22/06/2021 – Technology / Smart Mobility / Transportation / Cities / Electric
Global ‘Smart Mobility’ market to top $500bn in 2021, and almost triple in the next 5 years
Growing interest in on-demand transportation, combined with government initiatives for the development of smart cities, is driving impressive expansion in the global Smart Mobility market.
Despite Covid-19 related impacts causing a drop in sales last year, the global Smart Mobility market is nonetheless bouncing back and is forecast to hit a value of US$547 billion in 2021 – a 37-per-cent increase year-over-year – according to data presented by AksjeBloggen.com
Smart mobility revenues on course to hit $1.35tn by 2026
A new and revolutionary way of thinking about how we get around, Smart Mobility is touted as safer, cleaner and more efficient. Featuring altered forms of transportation like electric vehicles and reinvented transportation like ride-sharing, Smart Mobility solutions connect different elements of technology and mobility to tackle problems caused by urbanisation.
The entire sector has witnessed substantial growth over the last few years, with revenues rising from US$355.9bn in 2016 to US$474.5bn in 2019. After a 15-per-cent drop caused by the pandemic, smart mobility revenues are expected to jump by US$148bn in 2021. However, the following years are set to witness even more impressive growth, with this figure surging by 50 per cent to US$824bn in 2023. By 2026, the entire market is forecast to hit a US$1.35trn valuation.
As the largest segment of the smart mobility market, shared mobility is expected to generate US$284.4bn in revenue this year, or 52 per cent of total revenues. By 2026, this figure is set to jump to US$432.3bn.
Electric mobility is forecast to witness even more impressive growth, with revenues surging from US$263.2bn in 2021 to US$917bn in 2026.
China dominates smart mobility revolution; Germany will expand fastest up to 2026
Analysed 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-gen mobility products. Statista data shows the Chinese market is set to generate US$214.9bn in revenue this year (equating to a 40 per cent global share of Smart Mobility market revenues). This figure is forecast to jump by 160 per cent to US$556.7bn within the next five years.
Far behind China, the United States is ranked as the second-largest mobility market globally this year, generating a predicted US$97.9bn in revenue. By 2026, the US smart mobility revenues are expected to grow by 114 per cent to US$210.1bn.
However, as the third country with the highest adoption of smart mobility solutions, Germany is expected to witness the most significant growth in the coming years. Between 2021 and 2026, German revenues are forecast to surge by 183 per cent to US$108.3bn.
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