Yahoo Finance Smart Commute Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Solution, and End User
The smart commute market was valued at US$ 30,469. 49 million in 2021 and is projected to reach US$ 86,568. 73 million by 2028; it is expected to grow at a CAGR of 16. 1% from 2021 to 2028. The key element driving the expansion of smart commute market growth is a rapid increase in the adoption of carpool and bike pool services among regular office commuters.
New York, May 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Commute Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Solution, and End User" - https://www.reportlinker.com/p06279466/?utm_source=GNW
Prominent smart commute market players such as Uber and Ola offer convenient pick-up and drop-off services, attracting consumers to use ride-sharing services.
Furthermore, services such as short-distance travel, intercity ride-sharing, bus-sharing, bike-sharing, and auto-sharing are available, which stimulates the expansion of smart commute market demand.
Many prominent Indian corporations proactively push employees to use carpool and bike pool services.Organizations with large workforces, such as Infosys, Capgemini, Cognizant, HCL, Amazon, Flipkart, Siemens, L&T, Biocon, and HDFC Bank, as well as several smaller businesses, are launching awareness campaigns and digital platforms to help employees better plan their commutes.
Moreover, organizations are rewarding top carpoolers to keep employees engaged and motivated to reduce carbon emissions and traffic jams across cities.New York, Seoul, and Shanghai are among the top 10 cities with the highest carbon footprint.
Governments and businesses are encouraging carpooling to commute in cities to reduce emissions.Countries have established specific targets for reducing carbon footprints by 2030 as part of the Paris climate agreement.
In Delhi, India, the government implemented an odd-even strategy to control traffic density and reduce carbon emissions in the city.
Carpooling and bike pooling services offer advantages such as affordable pick-up and drop-off, co-passenger information, affordable rides, and greater convenience than traditional transportation services.In addition, several service providers offer incentives and discounts, such as a monthly pass on a shared transport to help daily commuters save money.
As a result, the rise in demand for carpool and bike pool services is propelling the smart commute market.
Bike pooling refers to sharing bikes, scooters, or bicycles for transportation.A bike-sharing system, also known as a bike-share program, public bicycle scheme, or public bike share (PBS) plan, is a shared transportation service where users can borrow bicycles for free.
By sharing travel, fuel costs are lowered, and carbon emissions are reduced due to a reduction in the number of vehicles on the road, keeping pollution under control.A bike, scooter, or two-wheeler can travel faster in the city than a car or four-wheeler.
In the urban jungle, the fastest means of transportation is a two-wheeler.Using a bike pool makes commuting simple, quick, and convenient.
Bike pooling is also less expensive than taking a taxi because the cost of petrol is shared. As a result, selecting to bike pool can help save money on transportation while getting to the destination faster than driving other vehicles.
Metro is a ridesharing service provided in specified zones that uses vans and tiny automobiles.Metro bike share gives users access to a fleet of bikes 24x7 for local journeys and transit.
For instance, The Metropolitan Transportation Authority (MTA) board has approved the fee structure and first service regions for the 3-year MicroTransit Pilot Project, a ride-hailing service that the MTA will run.For the first six months, Metro Micro will offer on-demand shared-ride service for short excursions within approved service zones in Los Angeles County for US$ 1 per ride (transfer not included).
It will provide the convenience of ride-share technology at a tenth of the cost, resulting in reduced traffic on the streets, healthier air, and a new approach to maximizing the use of transit systems.
Over the forecast period 2021, Asia Pacific is expected to be the fastest-growing region.The APAC smart commute market witnessed rapid growth because of the rising popularity of ridesharing services among office workers, which will reduce traffic congestion and environmental degradation.
The region’s smart commute market has continued to grow due to rising digitization, the growing tourism sector, and the increasing demand for a safer method of transportation.The ease of booking and enhanced passenger comfort offered by ride-hailing services are likely to propel the growth of the MEA and SAM smart commute market during the forecast period.
Further, rising urbanization, a growing young population, increasing investments by several major players in the smart commute market, and a surging number of internet and smartphone users are expected to drive the demand for smart commutes in these regions.
Due to health and safety concerns, the COVID-19 pandemic had a detrimental influence on the North America smart commute market, as customers chose private automobiles over public transportation.Leading automakers, including Ford Motor Company and General Motors, reported a drop in car production and sales.
As the nation’s transportation business was harmed by disrupted supply chains and reduced demand for transportation, the local transportation infrastructure faced several challenges. However, the smart commute market is expected to rise steadily due to the gradual reopening of economic operations, supporting government initiatives, and quick vaccination drives in North America.
The overall MEA smart commute market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the smart commute market.
The process also serves the purpose of obtaining an overview and forecast for the smart commute market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the smart commute market.
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