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The Smart Mobility Market's Phenomenal Rise To Growth

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  The Smart Mobility Market's Phenomenal Rise To Growth

Chirag Jain, CEO, Get My Parking, 0

An IIT Madras alumnus, Chirag has worked with Hover Automotive India and CarWale.com, and even incepted the Disaster Management Committee at IIT Madras, prior to founding Get My Parking in 2015.

Here is why urbanists and city planners care about smart mobility, as should you! Smart mobility reduces traffic congestion, culls pollution, and saves 17 hours every year spent looking for parking. It is a sustainable long-term solution for commuting in the urban world and is also touted to be an economic game-changer. To understand how, you must first be familiar with the concept behind smart mobility.

Smart Mobility: A Quick Recap
Smart mobility is the use of varied transportation modes like ride-sharing, walking, bicycling, and public transport. This solution saves the world billions of dollars in fuel costs, adds to commuter convenience and safety, and produces employment for countless individuals. So, it shouldn’t come as a surprise that smart mobility is already witnessing a phenomenal rise to growth.

Smart Mobility & the Dreaded Coronavirus
The wretched wrath of the year 2020 did’'t spare any industry, and the smart mobility sector is no different. Due to the necessary physical distancing norms, ride-hailing, carpooling, car sharing, and public transportation services came to a temporary halt. But experts say that the slowdown within the smart mobility sector is just a temporary blip. While it’s true that the uptake of this sector’s services will experience a slow rise in 2021 as things inch towards normalcy, 2022 will restore its lost glory.

This prediction comes in lieu of the vaccination drive in full force worldwide and the adequate safety measures already introduced within the smart mobility ecosystem. Several countries like the US, UK, Israel and many others have begun de-masking campaigns, and their smart mobility network is fully functional. What’s more? Individuals are happily commuting through it.

Commuters’Unshakeable Faith in Smart Mobility
Even the pandemic-stricken world could not undermine the popularity of smart mobility solutions. Countless individuals chose to observe physical distance while continuing to use public transport or hail cabs soon aftergovernments lifted restrictions. The reason for this is that on-demand smart mobility solutions like taxi services, charter vehicles, electric bikes, and others provide exceptional convenience and flexibility to move around for essential work at affordable prices. In fact, during the pandemic, certain smart mobility mediums helped transport countless patients and their
family members to hospitals and nursing homes, thus reducing the door-to-needle time.

Smart mobility solutions also feature real-time feedback mechanisms that help commuters choose the medium that suit them best. But the real reasons behind the ever-growing popularity of smart mobility solutions lie in the way commuters view vehicular ownership. Owning a private vehicle is no more a quintessential dream for every family.

In fact, more and more socially aware millennials with a fortified consciousness of environmental issues are moving towards shared mobility. However, it is not just a desire to save the planet that drives them to join the smart mobility revolution. Choosing shared mobility mediums helps them save the high cost of owning a personal car, dealing with parking hassles and paying hefty sums for fuel, maintenance and insurance pa.

Smart mobility solutions also feature real-time feedback mechanisms that help commuters choose the medium that suit them best


In addition to people's self-awareness furthering the growth of social mobility,government initiatives also deserve a special mention. Central and state municipalities worldwide are continually putting efforts to hasten the uptake of smart mobility solutions.

For instance, several state governments in the US forego taxes and extend rebates to make smart mobility affordable for the end-user. They also impose strict emission norms for vehicle manufacturers and invest in special EV parking lots in congested areas. European countries and the UK are also making strides in introducing Zero Emission Zones or ZEZs. These zones allow people to travel only on bicycles, public electric vehicles, buses, or on foot. You can find ZEZs making real changes by reducing traffic congestion and pollution in cities like London, Paris, Brussels and Madrid.

The Road Ahead for Smart Mobility
Smart mobility solutions are the future of urban commuting. Expert studies have revealed the same this sector achieved a stupendous CAGR growth of 18.4 percent between the years 2020 and 2026. In terms of dollars, the global smart mobility market share is all set to reach $91 billion in the same time frame.

These figures are only possible when the uptake of smart mobility solutions is on an upward trajectory. To keep things this way, countless automotive manufacturers and tech companies like Uber, Lyft, Toyota, and many others are coming-up with progressive solutions each day. Add to it, the ride-hailing and sharing apps that are becoming more sophisticated, and EV technology for shared transportation is now a reality.

To conclude, don’t be fooled by the current sluggish pace of the smart mobility sector brought along by the ongoing pandemic. Expect its significant dominance through solutions like shared and micro-commuting mediums in the coming years.