Micro-Mobility Market Outlook
According to a new report by Expert Market Research titled, “Global Micro-Mobility Market Size, Share, Trends, Analysis, Report and Forecast 2024-2032″, micro-mobility market reached a value of USD 51.07 billion in 2023. Aided by growing concern regarding greenhouse gas emissions and rapid climate change and rising price of gas and oil, the market is projected to further grow at a CAGR of 16.50% between 2024 and 2032 to reach a value of USD 202.39 billion by 2032.
Micro-mobility refers to a category of modes of transportation designed for individual or small group travel, including electric scooters, electric bicycles, shared bicycles, and electric skateboards. These modes of transportation are swiftly becoming an essential component of the urban transportation landscape due to their convenience, cost-effectiveness, and compactness.
The urgent need to address the environmental issues associated with vehicular emissions is driving the global micro-mobility market growth. As cities worldwide grapple with poor air quality and traffic congestion, micro-mobility solutions emerge as a green alternative that significantly reduces the carbon footprint and eases urban traffic. The deployment of micro-mobility options not only complements public transport but also fills the crucial gap of last-mile connectivity.
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Moreover, the convenience and affordability of micro-mobility services make them a favourite among urban dwellers, especially the millennials and Gen Z. These generations, highly conscious about sustainability and environmental matters, are increasingly leaning towards solutions that align with their values, further propelling the micro-mobility market demand.
Technological advancements also play a crucial role in catalysing the market. The integration of IoT, GPS tracking, and smart locking systems in micro-mobility devices, such as e-scooters and e-bikes, ensures better user experience, security, and service efficiency. These advancements not only enhance the ride experience but also enable operators to manage and scale their fleets more effectively.
In addition to these factors, governmental support and policies in favour of micro-mobility solutions are aiding the market’s growth trajectory. City administrations, aiming to reduce vehicular traffic and promote greener modes of transport, are developing infrastructure like dedicated bike lanes and granting permissions for micro-mobility operations, facilitating a more conducive environment for micro-mobility market expansion.
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Furthermore, there is a growing emphasis on producing devices with longer battery lives, which ensures extended usage without frequent recharging. This is particularly crucial in the context of shared micro-mobility solutions, where extended operational hours can significantly enhance profitability.
The concept of shared micro-mobility services, in particular, is seeing an immense surge in adoption. These platforms allow users to rent e-scooters, e-bikes, or other micro-mobility devices on a short-term basis, often facilitated by a mobile app. The convenience and cost-effectiveness of these platforms, combined with a societal shift towards shared economies, has positively impacted the micro-mobility market outlook.
Micro-Mobility Market Segmentation
The market can be divided based on vehicle type, propulsion, battery type, speed, sharing type, application, and region.
Market Breakup by Vehicle Type
- E-Bikes
- Electric Kick Scooters
- Bicycles
- Skateboard
- Hoverboard
- Others
Market Breakup by Propulsion
- Human Powered
- Electrically Powered
Market Breakup by Battery Type
- Lithium-Ion
- Lead Acid
- Lithium-Ion Polymer
- Others
Market Breakup by Speed
- Up To 25 Kmph
- 25 To 45 Kmph
Market Breakup by Sharing Type
- Docked
- Dock-Less
Market Breakup by Application
- Commercial
- Private
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global micro-mobility market. Some of the major players explored in the report by Expert Market Research are as follows:
- Beam Mobility Holdings Pte. Ltd.
- Xiaomi Group
- Okai GmbH
- Helbiz Italia S.R.L.
- Yulu Bikes Pvt Ltd
- Segway Discovery, Inc
- Bolt Technology OÜ
- CaliRides LLC
- Bird Rides, Inc
- Dott (emTransit B.V.)
- Lime Norway AS
- Others
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