Portland, OR, Oct. 07, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart mobility market generated $34.04 billion in 2019, and is estimated to reach $70.46 billion by 2027, registering a CAGR of 20.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing trend of on-demand transportation and government initiatives for development of smart cities drive the growth of the global smart mobility market. However, threat associated with hacking of data and low rate of internet usage in developing economies restrain the market growth. Furthermore, growing adoption intelligent transport system is expected to provide new growth opportunities for the market player in the near future.
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Covid-19 Scenario:
- The growth of the smart mobility market has been declined during the COVID-19 pandemic as on-demand transportation services were halted amid lockdown.
- Government initiatives regarding development smart cites have been postponed to curb the spread of coronavirus. Thus, the demand for smart mobility has been declined during the Covid-19 pandemic.
The report offers a detailed segmentation of the global smart mobility market based on element, solution, technology, and region.
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Based on solution, the traffic management segment contributed to the largest share in 2019, accounting for more than one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, the parking management segment is estimated to portray the highest CAGR of 21.9% during the forecast period.
Based on technology, the RFID segment accounted for the largest share in 2019, holding nearly one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the GPS segment is expected to register the highest CAGR of 21.9% from 2020 to 2027.
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Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 22.2% from 2020 to 2027.
Leading market players analyzed in the research include Excelfore Corporation, Cisco, Innoviz Technologies. Inc., Ford Motor Company, QuaLiX Information System, MAAS Global Oy, Siemens, Robert Bosch GmbH., Toyota Motor Corporation, and TomTom International.
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