Smart mobility market to top $500bln in 2021: report

The entire sector witnessed substantial growth over the last few years

  
Business plan and technology networking concept. Image used for illustrative purpose.

Business plan and technology networking concept. Image used for illustrative purpose.

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The global smart mobility market is forecast to hit a $547 billion value in 2021, marking a 37% increase year-over-year, according to data presented by AksjeBloggen.com.

The increasing trend of on-demand transportation and government initiatives for the development of smart cities continue driving the growth of the global smart mobility market, the report said.

Smart mobility is a new and revolutionary way of thinking about how we get around, one that is safer, cleaner, and more efficient. It comes with altered forms of transportation like electric vehicles and reinvented transportation like ride-sharing. These solutions connect different elements of technology and mobility to tackle problems caused by urbanization.

The entire sector witnessed substantial growth over the last few years, with revenues rising from $355.9 billion in 2016 to $474.5 billion in 2019. After a 15% drop caused by the pandemic, smart mobility revenues are expected to jump by $148 billion in 2021. However, the following years are set to witness even more impressive growth, with this figure surging by 50% to $824 billion in 2023. By 2026, the entire market is forecast to hit a $1.35 trillion value.

As the largest segment of the smart mobility market, shared mobility is expected to generate $284.4 billion in revenue this year, or 52% of total revenues. By 2026, this figure is set to jump to $432.3 billion.

Electric mobility is forecast to witness even more impressive growth, with revenues surging from $263.2 billion in 2021 to $917 billion in 2026.

Analyzed by geography, China is leading the mobility revolution. The country once known more for technological imitation than innovation is now a global leader in electric vehicles and other next-generation mobility products. The Statista data show the Chinese market is set to generate $214.9 billion in revenue this year, or 40% of combined revenues. This figure is forecast to jump by 160% to $556.7 billion in the next five years.

Far behind the leading China, the US ranked as the second-largest mobility market globally, with $97.9 billion in revenue in 2021. By 2026, the US smart mobility revenues are expected to grow by 114% to $210.1 billion.

However, as the third country with the highest adoption of smart mobility solutions, Germany is expected to witness the most significant growth in the following years. Between 2021 and 2026, German revenues are forecast to surge by 183% to $108.3 billion. – TradeArabia News Service

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