ID: MRFR/ICT/5510-HCR | February 2021 | Region: Global | 100 pages
Smart Commute Market Overview:
According to the reports, Over the projected period, the smart commute market size is anticipated to expand from USD 26.52 billion in the year 2017 to USD 104.22 billion by the end of the year 2023, representing a compound annual growth rate CAGR of 25.62 percent. Traveling from one location to another on a routine basis via carpooling, vanpooling, biking, bicyclists, or using the metro is referred to as smart commuting. In order to design more power transport in metropolitan areas, public transit firms, authorities, and other players have created a comprehensive strategy that takes smart traveling into account, which they have shared with the public. Furthermore, a reduction in occupancy rates would result in cost savings in the areas of management, organization, compliance, maintenance, and new development. In addition to reducing emissions of greenhouse gasses emissions, smart commuting has a beneficial influence on the planet since it reduces traffic congestion.
A variety of reasons are driving the worldwide smart commute market business upwards in recent years. In accordance with the most recent MRFR report, such factors such as increasing population rates, an increasing urban citizenry, and use of digitally enabled innovations in transportation systems, growing adoption for road transport as a provider, and a decrease in car ownership as a result of the rise in ride-sharing. Numerous forthcoming railway initiatives, growing industrialization and urbanization, availability of public transportation and intelligent transport alternatives, and also associated systems, assistance, and software, technological advancements such as the introduction of digital trading platforms, traveler data management, and fully automated location systems, and favorable government policies are all contributing to market growth.
This report contains all the information on the global smart commute market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global smart commute market forecast for 2023 is also included in the report.
Smart Commute Market Covid 19 Analysis:
While on the opposite, factors such as high material costs, worries about management and security & storage services, the lower growth percentage of GDP, vulnerability to hacking attacks, and the continuing COVID-19 impact are expected to limit the expansion of the market smart commute application market throughout the forecast period.
Smart commute services provide workers with environmentally-friendly commuting options like carpooling, bike-sharing, and vanpooling, among many other things. It provides business workers with an available transport alternative, allowing them to choose a more efficient commute route that not only decreases traffic congestion but cuts transport costs as well. One of the reasons driving the development of smart commute market sales is the increasing city dwellers, which is accompanied by rising generational rates.
The development of public mobility is a priority for the administrations. Because it aids in the reduction of emissions, sharing services have acquired widespread acceptance and are being pushed by administrations and environmental groups. It makes it possible to utilize fewer private automobiles, which is anticipated to drive the development of the Smart Commute Market trends in the coming years. Due to the abundance of possibilities, private companies are increasingly joining the market environment. These services are also gaining popularity among consumers as a result of their low price. Additionally, growing public awareness of the environmental consequences is expected to create opportunities for the major key players in the market.
A number of issues, including the long wait time to arrive at the location and luggage limitations, are impeding the development of the industry in this sector.
The luggage limits are expected to create challenges that ultimately slow the pace of development of the smart commuting software market in the near future, according to industry experts.
Cumulative Growth Analysis:
As a result of rigorous governmental laws and standards relating to greenhouse gases, the Asia-Pacific area is expected to witness the fastest expanding region in the world in the next years. It is also anticipated that the announcements by vehicle manufacturers of intentions to embrace car-sharing companies would help to strengthen the ride-sharing ecology in the area as a whole. Volkswagen stated in December 2017 that it will begin offering zero-emission vehicle sharing services in the following years, with the majority of the services being offered in Europe, North America, and Asia.
Value Chain Analysis:
The smart commute market is divided into three categories: type, solution, and geography. Carpooling, vanpooling, bike pooling, bicycle pooling, metro, and other modes of transportation are among the types of carpooling available. The market is divided into mobile apps, smart ticketing, parking management, traffic management, and other solutions based on the kind of service offered. The market is divided into four regions based on geography: North America, Europe, Asia-Pacific, and the rest of the world.
Smart Commute Market Segmentation Overview:
The market is segmented on the basis of type, solution, and geography. The global smart commute market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into Carpooling, vanpooling, bike pooling, bicycle pooling, metro, and other modes of transportation.
Based on the propulsion types, the market is segmented into mobile apps, smart ticketing, parking management, traffic management, and other solutions.
Smart Commute Market Regional Analysis:
According to estimates, the worldwide smart commuting market would expand at a considerable pace over the projected period of 2018 to 2023. The smart commute industry is examined in terms of geography in North America, Europe, Asia-Pacific, and the rest of the globe, among other regions.
Smart commuters are becoming more popular in Europe and North America, due to rising worries about global warming, traffic congestion, and dependence on foreign energy. Consumers' use of smart commutes in Europe has risen dramatically as a result of the practice of levying toll costs on vehicles with a single occupant, which was implemented in 2012. Because of increasing public awareness about parking and traffic congestion, the Asia-Pacific area is anticipated to be the largest expanding region.
Smart commute crucial palyers are improving their goods and services all around the globe as a result of their efforts. As part of their organic approach, businesses are concentrating on technology advancement and product improvement in order to expand their client base. Furthermore, as a part of their inorganic development plans, the businesses are using partnership and collaboration tactics in order to extend their operations across the globe.
According to Esurance Insurance Services, Inc., an American insurance business, the Smart Commuting Index was launched in September 2018 and allows citizens of each state to rate their state according on their commuter experiences. A commuter's paradise as per the Index, the Northwest area is the greatest location to live.
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Type, Solution|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||South Florida Commuter Services (US), ePoolers Technologies Pvt. Ltd. (India), Quick Ride (India), Uber Technologies Inc. (India), ANI Technologies Pvt. Ltd.(India), Metrolinx (Canada), ZipGo Technologies Pvt. Ltd (India), Central Indiana Regional Transportation Authority (CIRTA) (US), Oakland Smart Commute (California), CommuteSMART (US), BlaBlaCar (France), Turo (US), Carma Technology Corporation (Europe)|
|Key Market Opportunities||
|Key Market Drivers||The smart commute key palyers are enhancing their products and services across the world. As a part of organic strategy, the companies are focusing on technological upgradation and product enhancement to enhance the customer base.|
Frequently Asked Questions (FAQ) :
The market for smart commute is expected to achieve a CAGR of 25.62% in the years ahead.
The market size by the year 2023 can be USD 104.22 billion.
The significant players operating in the global market include Quick Ride, and Uber Technologies Inc., ePoolers Technologies Pvt. Ltd., South Florida Commuter Services, and others.
The solution-wise segments in the global market are smart ticketing, mobile app, traffic management, parking management, and others.
Players are striving to innovate their products as well as services across the globe. Many of the companies are concentrating on technological advancements as well as product enhancement to increase their customer base. They are also entering marketing strategies like partnerships and collaborations for business growth.