Westford USA, April 10, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Micro Mobility market will attain a value of USD 186.92 billion by 2030, with a CAGR of 17.4% over the forecast (2022-2030). Due to the execution of several programmes to lessen the effects of climate change carried by rising greenhouse gas emissions, policymakers might have hope in electric automobiles. As a result, a climate change plans have been set down in place to cut transportation emissions by using sustainable and eco-friendly transportation options including electric cars and public transportation. In addition, as clean energy expenditures increase and government initiatives to cut CO2 emissions intensify, the market for Micro Mobility is anticipated to rise.
According to the SkyQuest's, the demand for on-demand public transportation is further fueled by the growing urban population and the emergence of smart cities. Regulations and a growing emphasis on smart city projects are other driving factors in the introduction of micro mobility. The smart cities projects are anticipated to reach more than USD 2 trillion by 2025, with speculation pointing to Europe as the region with the biggest expenditure worldwide. Europe continues to be the region best suited for smart cities, with 12 of its cities ranked in the top 25 worldwide. Berlin, Helsinki, Stockholm, Copenhagen, Amsterdam, London, Vienna, Paris, Barcelona and other cities have already started to establish platforms for smart cities. During the forecast period, projects are projected to gradually turn these cities into fully intelligent ones.
Browse in-depth TOC on "Micro Mobility Market"
- Pages - 157
- Tables - 91
- Figures – 66
Micro-mobility, a rapidly developing sector of the transportation industry, involves travel on a variety of lightweight vehicles, including electric kick scooters, electric skateboards and electric bicycles. Throughout the forecast period, growth in the market is anticipated to be fuelled by elements such worsening traffic congestion, rising oil and gas prices, convenient parking, and saturation in the automotive industry. Additionally, new prospects for micro-mobility are anticipated to emerge in the upcoming years as a result of variables like the expanding rental and sharing markets for electric bicycles and electric kick scooters around the world.
Prominent Players in Micro Mobility Market
- Yadea Technology Group Co., Ltd.
- JIANGSU XINRI E-VEHICLE CO., LTD.
- Xiaomi
- SEGWAY INC.
- SWAGTRON
- Boosted USA
- Airwheel Holding Limited
- YAMAHA MOTOR CO., LTD.
- Accell Group
- Derby Cycle
- Beijing Mobike Technology Co. Ltd
- Micro Mobility Systems
- Dynamic Bicycles
- Skip Transportation
- Bird Rides Inc.
- Scoot Network
- Easymile SAS
- DoorDash
- GoBike
- GoJek
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Electric Bicycles are Dominating the Market Due to Growing Concerns About the Environment
In 2021, the electric bicycles segment dominated with more than 87% of the worldwide revenue. This market is anticipated to expand at a CAGR of more than 16.3% throughout the forecast period since they are the most cheap and practical alternatives to public transportation. A number of countries are implementing regulatory and financial measures to promote the use of electric bicycles in an effort to relieve demand on public transportation networks. Comparing electric bicycles to bus and taxi systems also reveals that they are less expensive, simpler to charge, and do not require substantial infrastructure investments. The demand for electric bicycles has increased globally as a result.
North America accounted for the largest revenue share in 2021, in the micro mobility industry, and it is anticipated that it will continue to hold this position going forward. This is explained by the rise of startup businesses, increased investment from venture capitalists, and the presence of powerful automakers.
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Sealed Lead-acid Battery Segment Dominate the Market Due to Durability and Safety
In 2021, the sealed lead-acid battery segment dominated the market and generated more than 58.0% of global sales. The market is anticipated to expand at a CAGR of about 13.6% during the anticipated time period. Manufacturers prefer these batteries as an alternative because of their low cost. Their adoption of electric vehicles is also influenced by their simple production and limited self-discharging capacity. Nevertheless, the raw materials used to make these batteries are extremely hazardous and discharge millions of tonnes of lead into the environment. Due to manufacturers' adoption of alternate battery options in response to this detrimental environmental impact, the segment's growth over the forecast period will be rather moderate.
Asia Pacific region dominated the market and generated more than 46.0% of worldwide sales. The bulk of tiny mobility vehicle producers are based in Asia Pacific region. These businesses generate revenue by marketing and selling their goods globally, either through distribution or OEM channels. Governments of developed countries such as China, India, and Japan are expected to adopt standards and rules for the infrastructure for vehicle charging, which will be advantageous for the growth of the regional industry. Asia-Pacific is also predicted to become the region's fastest-growing market during the forecast period.
A comprehensive analysis of the major players in the Micro Mobility market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Micro Mobility Market
- In June 2022, By acquiring additional models from the German maker of electric bicycles, Porsche grew its electric bike company. A new generation of premium Porsche e-bikes are the main focus of the joint venture's development, manufacturing, and distribution efforts.
- In May 2022, Nashville's transit gaps are being overcome by integrating public transportation and micro mobility. The company sees opportunities to expand its role from being only a transit supplier to a mobility coordinator by working with micro-mobility companies like Bird.
Key Questions Answered in Micro Mobility Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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