The global smart mobility market is set to witness impressive growth and is expected to hit a $553 billion value in 2021, or 40% more than a year ago, according to data presented by global financial analyst StockApps.com.
By 2025, global smart mobility revenues are expected to double and jump over $1.1 trillion, the report said.
Smart mobility technology offers many new possibilities and apps for a safer and more efficient traffic flow while minimizing CO2 emissions and improving air quality.
This revolutionary way of thinking about how we get around comes with new forms of transportation, including electric vehicles and ride-sharing services, connecting different elements of technology and mobility to tackle problems caused by urbanization.
According to a Statista survey, the entire sector witnessed substantial growth before the pandemic, with revenues rising from $357 billion in 2016 to $468.7 billion in 2019. After a 15% revenue drop caused by the Covid-19, smart mobility revenues are expected to jump by 40% YoY to $553 billion in 2021.
However, the following years are also set to witness even impressive growth, with the entire market growing by a five-year CARG of 20.2%, or around $145 billion per year.
As the largest segment of the smart mobility market in 2021, shared mobility is expected to generate $283 billion in revenue, or 51% of the total value. Statista projects this figure to jump by 54% in the next four years and hit over $424 billion.
However, electric mobility is set to become the largest market segment by 2025, with revenues surging by 252% to $951 billion in this period.
The Statista survey confirmed China continues leading the smart mobility revolution. Over the years, the country once known more for technological imitation than innovation became a global leader in electric vehicles and other next-generation mobility products.
Statistics show the Chinese smart mobility market is expected to generate $215.3 billion in revenue this year, or 40% of total revenues. By 2025, the entire market is set to more than double and hit $465.8 billion value.
Far behind China, the US is ranked as the second-largest smart mobility market, with $187.6 billion in revenue in 2025, up from $98.7 billion this year.
However, as the country with the highest adoption of smart mobility solutions, Germany will witness the biggest revenue growth in the following years. According to Statista data, German revenues are forecast to jump by 133% to $91.3 billion in the next four years, almost double that of the UK or France as the other two leading smart mobility markets.