Newark, Aug. 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global micro mobility market is expected to grow from USD 47.58 billion in 2021 to USD 202.41 billion by 2030, at a CAGR of 17.45% during the forecast period 2022-2030.
Micro-mobility devices could be privately owned, but these are generally shared-use vehicles that are maintained by the municipal government or private organizations. These devices are attracting the residents of densely populated areas because it is offering quick and convenient transportation to the close by destinations like shops, grocery stores, or entertainment venues.
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Vehicles, which include eScooters, Vespas, Segways, standard bikes, eBikes, etc., are available in the major cities for touring and guided tours. The demand for micro-mobility solutions has increased as owning a vehicle in many urban areas could be impractical and depending upon schedule-based transportation cannot always be very convenient. Moreover, the cost of vehicle ownership, a surge in the insurance cost, and the shortage of proper parking space has led many residents to not purchase the traditional car. Some of the cities that have already observed significant growth in the micro-mobility market are Barcelona, Chicago, Los Angeles, Minneapolis, and Montreal, among others. One of the major challenges that are faced by the developers and the micro-mobility markets is logistics. There is a requirement that every device, along with the charging stations or docks, must be carefully tracked and maintained.
Otherwise, the total cost of doing the business would not be sustainable. To overcome such challenges, technologies are adopted that support remote monitoring and integrate with an IoT platform. Another challenge is the damaged and stolen equipment. Thus, the micro-mobility stakeholders should take steps to mitigate these issues if they are planning to get a return on their investment.
Competitive Strategy
To enhance their market position in the global micro mobility market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For instance, the California-based Bird has achieved unicorn status in less than 9 months after it was founded in September 2017. It made the organization the fastest company in the world to reach a valuation of USD 1 Billion. Just four months later, the valuation of the company became USD 2 Billion. The organization is currently operating in more than 300 cities across North America, Europe, and more.
• Recently VOI raised USD 45 million Series C extension ay a USD 808 million valuations in August 2021. VOI provides its e-scooters in the cities like Sweden, Denmark, Spain, Portugal, Finland, and France. The organization is recently partnered with France-based ridesharing startup BlaBlaCar to give BlaBla Ride scooters in France.
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Market Growth & Trends
The micro-mobility space is growing, but in that, the electric scooter demand has increased. Based on one of the studies, the electric scooter organization has expanded significantly in recent years. Many of the projections related to the E-scooter market growth suggest that the CAGR for the industry would be around 7.6% between 2021 and 2028. Another source suggested that 2021 was the year of e-bikes having a growth rate in sales of around 240% in 12 months. Similarly, the future of the bike and scooter rental market economy is anticipated to reach USD 11,040 million by 2028. Many experts predict that the micro mobility market will grow further. Most experts project that the micro-mobility market will continue to experience this growth. For these projections, many of the factors are considered, like the residents of the densely populated areas requiring convenient, affordable transportation options. Also, the recovery of global tourism in the post-pandemic world is driving the demand for micro-mobility and economical touring options. IoT devices, asset management platforms, and green technologies like the solar charging infrastructure seem to be in high demand as the cities would continue to adopt micro-mobility solutions. In the years to come, one can expect to see micro-mobility services spread up in all the major cities of the world.
Key Findings
• In 2021, the electrically powered segment dominated the market with the largest market share of 72.87% and market revenue of 34.67 billion.
The propulsion type segment is divided into human powered and electrically powered. The electrically powered segment dominated the market with a market share of around 72.87% and market revenue of 34.67 billion in 2021.
• In 2021, bicycles segment dominated the market with the largest market share of 40.34% and market revenue of 19.19 billion.
The vehicle use segment is divided into E-Kick Scooters, Bicycles, SkateBoards, HoverBoard, Low Speed Evs, Segway and Mopeds & Scooters. The bicycles segment dominated the market with a market share of around 40.34% and market revenue of 19.19 billion in 2021.
• The docked segment dominated the market with the largest market share of 52.13% and market revenue of 24.80 billion.
The sharing type segment is divided into docked and dock-less. In 2021, the docked segment dominated the market, accounting for around 52.13% of global revenue.
• In 2021, the 15-34 age group segment dominated the market with the largest market share of 65.12% and market revenue of USD 30.98 billion.
The age group segment is divided into 15-34, 35-54 and 55 and above. In 2021, the 15-34 segment dominated the market, accounting for around 65.12% of global revenue which accounts for around USD 30.98 billion.
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Regional Segment Analysis of the Micro Mobility Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global micro mobility market, with a market share of around 41.34% and USD 19.67 billion of the market revenue in 2021. The Asia Pacific is the leading pioneer in the micro-mobility world, with China becoming the first country to implement the dockless bike-sharing platform in 2015. Also, the Asia Pacific region has a comparatively less regulatory framework in comparison to Europe and North America; hence the micro-mobility startups have the advantage of fast implementation across the cities in Asia.
Key players operating in the global micro mobility market are:
• Electricfeel
• Floatility GmbH
• Beam Mobility Holdings PTE. Ltd
• Bird Rides
• DOTT
• Yulu Bikes Pvt. Ltd
• Zagster
• Lime
• Neuron
• VOI
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global micro mobility market based on the below-mentioned segments:
Global Micro Mobility Market by Propulsion Type:
• Human Powered
• Electrically Powered
Global Micro Mobility Market by Vehicle Use:
• E-Kick Scooters
• Bicycles
• SkateBoards
• HoverBoard
• Low Speed Evs
• Segway
• Mopeds & Scooters
Global Micro Mobility Market by Sharing Type:
• Docked
• Dock-less
Global Micro Mobility Market by Age Group:
• 15-34
• 35-54
• 55 and Above
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About the report:
The global micro mobility market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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