Connected Mobility Solutions Market Overview
Technological development has led to the growth of advanced solutions, and the connected mobility solution is one of the major inventions in the automation world. Connected Mobility Solutions Market is expected to grow USD 34.5 billion at a CAGR 17.60% during the forecast period 2022-2030. The growing demand for cloud-based connected solutions in the automotive sector and connected self-governed automobiles is contributing to the growth of the latest technologies like connected mobility devices in vehicles.
Implementing advanced technology like the Internet of Things (IoT) and AI in connected mobility solutions is largely driving the Connected Mobility Solutions Market Industry. The development of smart infrastructure projects across the developing regions across the globe is another market growth factor. The rise in demand for digitization and inclination towards smart technology solutions like crash detection of passenger vehicles with a sensor device has raised the Connected Mobility Solutions Market value. This solution is considered safer, efficient, and convenient, due to which it is the market. It is receiving higher demand.
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The growth drivers are the reason the market is accelerating at a high rate. The propelling demand for connected mobility solutions with cloud-based technology in the automobile industry and the growing demand for connected and autonomous vehicles are the major driving factors emerging in the Connected Mobility Solutions Market growth.
Amid the pandemic, the market opted for more technically advanced and real-time solutions to overcome the economic loss. The target of the industrial players was cost-effective and efficient solutions to meet the requirements. The increased demand for digital transformation, cloud-based technical upgrades, autonomous solutions, application of smart infrastructure, and recovery solutions for business reengineering and technical consultations will help the market to get back to the normal growth days with rising opportunities.
The Connected Mobility Solutions Market is estimated to witness a CAGR of 17.60% by the year 2030, during the forecast period.
Market Segmentation
The Connected Mobility Solutions Market is segmented based on connectivity, technology, and application.
The connectivity segment is classified into integrated, tethered, and embedded connectivity.
The Technology segment is the dominating segment of the connected mobility solutions market. The segment includes Bluetooth, wireless (WiFi), 4G (LTE), and 5G data connections.
The application segment of the market is segregatedinto telematics and navigation. Navigation includes monitoring vehicles and roads and capturing and managing real-time data.
Regional Analysis
According to the geographical report, the Connected Mobility Solutions Market the top continents such as the Asia Pacific, North America, Europe, and the Rest of the World. North America is the largest market due to the increased adoption of the internet of things in the region. The presence of Automobile companies in major countries like the United States and Canada are implementing new technologies to reduce the rate of accidents to provide a secure and safe experience.
The European region is noticing significant growth due to the demand for connected mobility solutions in the automotive sector. Moreover, the Asia Pacific countries, including China, Japan, and India, are emerging from the regional market because of the higher acceptance of smart and electric vehicles.
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Industry News
Mitsubishi Motors Corporation (Japan), a prominent player, contributes to the market using certain principles to position the basic guidelines for sustainable development of society by the Sustainability Committee.
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