The Global Smart Mobility Market Growth Accelerated By Connected And Autonomous Cars
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Smart Mobility Market |
Smart mobility refers to shared,
connected, integrated and sustainable transport options that enables seamless
door-to-door mobility. It offers innovative mobility solutions and services
through new business models, technologies and attitudes. Smart mobility aims to
optimize the transportation system and movement of people and goods. This
includes emerging technologies such as vehicle electrification, autonomy,
mobility as a service, smart infrastructure, and connectivity.
The global smart mobility market
is estimated to be valued at US$ 32.34
Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market Dynamics:
Rising adoption of autonomous and
connected vehicles is estimated to drive the growth of the global smart
mobility market over the forecast period. Autonomous vehicles use technologies
such as sensors and artificial intelligence to navigate and operate
independently with minimal to zero human input. Similarly, connected vehicle is
equipped with Internet access and wireless local area networks, allowing them
to share data with other connected vehicles and infrastructures. Increasing
investments by OEMs in these advanced vehicle technologies in order to improve
safety, mobility and fuel efficiency is augmenting the market growth. According
to International Transport Forum, autonomous vehicles could reduce up to 30% of
accidents caused by human errors. Moreover, growing concerns regarding traffic
congestion and emissions are propelling the demand for shared, electric and
integrated mobility solutions, thereby fueling the smart mobility market
growth. However, high installation and integration cost associated with
development of intelligent infrastructure remains a major challenge.
SWOT Analysis
Strength: Smart Mobility Market
offers solutions like smart parking, smart navigation and multimodal transport
which helps consumers locate parking spots easily and provides real-time travel
updates. These solutions help reduce traffic congestion and fuel consumption.
Mobility as a Service offerings allow users to seamlessly access different
transportation modes through a single application.
Weakness: High initial
investments are required for deployment of smart mobility solutions. Network
connectivity and compatibility issues can affect user experience of various
mobility solutions. Lack of standardized platforms leads to integration
challenges between different solutions. Data privacy and security concerns may
limit large-scale adoption.
Opportunity: Rising urban
populations is increasing pressure on existing transportation infrastructure.
Growing focus on reducing vehicular emissions presents an opportunity to
promote shared, electric and autonomous mobility solutions. Expanding 5G
networks will support newer applications and technologies. Growth in smart
cities initiatives will drive demand for integrated smart mobility platforms.
Threats: Dependence on telecom
operators for connectivity can affect service quality. Changing consumer
preferences and economic risks pose threat to demand. established
transportation modes may resist shift to new shared and on-demand services.
Stricter regulations on data usage and privacy can limit scope of
location-based and personalization services.
Key Takeaways
The Global
Smart Mobility Market Growth is expected to witness high growth over
the forecast period backed by increasing investments in development of smart
transportation solutions especially in developed economies. The global smart
mobility market is estimated to be valued at US$ 32.34 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period
2023 to 2030.
North America currently dominates
the global market led by presence of major technology providers and supportive
initiatives towards development of smart infrastructure in countries like the
US. Asia Pacific is expected to exhibit fastest growth owing to initiatives
like Smart Cities Mission in India and rapid digitization of transportation
networks across China, Japan and South Korea.
Key players
Key players operating in the
Smart Mobility Market include Wedgewood Pharmacy, Pace Pharmacy, Tache
Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding
Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller€TMs
Pharmacy, and Davis Islands Pharmacy. The market is witnessing consolidations
as players seek to offer integrated mobility solutions.
Get More Insights Here
https://www.newswirestats.com/smart-mobility-market-size-share-growth-outlook-2023/
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