Smart Commute Market Overview and Growth by 2028

The smart commute market is expected to grow from US$ 30,469.49 million in 2021 to US$ 86,568.73 million by 2028; it is estimated to grow at a CAGR of 16.1% from 2021 to 2028.

Smart commuting is defined as regularly traveling via carpooling, vanpooling, biking, bicyclists, or taking the metro. Public transit companies, governments, and other stakeholders have developed a complete strategy that considers smart travel and shares it with the public to construct more powerful transportation in metropolitan regions. Smart commuting positively impacts the environment by decreasing traffic congestion and reducing greenhouse gas emissions.

Carpooling, bike-sharing, vanpooling, and other environmental-friendly commuting options are available through smart commute services. It provides office workers with a transportation option to choose a more effective commute path that reduces traffic congestion and transportation expenditures. One of the factors boosting the growth of the smart commute market is the growing number of city dwellers, leading to an increase in generational rates. Sharing transportation services have gained universal acceptability and are being encouraged by governments and environmental bodies as it helps reduce emissions. It allows for fewer private autos, which is expected to fuel the growth of the smart commute market in the coming years.

In North America, the need for smart commutes has been fuelled by an increasing preference for carpool services among office commuters which would alleviate traffic congestion and prevent environmental damage. Furthermore, a rise in the tourism industry, technological advancements, and favorable government policies are other factors driving the growth of the North America smart commute market. In Europe, the rise in the trend of mobility-as-a-service and the increase in the user base of ride-sharing services are expected to create lucrative opportunities for the market players.

In Europe, due to growing concerns about global warming, road congestion, and reliance on foreign energy, smart commuters are becoming more popular. The practice of levying toll rates on automobiles with a single occupant, which was imposed in 2012, has resulted in a huge increase in the use of smart commutes by European consumers.

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Smart Commute Market: Strategic Insights

Impact of COVID-19 Pandemic on Smart Commute Market 

The COVID-19 outbreak had a significant impact on the transportation sector. The demand for carpooling and vanpooling services reduced globally in 2020 due to the COVID-19. The worldwide smart commute market saw a considerable decline in revenue generation in 2020 compared to 2019, partly due to the lockdowns and customers' reluctance to use ride-sharing services even after the regulations were lifted. Ride-sharing firms are always attempting to maintain driver and passenger confidence in terms of safety and sanitation.

Market Insights– Smart Commute Market 

Increasing Trend of Mobility-as-a-Service

People who are not capable of purchasing a car can experience seamless travel through mobility services. According to the Bureau of Transportation Statistics, the average cost of owning and operating a vehicle is roughly $8,858, assuming 15,000 kilometers of drive per year. 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. Moreover, according to statistics, 55% of the world's population currently lives in cities, and estimations suggest that by 2050, roughly 68% of the population will be living in cities. 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 global smart commute market.

Type-Based Smart Commute Market Insights

Based on type, the smart commute market is segmented into carpooling, vanpooling, bike pooling, metro, and others. The carpooling segment is anticipated to hold a significant share in the global smart commute market, and it is expected to grow at the highest CAGR. The smart commute is defined as regularly traveling from one point to another via carpooling, vanpooling, biking, bicyclists, or taking the metro.

Solution-Based Smart Commute Market Insights

Based on solution, the smart commute market is segmented into mobile apps, parking management, traffic management, and others. The mobile apps segment is anticipated to hold a significant share in the global smart commute market, and it is expected to grow at the highest CAGR. There is a growing usage of mobile applications in automobile travel mode to reduce travel time, cost, and vehicle emissions.

End User-Based Smart Commute Market Insights

Based on end user, the smart commute market is bifurcated into personal and enterprises. The enterprises segment is anticipated to hold a significant share in the global smart commute market, and it is expected to grow at a higher CAGR.

The regional trends and factors influencing the Smart Commute Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Smart Commute Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart Commute Market Report Scope

Smart Commute Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Commute Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Players operating in the smart commute market are mainly focused on the development of advanced and efficient products.

• In January 2022, Tummoc, a multi-modal mobility firm, intends to expand operations to ten other cities by 2022, including Delhi and Mumbai.
• In April 2021, A city-based mobility firm has built an app platform that integrates routes with prices for the first time, combining the bus, metro, Uber, Yulu, and other last-mile choices.

Company Profiled

• BlaBlaCar
• CommuteSmart
• Enterprise Holdings Inc
• ePoolers Technologies Pvt. Ltd
• Golden Concord Holdings Limited
• Oakland Smart Commute
• Quick Ride
• Transhelp Technologies Pvt Ltd
• Uber Technologies Inc.
• Smart Commute