- The smart commute industry creates an active transportation choice for enterprise employees who can opt for an efficient commute option.
- Long-wait time to reach to the destination and baggage restrictions are some of the factors hindering the growth of this market.
- Rising urban population and high demographic rates are some of the factors boosting market growth.
Smart commute refers to travelling from one place to another on regular basis through carpooling, vanpooling, bike pooling, bicycle pooling and metro. In order to plan more energy efficient transportation in urban areas, public transport companies, officials and other stakeholders have developed a holistic approach by taking smart commuting into consideration.
Reduced parking demand would save costs associated to maintenance, administration, enforcement, repair and construction. The key benefits of smart commuting includes reduced air pollution and greenhouse gas emissions, which have a positive impact on the environment.
Smart commute service offers an environment friendly commuting option to employees such as carpooling, bike pooling, van pooling among others. It creates an active transportation choice for enterprise employees who can opt for an efficient commute option that not only reduces congestion but also lowers commuting cost.
Rising urban population and high demographic rates are some of the factors boosting the growth of Smart Commute Industry. However, the long-wait time to reach to the destination and baggage restrictions are some of the factors hindering the growth of this market.
The prominent players in the Smart Commute Industry are South Florida Commuter Services (US), ePoolers Technologies Pvt. Ltd. (India), Quick Ride (India), Uber Technologies Inc. (India), ANI Technologies Pvt. Ltd.(India), Metrolinx (Canada), ZipGo Technologies Pvt. Ltd (India), Central Indiana Regional Transportation Authority (CIRTA) (US), Oakland Smart Commute (California), CommuteSMART (US), BlaBlaCar (France), Turo (US), Carma Technology Corporation (Europe) among others.
The key players operating in the Smart Commute Industry are South Florida Commuter Services, ePoolers Technologies Pvt. Ltd., Quick Ride, and Uber Technologies Inc. These players are largely investing in strategies to increase global presence. In October 2018, Waze, an Israeli mapping startup, which was acquired by Google Inc. launched a carpooling app to reduce the commute-time congestion. It is expected that Google would offer its pay-to-carpool service to Brazil and throughout the United States in coming years.
The Global Smart Commute Industry is expected to grow from $26.52 billion in 2017 to $104.22 billion by 2023, at a CAGR of 25.62% during the forecast period.
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The Smart Commute Industry is segmented based on type, solution and region.
Based on the type, the market is segmented into carpooling, van pooling, bike pooling, bicycle pooling, metro and others. On the basis of solution, the market is segmented into mobile app, smart ticketing, parking management, traffic management and others. By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
The global market for smart commute is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of Smart Commute Industry is done for North America, Europe, Asia-Pacific, and the rest of the world.
Europe followed by North America is dominating the Smart Commute Industry owing to growing concerns about climate change, congestion, and oil dependency. In Europe, the adoption of smart commute by individuals has increased tremendously due to the policy of levying toll charges for cars with single individuals. Asia-Pacific is expected to be the fastest growing region due to growing concern regarding pollution and traffic issues.
The Smart Commute Industry has witnessed the trend of service enhancement across the world. Many key players have adopted technological upgrades as their chief organic strategy to gain significant market share. Provision of quality services has accounted for a significant percentage of the total business growth strategy in the years 2016 and 2017.