The Global Smart Mobility Market is expected to grow at a CAGR of around 29.33% during the forecast period, the market is expected to grow from USD 421.32 Billion in 2020 to USD 3296.71 Billion in 2029. The cumulative market is expected to reach USD 16731.17 Billion. The global smart mobility market would be dominated by three regions – Europe, Asia Pacific and North America. The APAC market is expected to account to more than 30% of the total market. The decrease in the cost of hardware, the evolution of network communication technology, growth in the support infrastructure, high mobile adoption and internet penetration are some of the key drivers which would drive the smart mobility market. Technologies such as 3G/4G/5G, WI-FI, RFID, Embedded System to name a few for network communication, MEMS sensors and cloud computing would be key to smart mobility growth.
The Smart Mobility Market has experienced substantial growth over the last few years and is expected to increase further over the projected period (2020-2029). Smart Mobility has made a number of long-term investments and technology advances in markets such as connectivity, electrification, automation and shared mobility that are expected to drive the industry at an accelerated pace.
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