Impact of COVID-19 on the Global Connected Mobility Solutions Market
The connected mobility solutions market had witnessed a negative impact of the COVID-19 pandemic in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). These lockdowns have resulted in the temporary halting of the manufacturing of automobiles in recent months. Connected mobility solutions are designed to interlink the vehicles’ systems and services from the inside and outside. These systems offer new opportunities to improve and develop vehicles, as a result, making the vehicles more efficient, offering safer mobility, and more convenience. Connected mobility solutions are gaining traction owing to the advancements in technology and the added benefits offered by them. The demand for these products is anticipated to recover in the coming months as several governments prepare to uplift the lockdowns in a phased manner. The governments of several countries have granted permission to several businesses to restart their operations, keeping in mind the safety guidelines. In the long run, the demand for connected mobility solutions is anticipated to rise owing to the increasing adoption of cloud-based solutions in the automotive sector and the expanding demand for connected and autonomous vehicles across the globe.
Connected mobility solutions have been increasingly adopted in recent years. Several companies have adopted and launched their connected mobility solutions. For instance, Robert Bosch GmbH, a leading German engineering company, launched a new connected mobility solutions unit in 2018 that develops and deploys digital mobility services. The company estimated that there would be over 470 million connected vehicles on the world’s roads by 2025. The company is planning to extend its connected mobility services via ride sharing, which includes online services and apps for carpools as well as for arranging driving services and taxis. Also, these mobility services include features such as system-generated alerts about wrong-way drivers and remote monitoring and control via smartphones. In other instances, in 2018, the BMW Group and Toyota Motor Corporation entered into partnerships with Daimler AG and Avis Budget Group, respectively, to expand their connected mobility solutions business.