The IoT in Mobility is projected to reach a market size of USD 17.56 billion by the end of 2030

According to the report published by Virtue Market Research in IoT in Mobility Market was valued at USD 4.8 billion in 2023 and is estimated to reach USD 17.56 billion by 2030, registering a CAGR of 17.6% during the forecast period of 2024 – 2030. 

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In the vast landscape of technology, the Internet of Things (IoT) has revolutionized the Mobility industry over the past decade, reshaping the way people and goods move from one place to another. With over 10 years of industry expertise and the publication of 200 highly viewed articles, our IoT in Mobility expert delves into the intricacies of this dynamic market.

One undeniable long-term driver propelling the IoT in Mobility market is the growing emphasis on sustainability. As global concerns about climate change continue to mount, governments and enterprises are increasingly adopting eco-friendly transportation solutions. IoT plays a pivotal role in this shift, optimizing route planning, reducing fuel consumption, and minimizing carbon footprints. However, the COVID-19 pandemic has not left this market untouched. The sudden halt in global mobility due to lockdowns has accelerated the integration of IoT technologies to enhance safety measures and monitor health protocols. From contactless payments to real-time crowd monitoring, IoT has proven its resilience in adapting to the challenges posed by the pandemic, further solidifying its role in the long-term evolution of the mobility industry.

In the short term, the demand for connected and autonomous vehicles stands out as a key driver. The increasing consumer appetite for smart vehicles, equipped with advanced navigation, predictive maintenance, and enhanced safety features, is pushing automakers to rapidly integrate IoT technologies. This surge in demand not only fosters innovation but also fuels the growth of the IoT in Mobility market. The need for real-time data exchange and communication between vehicles and infrastructure is driving the implementation of IoT solutions, creating a symbiotic relationship between technology and transportation.

One noteworthy opportunity that has surfaced in recent years is the rise of Mobility as a Service (Maas). This model transcends traditional modes of transportation by providing seamless, integrated mobility solutions. IoT technologies play a crucial role in the MaaS ecosystem, enabling users to access various modes of transportation through a single digital platform. As consumers increasingly seek convenient and flexible travel options, companies investing in Maas are poised to capitalize on this evolving trend. The opportunity lies not only in meeting current demands but also in anticipating and shaping the future of how people move within urban environments.

An observable trend in the IoT in Mobility market is the convergence of IoT with Artificial Intelligence (AI) for predictive analytics. The ability to predict traffic patterns, optimize routes, and foresee maintenance requirements is becoming a game-changer in the mobility sector. Machine learning algorithms analyse vast datasets generated by IoT devices, providing valuable insights for efficient decision-making. This trend not only enhances the overall performance of mobility systems but also contributes to a more seamless and enjoyable travel experience for end-users.

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Segmentation Analysis:

By Components: Hardware, Services, Software

The hardware sector held a dominant market share in 2021 and is expected to grow at a robust compound annual growth rate (CAGR) throughout the forecast period. IoT technology solutions let businesses integrate a range of corporate activities, which accelerates the expansion of IoT in the mobility sector. It is anticipated that combining IoT-enabled technologies with current operations will increase the companies' overall operational efficiency with little investment in new infrastructure. An IoT device can be easily set up to wirelessly run and monitor a moped, e-bike, e-scooter, or any other type of vehicle. This allows the user to send commands to the vehicle and have them carried out, as well as track errors and monitor the vehicle's position in real-time.In 2020, the services sector accounted for over 50% of revenue share and made the largest market share contribution. Over the course of the projection period, the category is anticipated to keep capturing the market. The need for automation in the process to lower operational costs and minimise downtime, the requirement for real-time communication, and the growing popularity of IoT-enabled control systems are some of the factors contributing to this growth. 

By Vehicle Type: E-Bike, E-Scooter, Cars, Trucks

The transportation industry's revenue is always rising. A few variables, including the global success of logistics companies and the increasing digitalization and automation of the automotive sector, are driving market expansion. The ease of IoT-enabled trucks is now accessible to everyone thanks to recent technology developments and pervasive internet access. The IoT-enabled trucks offer analytics and data pertaining to driver management. In the mobility sector, driver management offers a system that combines insurance risk management, analysis, and driver registration. The main goal of driver management is to examine the driving habits of drivers and recommend appropriate modifications to their driving practices to lower fuel consumption and vehicle operating expenses. Logistics businesses are prioritising asset management and leveraging digital elements to enable intelligent transportation.The global market expansion of IoT solutions for the mobility sector has been greatly aided by the invention of the e-bike. E-bikes are becoming more and more commonplace worldwide since they are durable, simple to ride, reasonably priced, and promote more environmentally friendly living and transportation. They are rapidly taking the place of bicycles, and in certain nations, like China, they have already surpassed tiny motorbikes and mopeds fuelled by fossil fuels, which is driving the expansion of the IoT-enabled mobility sector.

