Smart Mobility Market To Reach $240.65 Billion By CIOTechOutlook Team

Smart Mobility Market To Reach $240.65 Billion

CIOTechOutlook Team | Thursday, 05 October 2023, 06:13 IST

The Smart Mobility Market was worth US$ 40.13 billion in 2020 and is expected to be worth US$ 240.65 billion by 2030, with a CAGR of 19.8%. Convenience and on-demand services are becoming increasingly important to consumers. These tastes are catered to by ride-sharing, micro-mobility, and MaaS platforms, which drive their adoption. The expansion of public transportation networks and the creation of charging infrastructure for electric vehicles are essential components of smart mobility growth.

The rise of electric vehicles with improved battery technology and faster charging, along with the development of autonomous vehicles by companies like Tesla and Waymo. Connected mobility solutions, enabled by IoT and 5G technology, are enhancing communication between vehicles and infrastructure. Mobility-as-a-Service (MaaS) platforms integrating various transportation modes are gaining popularity, and data analytics aid in optimizing routes and predicting maintenance needs, as per PMI.

Micromobility solutions like electric scooters and smart bike-sharing are growing more popular, and blockchain technology is being investigated for safe transactions in mobility services. Drivers can also get real-time information from augmented reality (AR) navigation devices. These developments are indicative of a dynamic and inventive smart mobility landscape.

The widespread use of electric vehicles for sustainability, advances in AI-powered autonomous driving, the rise of connected mobility through IoT-enabled solutions, the emergence of Mobility-as-a-Service (MaaS) platforms integrating various transportation services, the use of data analytics for predictive maintenance and optimized routes, and the expansion of micromobility options like electric scooters are some of the key trends propelling the smart mobility market.