iCrowdNewswire Jan 14, 2021 4:00 AM ET
The Smart commute market is expected to grow from USD 26.52 billion in 2017 to USD 104.22 billion by 2023, at a compound annual growth rate (CAGR) of 25.62% during the forecast period.
The gridlock jamming traffic is making the daily commute almost unbearable, therefore, smart commute is becoming increasingly important options in most of the regions across the world. Multiple industries are actively integrating technologically-advanced systems such as vehicle access and reservation systems into their vehicles. The reservation system enable the users to freeze their vehicles as per their requirement.
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Furthermore, Companies have started adopting real-time car pooling service through smartphones and automated ridematching technology to acquire higher subscriber base. Currently, majority of North American carpooling and vanpooling services use online Websites and mobile apps as their chief technology medium. Most of them depend on a ridesharing software platform purchased from a private company. For instance, the Canadian ride-sharing company, Kangaride who has been providing a platform for posting and booking long-distance rides throughout North America since 2006.
The global market for smart commute is estimated to grow at a significant rate during the forecast period. The geographical analysis of smart commute market is done across North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to be the fastest growing region owing to stringent government regulations and norms associated with the emissions of greenhouse gases. Furthermore, with automobile manufacturers announcing plans to adopt car sharing services is expected to boost the shared mobility ecosystem within the region. In december 2017, Volkswagen announced that it would offer zero-emission car sharing services in coming years majorly in Europe, North America and Asia.
Europe followed by North America is expected to hold largest revenue share in the coming years. In US, the market is projected to grow as the government has introduced incentives to promote the use of carpooling services in this country.
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The prominent players in the smart commute market are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (US), United Technologies Corporation (US), Lutron Electronics Co. Inc. (US), Crestron Electronics, Inc. (US), Philips Lighting Holding B.V (Netherlands) among others.
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