By Features: Rider and operator Management, Asset Monitoring & Management, Telematics, Safety & Security, Analytics, Others.

The market expansion was mostly fuelled by the asset management industry. Logistics businesses are prioritising asset management and leveraging digital elements to enable intelligent transportation. Conventional RFID tags have been replaced by smart tracking technologies like Bluetooth tags and beacons, which has improved and expanded the functionality. Moreover, the incorporation of IoT into automobiles would facilitate communication and oversight of diverse commercial operations, ultimately contributing to the enhancement of efficiency. The market expansion can also be attributed to the rider and operator management sector. IoT-enabled devices are commonly used by the companies for operator management and monitoring. The implementation of automation features has led to several benefits, such as decreased theft of goods, enhanced fuel economy, and improved product and vehicle tracking. These benefits have incentivized enterprises to use IoT solutions for their operations, hence stimulating market expansion.The growth of the market is also being fuelled by the Safety and Security aspects that IoT technology has brought in. This market's explosive growth is mostly attributable to fleet operators' growing requirement for predictive maintenance technologies to minimise downtime. The market is trending positively due to the rise in the use of innovative and disruptive business solutions that help industries better manage failures and anticipate them as well as better optimise their resources and assets.

By Deployment Model: On-Premises, On Cloud, Hybrid.

Three segments can be identified in the IoT market for mobility based on the Fleet deployment model. In 2020, the cloud-based deployment category held a market share of more than 50% across all deployment types. The IoT is expanding faster in the mobility sector due to factors like increased fuel consumption control, greater vehicle monitoring, and growing company demand for operational efficiencies.

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Regional Analysis:

North America led the IoT in the transportation sector. Significant internet users, a greater number of smart cities, and large investments in upgrading to the newest technology are all considered to be important factors contributing to the region's market expansion. Canada has also been a big market for this sector and has experienced rapid expansion, in large part because of government initiatives to encourage the use of IoT solutions there. The markets in Europe and Asia Pacific likewise showed significant growth. Governments everywhere are concentrating on creating connected, safe, and sustainable transportation since it is the primary driver of economic growth. The economy will be boosted by an increasing number of IoT-enabled mobility solutions that enhance asset monitoring and streamline logistical procedures. The abrupt shift in consumer preferences from traditional brick-and-mortar retailers to e-commerce platforms has increased the need for strong logistics assistance. Owing to increased disposable income, quick urbanization, and a move towards digitization, Asia Pacific is also expected to grow at the quickest rate during the projection period. The region is increasingly witnessing a strong adoption of advanced automation solutions, typically in Japan, China, and Taiwan, owing to the emerging competitive landscape, growing connected solution offerings, and high demand for online shopping platforms. Industries across the region are gradually realizing the benefits associated with the implementation of automation and are moving towards modernizing their operations.

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Latest Industry Developments:

Collaborative Ecosystems and Partnerships:

A prevailing trend in the IoT in Mobility market is the strategic formation of collaborative ecosystems and partnerships among companies. Recent developments showcase a shift towards cooperative endeavors, where companies leverage each other's strengths to create comprehensive IoT solutions. For instance, automotive manufacturers are increasingly collaborating with technology firms to integrate advanced IoT functionalities into their vehicles. Such partnerships not only accelerate innovation but also enhance the overall market share of the involved entities by providing customers with more integrated and sophisticated mobility solutions.

Data Monetization and Integration:

Companies are actively focusing on data monetization as a key strategy to augment their market share. Recent developments indicate a growing emphasis on extracting value from the vast amounts of data generated by IoT devices in the mobility sector. By harnessing this data, companies can offer insightful analytics, predictive maintenance solutions, and personalized services to their customers. Moreover, integrating IoT data with other relevant datasets, such as urban planning and traffic patterns, allows companies to provide more holistic and efficient mobility solutions. This strategic approach not only enhances the market share of these companies but also positions them as leaders in delivering data-driven innovation.

Focus on Cybersecurity and Standards Compliance:

As the reliance on IoT in Mobility grows, companies are proactively addressing cybersecurity concerns as a pivotal strategy to gain and maintain market share. Recent developments highlight a trend where companies are investing significantly in robust cybersecurity measures to safeguard the integrity of their IoT solutions. Collaboration with cybersecurity experts and adherence to industry standards have become paramount. By ensuring the security and privacy of user data, companies not only build trust but also differentiate themselves in a competitive market. This trend reflects a strategic commitment to maintaining a strong market position by prioritizing the essential aspect of cybersecurity in the rapidly evolving landscape of IoT in Mobility.