Report : Asia Pacific Smart Commute Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Carpooling, Van Pooling, Bike Pooling, Metro, and Others), Solution (Mobile Apps, Parking Management, Traffic Management, and Others), and End User (Personal and Enterprises)
At 19.3% CAGR, the Asia Pacific Smart Commute Market is speculated to be worth US$ 34,627.49 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific smart commute market was valued at US$ 10,061.15 million in 2021 and is expected to reach US$ 34,627.49 million by 2028, registering an annual growth rate of 19.3% from 2021 to 2028. The adoption of connected last mile commute with IoT and surge in demand for carpool and bike pool services are the critical factors attributed to the market expansion.
Internet of Things (IoT) devices can be used to make daily commutes more enjoyable. These technologies also help reduce overall transport costs while being environmentally beneficial. The best IoT option for the last-mile journey could be connected bicycles. Citizens have already begun to benefit from combined bike-sharing possibilities provided by market players. Users may keep track of bike availability, usage, and trip details. The only stumbling block for linked bike-sharing programs is integrating them into today's traffic. Governments must ensure that designated bike lanes exist to maintain a smooth traffic flow. In some areas, connected electric scooters are also available for rent. Some firms even offer complimentary helmets to electric scooter riders for a minimal shipping fee. By providing alternate commute options, these businesses contribute to a better future. Apps for taxi commuting are already widespread among today's youth. Rather than driving their car, many commuters use taxi services such as Uber and Lyft. This is a more cost-effective and environmentally responsible solution than single-user rides. These businesses have access to a wealth of data that may be monitored and studied to improve cab-sharing services. Unlike most public transit, they can function similarly to public transportation, but they can provide a comprehensive commute option. Mobycy, one of India's premier mobility start-ups, revolutionized short-mile connectivity by offering dockless bicycles in the country in December 2018. With the introduction of Zypp, the Green Tech start-up is turning a new leaf. Thus, the adoption of connected last-mile commute with IoT is anticipated to create significant growth opportunities in the smart commute market in the coming years.
On the contrary, dynamic pricing and accessibility concerns hurdles the growth of Asia Pacific smart commute market.
Based on type, the Asia Pacific smart commute market is segmented into carpooling, vanpooling, bike pooling, metro, and others. The carpooling segment held 40.9% market share in 2021, amassing US$ 4,118.02 million. It is projected to garner US$ 15,715.51 million by 2028 to expand at 21.1% CAGR during 2021–2
Based on solution, the Asia Pacific smart commute market is categorized into mobile apps, parking management, traffic management, and others. With 78.1% share the mobile apps segment dominated the market in 2021. It accrued US$ 7,858.49 million in 2021 and is estimated to generate US$ 27,949.46 million by 2028 to grow at a CAGR of 19.9% over the forecast period.
Based on end user, the Asia Pacific smart commute market is bifurcated into personal and enterprises. The enterprises segment held 64.7% market share in 2021, amassing US$ 6,504.78 million. It is projected to garner US$ 23,169.95 million by 2028 to expand at 19.9% CAGR during 2021–2028.
Based on country, the Asia Pacific smart commute market is fragmented into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 40.5% market share in 2021. It was assessed at US$ 4,071.25 million in 2021 and is likely to hit US$ 14,425.81 million by 2028, exhibiting a CAGR of 19.8% during the forecast period.
Key players dominating the Asia Pacific smart commute market are BlaBlaCar, Enterprise Holdings Inc, ePoolers Technologies Pvt. Ltd., Golden Concord Holdings Limited., Quick Ride, Transhelp Technologies Pvt Ltd, and Uber Technologies Inc among others.
- Tummoc, a multi-modal mobility firm, intends to expand operations to ten other cities by 2022, including Delhi and Mumbai.
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