According to our latest market study on "Smart Commute Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Solution, and End User" the market is expected to grow from US$ 30,469.49 million in 2021 to US$ 86,568.73 million by 2028; it is estimated to grow at a CAGR of 16.1% from 2021 to 2028.
Adoption of Connected Last-Mile Commute with IoT to propel the smart commute Market Growth
The global smart commute market is benefiting from the use of IoT devices to enhance daily commutes, reducing transport costs, and promoting environmental sustainability. Among the available IoT options for last-mile journeys, connected bicycles are the most viable. Market players are offering combined bike-sharing options that allow users to monitor bike availability, usage, and trip details. However, integrating these programs into existing traffic infrastructure can be challenging, and governments must ensure designated bike lanes for smooth traffic flow. In some areas, connected electric scooters are available for rent, and a few companies even offer complimentary helmets to users. Taxi commuting apps like Uber and Lyft are popular among young commuters looking for cost-effective and environmentally friendly transportation options. These companies have access to valuable data to improve their cab-sharing services, which further bolsters the smart commute market growth. Unlike most public transit options, smart commute facilities provide a comprehensive commute option that can be similar to public transportation.
Redigo, a subsidiary of Telada Technology, is targeting the scooter-sharing market in Tier-II cities to address concerns about cost-effectiveness and environmental responsibility in last-mile transportation. By introducing new keyless IoT-enabled scooters, Redigo offers hub-to-hub rental services, allowing users to rent scooters from hubs or via a smartphone app, scan a QR code to unlock them, and return them to the nearest hub later. Mobycy, a leading mobility start-up in India, disrupted short-distance connectivity by launching dockless bicycles in December 2018. The Green Tech start-up is now introducing Zypp, a custom-made e-scooter equipped with IoT technology for smart and remote unlocking. Commuters can now travel short distances cost-effectively and environmentally-friendly with Zypp. Consequently, the adoption of connected last-mile commute with IoT is expected to create substantial growth opportunities in the smart commute market in the future.
In North America, owning a vehicle is considered essential for household mobility due to its economic and educational advantages. However, the smart commute market in the region, particularly in the US and Canada, has undergone significant developments due to the rise in population and urbanization. The growth of the smart commute market is also driven by factors such as traffic congestion, which is a major issue for commuters in the US, who spend a significant amount of time commuting to and from work. According to a Bloomberg analysis of US Census data, Washington, DC, has the longest commute time, with employees spending over 73 minutes traveling to and from work each day. Similarly, New York City follows closely with 70 minutes, while commuters in Atlanta, Dallas, and Chicago spend an hour commuting daily. Vanpooling has helped reduce the financial cost and commuting time for workers, making them more receptive to smart commuting options, which is boosting the growth of the smart commute market.
Key Findings of Study:
The smart commute market is segmented on the basis of type, solution, end user, and geography. Based on type, the smart commute market is segmented into carpooling, van pooling, bike pooling, metro, and others. Based on solution, the smart commute market is segmented into mobile apps, parking management, traffic management, and others. Based on end user, the smart commute market is bifurcated into personal and enterprises. By geography, the smart commute market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the global smart commute market.
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