Micro Mobility Market Size to Reach USD 578.43 Billion by 2032 | Emergen Research

Vancouver, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global micro mobility market is projected to reach a market size of USD 578.43 Billion by 2032 at a CAGR of 18.8%, during the forecast period, according to latest analysis by Emergen Research. Steadily inclining revenue growth of the market can be attributed to rapid urbanization and increasing traffic congestion in urban areas. Increasing adoption of more advanced technologies and devices such as smartphones and GPS, and improved Internet connectivity and bandwidth are some key factors supporting demand for micro mobility solutions in urban areas.

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Ongoing go-green campaigns with the objective to reduce impact of global warming and rising awareness regarding the benefits of shared micro mobility services and electric vehicles are among some other key factors driving sales of micro mobility solutions. Increasing investments by electric vehicle manufacturers for development of longer-lasting and fast-charging batteries is also boosting growth of the micro mobility market. Rising need to understand demand-response patterns for optimizing vehicle redistribution and availability is fueling adoption of Artificial Intelligence-based real-time location data analytics in the micro mobility market.

Segments Covered in Report

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MAJOR COMPANIES and Competitive Landscape

The global micro mobility market is moderately fragmented, with a large number of small- and medium-sized manufacturers accounting for a major share. Companies are well-equipped with manufacturing facilities and engage in various research and development activities and initiatives to develop and deploy new and more efficient technologies in the micro mobility market. Some prominent players operating in the micro mobility market are:

• Bird Rides, Inc.
• Lime Scooter
• Micro Mobility Systems Ltd.
• Ofo Inc.
• Mobike
• Motivate International Inc. (Lyft)
• Pride Mobility Products Corporation
• Golden Technologies
• Uber
• Invacare Corporation

Strategic development
In January 2020, Bird Rides, which is the leader in micro mobility, announced the acquisition of the leader in European micro mobility, Circ, which is based in Berlin. The acquisition is expected to strengthen the position of Bird Rides in the European micro mobility market.

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Key Highlights of Report

• In May 2020, Lime Scooter entered into a partnership with Allianz in order to improve the safety of micro mobility solutions. The outcome of the partnership is to offer two types of safety insurance to riders instil added confidence whilst riding and encourage use of micro mobility solutions.  
• The residential segment accounted for largest market share of 59.4% in 2019. Rising transportation cost due to increasing oil & gas prices is boosting sales of micro mobility solutions for use in residential areas.
• 2-wheeler segment accounted for largest market share of 55.3% in 2019. Congested roadways, poor road infrastructure, and increasing air pollutions in developing countries are key factors driving demand for advanced two-wheeler micro mobility solutions. 
• The more than 40 Km segment revenue growth rate is projected to incline rapidly during the forecast period. High load bearing capabilities of advanced micro mobility solutions is a factor driving popularity of micro mobility solutions with a travel range of up to 40 km.
• North America accounted for largest revenue share contribution to the global micro mobility market in 2019. Growing consumer awareness regarding environmental degradation has resulted in increasing sales of micro mobility solutions that are emission-free and eco-friendly.        

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Emergen Research has segmented the global micro mobility market on the basis of application, type, travel range, weight capacity, and region:

• Application Outlook (Revenue, USD Billion; 2023–2032)
  • Residential
  • Commercial
• Type Outlook (Revenue, USD Billion; 2023–2032)
  • 2-wheeler
  • 3-wheeler
  • Others           
• Travel Range Outlook (Revenue, USD Billion; 2023–2032)
  • Up To 20 Km
  • 20-40 Km
  • More than 40 Km    
• Weight Capacity Outlook (Revenue, USD Billion; 2023–2032)
  • Up to 100 Kg
  • 100-250 Kg
  • More than 250 Kg       
• Regional Outlook (Revenue, USD Billion; 2023–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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