Report : South America 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) 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 4.9% CAGR, the South America Smart Commute Market is speculated to be worth US$ 1,030.17 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America smart commute market was valued at US$ 738.71 million in 2021 and is expected to reach US$ 1,030.17 million by 2028, registering an annual growth rate of 4.9% from 2021 to 2028. The increasing trend of mobility-as-a-service and adoption of connected last mile commute with IoT are the critical factors attributed to the market expansion.
People who are not capable of purchasing a car can experience seamless travel through mobility services. Mobility-as-a-service reduces these costs for the user by maximizing the use of transportation services such as carpooling and ride-hailing. It also reduces traffic congestion and overall automobile emissions in cities. As a result, digitally-enabled carpooling and ride-hailing efficiently manage transport demands and provide a convenient and environmentally friendly alternative to private automobile ownership. The rapid pace of urbanization is already leading to traffic congestion. The mobility as a service (MaaS) concept may be a better choice for reducing traffic congestion by making greater use of existing public and private transportation infrastructure. The urgent demand for effective solutions to handle traffic in smart cities in a faster, less expensive, and more convenient manner is expected to fuel MaaS market growth by 2028. Therefore, the increasing trend of mobility as a Service (MaaS) is expected to fuel the growth of the smart commute market.
On the contrary, dynamic pricing and accessibility concerns hurdles the growth of South America smart commute market.
Based on type, the South America smart commute market is segmented into carpooling, vanpooling, bike pooling, metro, and others. The carpooling segment held 39.2% market share in 2021, amassing US$ 289.49 million. It is projected to garner US$ 449.98 million by 2028 to expand at 6.5% CAGR during 2021–2028.
Based on solution, the South America smart commute market is categorized into mobile apps, parking management, traffic management, and others. With 79.1% share the mobile apps segment dominated the market in 2021. It accrued US$ 584.13 million in 2021 and is estimated to generate US$ 842.71 million by 2028 to grow at a CAGR of 5.4% over the forecast period.
Based on end user, the South America smart commute market is bifurcated into personal and enterprises. The enterprises segment held 63.9% market share in 2021, amassing US$ 471.81 million. It is projected to garner US$ 684.59 million by 2028 to expand at 5.5% CAGR during 2021–2028.
Based on country, the South America smart commute market is fragmented into Brazil, Argentina, and the rest of South America. Our regional analysis states that Brazil captured 61.4% market share in 2021. It was assessed at US$ 453.79 million in 2021 and is likely to hit US$ 668.53 million by 2028, exhibiting a CAGR of 5.7% during the forecast period.
Key players dominating the South America smart commute market are BlaBlaCar, Enterprise Holdings Inc, Golden Concord Holdings Limited., and Uber Technologies Inc among others.
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