The global smart mobility market is set to witness impressive growth in the following years, as cities worldwide continue searching for a way to ease their mobility policies, promote a more sustainable environment, and increase road safety with an optimal traffic flow.
It has been reported that the entire market is expected to hit a $553bn value in 2021, or 40% more than a year ago. By 2025, global smart mobility revenues are expected to double and jump over $1.1trn.
Revenues to Grow by a Five-Year CARG of 20.2%
Smart mobility technology offers many new possibilities and apps for a safer and more efficient traffic flow while minimizing CO2 emissions and improving air quality.
This revolutionary way of thinking about how we get around comes with new forms of transportation, including electric vehicles and ride-sharing services, connecting different elements of technology and mobility to tackle problems caused by urbanization.
According to a Statista survey, the entire sector witnessed substantial growth before the pandemic, with revenues rising from $357bn in 2016 to $468.7bn in 2019. After a 15% revenue drop caused by the COVID-19, smart mobility revenues are expected to jump by 40% YoY to $553bn in 2021.
However, the following years are also set to witness even impressive growth, with the entire market growing by a five-year CARG of 20.2%, or around $145bn per year.
As the largest segment of the smart mobility market in 2021, shared mobility is expected to generate $283bn in revenue or 51% of the total value. Statista projects this figure to jump by 54% in the next four years and hit over $424bn.
However, electric mobility is set to become the largest market segment by 2025, with revenues surging by 252% to $951bn in this period.
China to Generate 40% of Total Revenues, Germany to Witness the Biggest Growth
The Statista survey confirmed China continues leading the smart mobility revolution. Over the years, the country once known more for technological imitation than innovation became a global leader in electric vehicles and other next-generation mobility products.
Statistics show the Chinese smart mobility market is expected to generate $215.3bn in revenue this year, or 40% of total revenues. By 2025, the entire market is set to more than double and hit $465.8bn value.
Far behind China, the United States ranked as the second-largest smart mobility market, with $187.6bn in revenue in 2025, up from $98.7bn this year.
However, as the country with the highest adoption of smart mobility solutions, Germany will witness the biggest revenue growth in the following years. According to Statista data, German revenues are forecast to jump by 133% to $91.3bn in the next four years, almost double that of the United Kingdom or France as the other two leading smart mobility markets.
(Economy India)
