Connected Mobility Solutions Market Overview
Connected Mobility Solutions Market is expected to grow USD 34.5 billion at a CAGR 17.60% during the forecast period 2022-2030.
The connected mobility solutions market has been assessed and predicted to be an amplifying market in the following years. The substantial increase in demand for cloud-based connected solutions in the automotive sector as well as connected self-governed automobiles directly commensurate to the augmenting integration of the latest technology services in the smart connected mobility devices in vehicles.
With the implementation of the Internet of Things (IoT) in the connected mobility solutions and deployment of smart infrastructure projects across the world, the market has gained considerable acceleration. The rising demand for digitization, the stipulation of smart technology solutions like crash detection of passenger vehicles with the help of a sensor device, has given the Connected Mobility Solutions Market a budding opportunity to reinvent business processes along with making mobility safer, more efficient, and convenient.
The Global Connected Mobility Solutions Market is expected to grow with a compound annual growth rate of 19% by the year 2023.
COVID Analysis:
The COVID 19 outbreak has had severe economic consequences throughout the world, affecting every aspect of a normal person’s life. As far as the businesses are concerned, they now have to fight 2 simultaneous battles that are owing to the health sector as well as the economic front.
This is the time of forced recession, and the downfall for businesses is more than that of a trillion dollars. For the connected mobility solutions market, there are speculations related to the first quarter of the new financial year being the time of recovery.
Owing to the situation, the connected mobility solutions market is switching and opting for more technically advanced and real-time solutions. The aim is to take up measures that are cost-effective and generate the required demand. The increased use of digital transformation, autonomous solutions, and application of smart infrastructure, cloud-based technical upgrades, and recovery solutions for business reengineering and technical consultations, will provide aid to the mobility solutions market and help in generating and boosting growth.
Market Dynamics:
Drivers
The proliferation of the concept of connected automobiles guarantees humongous growth, and the market is about to be appraised in the forthcoming years. The elevating demand for cloud-based connected mobility solutions in the automobile service industry and the increasing demand for connected and autonomous vehicles propels the growth of the market.
Opportunities
The Connected Mobility Solutions Market has gained considerable acceleration across the globe due to the soaring infrastructural development and smart city projects being developed throughout the world. Contributing aspects in the growth of the market, such as the burgeoning automotive sphere and high demand for mobility solutions drive the market growth predominantly. The Expanding demand for digitalization in this sector is propelling the connected mobility solutions market on the whole.Â
Technology Analysis
The global connected mobility solutions market has been estimated as a rapidly growing market. The tremendous growth in the fields of infrastructure and technologies, an increasing number of technology providers, and the adoption of smart and electric vehicles among people drive the market substantially. The integration of connected mobility devices presages the reasonable demand the market is observing at present. The incorporation of the Internet of Things (IoT) in connected mobility solutions is influencing the market’s growth.
Segmentation Overview
The globally connected mobility solutions market is divided on the basis of connectivity and technology, application as well as region.
By technology
- Technology dominates the connected mobility solutions market in different ways. The market is divided into Bluetooth, wireless (WiFi), 4G (LTE) as well as 5G data connections.
Based on application
- Owing to the connected mobility solutions market size, the market is divided into telematics along with navigation. Navigation will include monitoring vehicles and roads and will capture and manage real-time data.
On the basis of connectivity
- The connected mobility solutions market share requires great connectivity for functioning. The market on this basis is divided into integrated, tethered as well as embedded connectivity.
Regional Analysis
The Global Connected Mobility Solutions Market is studied for Asia Pacific, North America, Europe, and the Rest of the World. North America has been estimated to account for the largest portion of the connected mobility market and has also been expected to grow immensely with the fleeting rate during the forecast period. The broadening of the market in North America is attributable to the increasing adoption of the internet of things in this region. Also, Automobile companies in the United States and Canada are discovering new technologies to eliminate the accidents that may occur and provide a secure and safe experience.
Europe’s connected mobility market is gaining prodigious momentum due to the increasing demand for connected mobility solutions in the automotive sector. However, in Asia Pacific countries including China, Japan, and India among others, the market is growing exponentially as well, on account of the increasing acceptance of smart and electric vehicles among people. China has been recognized as the leading economy exhibiting significant growth in the connected mobility market, as a consequence of customers now preferring to own a vehicle with self-sustained and better-connected technology.
Competitive Landscape
Some of the pre-eminent members of the globally connected mobility solutions market are the following –
- Mitsubishi Motors Corporation (Japan),
- Robert Bosch GmbH (Germany),
- Siemens AG (Germany),
- Cisco System Inc (U.S.),
- Nokia Networks (Finland),
- Molex Incorporated (U.S.),
- Deutsche Telekom AG (Germany),
- HUBER+SUHNER (Switzerland),
- NXP Semiconductors N.V. (Netherlands)Â
Mitsubishi Motors Corporation (Japan) as one of the prominent members contributing to the Global Connected Mobility Solutions Market, uses principles that are positioned as the basic guidelines for sustainable development of society by the Sustainability Committee. This committee works to identify material issues through initiatives guided by the executive in charge. The key points now included in these principles are Disaster Relief Support during the global pandemic Covid 19 as well as other natural calamities. The organization has set up a management structure in place to constantly keep track of the progress on providing sustainability and ensure safety to its customers, employees, and retail partners. Keeping in mind, the global pandemic and each week to be a rollercoaster of good or bad news, Mitsubishi promises to keep standing strong and working towards better technology solutions for the globally connected mobility market.
Recent Developments
- The humongous growth in the technologies, an increasing number of technology providers, and the penetration of smart and electric vehicles among people drive the market, exponentially.
- The adoption of connected mobility devices foretells the considerable demand the market is witnessing currently. The integration of the Internet of Things (IoT) in connected mobility solutions is influencing market growth.
- The Connected Mobility Solutions Market has gained considerable acceleration due to the rising infrastructural development and smart city projects across the world.
- Factors, such as the burgeoning automotive sector and high demand for mobility solutions drive the market growth predominantly. Increasing demand for digitalization is propelling the connected mobility solutions market on the whole.Â
Connected Mobility Solutions Market Highlights:
