technological solutions with fast speed and connectivity which improved productivity and efficiency.

End User Insights

Based on the end users of smart mobility likely to be used at business level due to improved technology with the great speed and sharing become easy through technological solutions and improved productivity and market rate. Alternatives for the transportation are electrical based systems cars, bikes with improved electrification system. For civil work, academics, municipal sectors and increasing research and development increased the market during the forecast period.

Smart Mobility Market Companies

• TOYOTA motor corporation
• Excel fore
• Cisco Systems, Inc.
• Ford  motor company
• Siemens
• Robert Bosch Gmbh
• Qualix information System
• Maas Gobal Oy
• Tom Tom International N.V
• Innoviz technologies

Recent Developments

• In the year 2022, Hyundai launched the first smart mobility solutions that is new Hyundai Venue was announced in new Delhi was introduced by Hyundai Motor India Ltd with the comfort, good look, amazing performance, size, edges, Hyundai SUV is renovated to Hyundai venue.
• In the year 2022 announced electric rides intercity, with the platform for electric ride hailing from the regions like Delhi NCR to Jaipur and Delhi NCR to Chandigarh.

Segments Covered in the Report

By Element 

• Ride sharing
• Car sharing
• Bike commuting

By Solutions

• Management of traffic
• Management of parking
• Management of mobility
• Others

By Technology

• 3G and 4G
• Wi-Fi
• GPS
• RFID
• Embedded system
• Others

 By End User

• Civil work
• Business  development
• Academics
• Municipal sectors 
• Others

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa