Report : Europe 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 16.0% CAGR, the Europe Smart Commute Market is speculated to be worth US$ 15,798.79 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe smart commute market was valued at US$ 5,605.66 million in 2021 and is expected to reach US$ 15,798.79 million by 2028, registering an annual growth rate of 16.0% from 2021 to 2028. The adoption of connected last mile commute with IoT and increasing smart commute programs are the critical factors attributed to the market expansion.
The key element driving the expansion of smart commutes is a rapid increase in the adoption of 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. 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 Europe smart commute market.
Based on type, the Europe smart commute market is segmented into carpooling, vanpooling, bike pooling, metro, and others. The carpooling segment held 41.9% market share in 2021, amassing US$ 2,350.46 million. It is projected to garner US$ 7,318.90 million by 2028 to expand at 17.6% CAGR during 2021–2028.
Based on solution, the Europe smart commute market is categorized into mobile apps, parking management, traffic management, and others. With 77.0% share the mobile apps segment dominated the market in 2021. It accrued US$ 4,316.64 million in 2021 and is estimated to generate US$ 12,623.40 million by 2028 to grow at a CAGR of 16.6% over the forecast period.
Based on end user, the Europe smart commute market is bifurcated into personal and enterprises. The enterprises segment held 63.2% market share in 2021, amassing US$ 3,540.16 million. It is projected to garner US$ 10,245.80 million by 2028 to expand at 16.4% CAGR during 2021–2028.
Based on country, the Europe smart commute market is fragmented into Germany, France, Italy, the UK, Russia, and the rest of Europe. Our regional analysis states that Germany captured 27.8% market share in 2021. It was assessed at US$ 1,558.19 million in 2021 and is likely to hit US$ 4,580.07 million by 2028, exhibiting a CAGR of 16.7% during the forecast period.
Key players dominating the Europe smart commute market are BlaBlaCar, CommuteSmart, Enterprise Holdings Inc, Golden Concord Holdings Limited., Smart Commute, and Uber Technologies Inc among others.
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