The Rise in The Trend of On-Demand Transportation services has Propelled the Growth of the Smart Mobility Market in the APAC Region!
- Himanshu Patni
- August 12, 2023
- AUTOMOTIVE, NEWS
- Bahrain Smart Mobility Market, Kuwait Smart Mobility Market, Middle East Smart Mobility Market, Oman Smart Mobility Market, Qatar Smart Mobility Market, Saudi Arabia Smart Mobility Market, Smart Mobility Market, Smart Mobility Market Share, Smart Mobility Market Size, Smart Mobility Market Trends, UAE Smart Mobility Market
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The rise in the trend of on-demand transportation services has had a significant impact on the smart mobility market. One of the primary drivers of this trend is the increasing demand for flexible and convenient transportation options. On-demand transportation services, such as ride sharing and car-sharing, provide users with the ability to access transportation services through a smartphone app, which is a convenient and flexible option that is in high demand.
In addition to providing convenience, on-demand transportation services can also reduce the cost and environmental impact of transportation. By optimizing the use of vehicles and reducing the number of cars on the road, these services can help to reduce the cost of transportation and reduce the environmental impact of transportation. This has led to an increase in demand for these services, which in turn has boosted the smart mobility market.
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Improved transportation efficiency is another key factor that has contributed to the growth of the smart mobility market. On-demand transportation services can provide real-time information and optimize routes, which can improve transportation efficiency and reduce congestion. This has led to an increase in demand for these services, which in turn has boosted the smart mobility market.
Further, the APAC Smart Mobility Market is expected to grow at a strong CAGR of 26.0% during the forecast period (2022-2030S). APAC is anticipated to emerge as the fastest-growing smart mobility market primarily owing to the spur in demand for connected devices in China, India, and Japan coupled with huge smartphone penetration and rising demand for on-demand transportation. Meanwhile, China constitutes to be the largest market in the APAC region, accredited to rising expenditure on smart mobility technology and surging usage of smart mobility services.
- FIG. 1 APAC Smart Mobility Market Revenue (2020-2030)- USD Mn
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Based on elements, the market is segmented into bike commuting, car sharing, and ride sharing. Amongst these, the car sharing segment dominated the market in 2021. This is because it offers an affordable and convenient alternative to traditional car ownership, which can be expensive and time-consuming. With car sharing, individuals can access a vehicle on an as-needed basis, without the long-term commitment of owning a car. Furthermore, car sharing can provide users with more flexibility and mobility, allowing them to travel to places they may not have otherwise visited. This can be particularly appealing to tourists, who may not want to rent a car for a short stay, or to people who only need a car occasionally.
By technology, the market is segmented into global positioning system (Gps), radio frequency identification (RFID), embedded system, and others. Among these, wireless smart mobility technology captured the majority share of the smart mobility market in 2021. The major share of the radio frequency identification (RFID) can be attributed to the RFID technology that allows for real-time tracking of vehicles, equipment, and other assets, which can be beneficial in a variety of applications, such as fleet management, supply chain management, and asset tracking. Moreover, RFID technology can improve the efficiency and accuracy of operations in a range of industries, such as transportation, logistics, and manufacturing. By automating the tracking and management of vehicles, equipment, and other assets, RFID can reduce the need for manual processes and minimize errors.
Global Smart Mobility Market Segmentation
Market Insight, by Elements
- Bike Commuting
- Car Sharing
- Ride Sharing
Market Insights, by Technology
- Global Positioning System (Gps)
- Radio Frequency Identification (RFID)
- Embedded System
- Others
Market Insights, by Solution Type
- Traffic Management
- Parking Management
- Mobility Management
- Others
Market Insight, by region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- Italy
- France
- Rest of Europe
- APAC
- China
- Japan
- India
- Rest of APAC
- Rest of the World
Top Company Profiles
- Cisco Systems, Inc.,
- Excelfore.
- Innoviz Technologies Ltd.,
- Siemens,
- MaaS Global Oy,
- TOYOTA MOTOR CORPORATION,
- TOMTOM INTERNATIONAL N.V,
- Robert Bosch GmbH,
- FORD MOTOR COMPANY
- QUALIX INFORMATION SYSTEM
