The market for mobility and transportation is observing a substantial growth. This is due to developmental factors such as the rising urban population and an increase in the demographic distances. An increase in the adoption and application of connected and smart technologies in transportation, along with expansion in the free trade agreements is also aiding the growing influence of this industry worldwide.
Influence Of Technological Innovations In The Mobility And Transportation Market
- The onset of Smart transportation
It is a wide set of technologies which efficiently manage the pre-existing, and newly developed transportation systems in order to improve operational efficiencies. It also aids in providing better quality safety, simultaneously meeting the transportation needs of end-users through a cost-effective strategy. Smart technology is known for having digital solutions for the products and services which govern various aspects of transport such as railways, maritime, airways, as well as roadways. The innovations and technical developments in the transport industry across the world are having a direct influence on the transport industry stakeholders such as the metal providers, tire providers, IoT planners, and strategists as well as digital analysts. An improvement in the technological advancements is expected to digitally transform the already existing transportation systems into efficient and highly applicable smart transportation systems.
- Technological changes in mobility and transportation market
Factors which directly impact the variables of the mobility market trends include government intervention in smart city operations, as well as the adoption of Public-Private Partnerships (PPP) working models. PPPs are also boosting more and more companies and individuals to make use of smart transportation. This involves intelligent designing and electrical development of the vehicles and the tools attached to them. The resulting smart mobility and transportation units are robust with Intelligent Transportation System (ITS). New age mobility solutions are also known for declining ownership vehicle models when opting for shared mobility.
Semi-autonomous and autonomous transport is expected to provide additional growth opportunities to vendors operating in smart transportation.
- Challenges in the mobility and transportation market
Traffic congestion and an increase in fuel oil prices remain the major challenges in the transportation industry. The rise in the research and development done through highly competitive start-up organizations is changing the face of how vehicular traffic operates in sky, road or in the sea. In spite of the fact that ITS has been in use for the past many decades, significant mutations in its operations have resulted in the development of intelligent tools for passenger information, traffic estimation, data analytics, parking guidance, consulting services, and decision support, collect, development of smart fare ticketing, as well as insurance telematics.
Role of Startups and Small & Medium Size Companies
Emerging companies with young workforce skilled in data sciences, metallurgical engineering and being overall robust in digital knowledge are having an impact on the dynamics of the mobility and transportation industry. Following are the ways startups are playing a vital role:
- Manufacturing electrical vehicles
According to experts, the root of all innovation resides in the manufacturing of electric vehicles. This is done over an array of technologically thought-out cars for the urban consumer base. The innovation of e-rickshaws is one such development which is cost-effective, energy efficient as well as reducing workload as compared to manual rickshaw pullers.
- Renewable sources of energy in the vehicular traffic
Coal and petrol prices are foreseen to remain constant for the coming years before facing a gradual hike. Nevertheless, investing in non-renewable sources of fuel in transportation is not advisable by futurists. An increasing number of startups are focusing on developing rechargeable batteries in vehicles which either use AC/DC electrical currents or solar energy. Big technocrats and IT giants are merging with startup agencies in order to boost their appeal and influence into the futuristic aspect of the mobility and transportation industry. Operations which favor plug-in hybrids and charging vehicles through solar panels and cells are being researched and developed by startups at a high speed.
- Manufacturing of Lithium-ion batteries
These batteries have a high energy density, longer operational life and more power intensity than contemporary batteries. These batteries are being manufactured locally by startups in developing countries of the APAC region. Small size agencies are coming up with innovative ideas for smart batteries and standardized batteries which support battery swapping as well as geo-navigation worldwide.
- The intersection of the Internet of Things
The Internet of Things (IoT) technology is finding applications in interconnecting physical devices such as parking slots, vehicles, and charge points from the e-mobility 2.0 ecosystem. The technology is in its nascent stage and startup organizations are making improvements in it.
General characteristics of startups across the world participating in the successful growth of the mobility and transportation market include having a strong team and having quality multidisciplinary competencies in different branches of engineering. The startups are also well-versed with tech-savvy policy frameworks of electronic vehicles alongside managing the required lobbying, industry and government domains.