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Connected Mobility Solutions Market is Expected to Grow with 19% CAGR During the Forecast Period 2018-2023

iCrowdNewswire   Jan 18, 2021  4:00 PM ET

Various factors are propelling the global connected mobility solutions market share. According to the recent MRFR report, such factors include a rising number of technology providers, growing penetration of electric and smart cars, adoption of connected mobility devices, and the integration of IoT in connected mobility solutions. 

On the contrary, lack of IT and communication infrastructure, especially in developing regions, lag in government norms, and the on-going COVID-19 impact are factors that may limit the global connected mobility solutions market growth over the forecast period.

Key Players

Leading players profiled in the global connected mobility solutions market report include NXP Semiconductors N.V. (Netherlands), HUBER+SUHNER (Switzerland), Deutsche Telekom AG (Germany), Molex Incorporated (U.S.), Nokia Networks (Finland), Cisco System Inc. (U.S.), Siemens AG (Germany), Robert Bosch GmbH (Germany), and Mitsubishi Motors Corporation (Japan). 

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Regional Analysis

By region, the global connected mobility solutions market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA). Of these, North America will spearhead the market over the forecast period. Technological advances in Canada and the US, new technologies discovered by automobile companies to reduce road accidents and offer a safe journey experience, increasing adoption of IoT, the latest trend of connected cars in the US, and the proliferation of the internet and connectivity solutions are adding to the global connected mobility solutions market growth in the region. Besides, increasing uptake of such solutions and encouraging research and development activities in related domains are also adding market growth. 

The global connected mobility solutions market in Europe is predicted to hold the second-largest share over the forecast period. Increasing investments in connected mobility solutions, rising uptake of advanced & innovative technologies, growing demand in the automotive industry, funding for research and development activities from private sectors, and encouraging government support are adding to the global connected mobility solutions market growth in the region. 

The global connected mobility solutions market in the APAC region is predicted to have fast growth during the forecast period at a high CAGR. Increasing developments in technologies in Japan, China, and India, growing adoption of electric and smart vehicles, and increasing extensive research & development activities in the booming automotive sector are adding to the global connected mobility solutions market growth in the region. 

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