The global micromobility market was valued at $44.12 billion in 2020, and is projected to reach $214.57 billion by 2030, registering a CAGR of 17.4% from 2021 to 2030. Micromobility refers to a range of small, lightweight vehicles operating at a speed of not more than 15 miles per hour (25 km/h) and considered ideal for commuting within 10 km range. This actively includes the usage of different types of vehicles such as bicycles, e-bikes, electric scooters, electric skateboards, shared bicycles, and electric pedal assisted bicycles and others. Continuous developments carried out across the globe toward developing smart cities & vehicle infrastructure have created numerous opportunities for the growth of the global micromobility market. Moreover, the presence of different service provider companies followed by their investments & developmental strategies has attracted numerous small vehicles fleet owners to collaborate toward supporting the concept of micromobility.
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Major Market Players:• Beam Mobility Holdings PTE. Ltd• Bird Rides• DOTT• Electricfeel• Floatility GmbH• Lime• Neuron• VOI• Yulu Bikes Pvt. Ltd• Zagster
Factors, such as rise in trend of on-demand transportation services, government initiatives for smart cities, and rise in venture capital and strategic investments, supplement the growth of the global micromobility market. However, low rate of internet penetration in developing regions and rise in bike vandalism & theft are the factors that hamper the growth of the global market. Moreover, intelligent transportation system and increasing government initiatives for the development of bike-sharing infrastructure are expected to create numerous opportunities for the growth of the global micromobility market across the globe.The global micromobility market has been segmented on the basis of propulsion type, vehicle type, sharing type, age group, and region. Based on propulsion type, the market has been bifurcated into human powered and electrically powered. Based on vehicle type, the market has been fragmented into E-kick scooters, Bicycles, Skateboards, Hoverboard, Low Speed EVs, Segway and Mopeds and Scooters. Based on sharing type, the market has been divided into docked and dock-less.
Key Market Segments• By Propulsion Typeo Human Poweredo Electrically Powered• By Vehicle Useo E-kick scooterso Bicycleso Skateboardso Hoverboardo Low Speed EVso Segwayo Mopeds and Scooters• By Sharing Typeo Dockedo Dock-less• By Age Groupo 15-34o 35-54o 55 and above
In the recent years, urbanization has been attaining peak year on year, as majority of the population is shifting to urban areas, owing to increase in work opportunities and rapid industrialization. In this era of urbanization, daily commute between the workplace and residence is the need for every individual passenger, which is associated with travel time. Moreover, urban passengers are more inclined toward technologically advanced commute solutions along with its time-effective commute option to avoid unnecessary long traffic congestion along with green mobility. Thus, urban passengers are more dependent on technologically advanced solutions for daily commute, which significantly boosts the demand for micromobility services.
The significant rise in the preference of carpool and bike pool services among regular office commuters is the primary factor contributing toward the growth of the ride hailing and ride sharing services. In addition, increase in services offered by the leading market players, including Uber and Ola, and the option to choose convenient pick-up and drop locations are encouraging consumers to opt for ride hailing and ride sharing services. Moreover, significant rise in the number of multiple ride-hailing and ride-sharing services, such as bike sharing and auto sharing services, even for short distance travel fuels the growth of the micromobility market. Furthermore, ride sharing service providers are offering advantages such as affordable doorstep pick-up and drop, co-passenger information, and higher convenience as compared to the traditional transport service providers. This is expected to propel the demand for ride share services. In addition, several service providers offer various facilities, offers, and discounts, such as monthly pass on shared ride, to reduce the expenses of daily commuters.
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Key Benefits For Stakeholders• This study presents analytical depiction of the global micromobility market analysis along with the current trends and future estimations to depict imminent investment pockets.• The overall micromobility market opportunity is determined by understanding profitable trends to gain a stronger foothold.• The report presents information related to key drivers, restraints, and opportunities of the global micromobility market with a detailed impact analysis.• The current micromobility market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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Tags: Micromobility Market
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Organization: Allied Market Research
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