NEW YORK, Oct. 28, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, buoyed by an increasing demand for public mobility solutions for covering short distances, the micromobility market share is expected to witness tremendous growth in the upcoming years. Among the different types of micromobility services, bike (bicycle) sharing was the most widely used micromobility service in the historical period (2017–2018).
However, the fastest growth is expected to be witnessed in the kick scooter sharing category, during the forecast period (2019–2025). The category is witnessing heavy investments from established investors across the world, which is vastly contributing to the growth of the kick scooter sharing market. Moreover, the rapid adoption of these services in the North American region is further expected to propel the growth of the category.
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The recent trend in the micromobility market has been the inflow of heavy investments directed toward its development. Major players, along with the numerous start-up companies prevailing in the market, are receiving hefty investments from several venture capitalists. For instance, in 2018, European investors — Index Ventures and Atomico — massively invested in two of the top U.S. micromobility companies, namely Bird Rides Inc. and Neutron Holdings Inc. (Lime), respectively. Index Ventures headed Bird’s Series B round with an investment of $100 million, whereas Atomico did not disclose the amount invested in Lime.
Originating in San Francisco in 2012, scooter sharing began flourishing between 2016 and 2018 in European countries. In 2018, more than 60 cities across the world had the scooter sharing scheme, with Europe holding a more than 80% market share. The scooter sharing service sector is still in its initial stage, which makes it a costly affair for service providers, which, in turn, makes the service more expensive for end users as compared to others.
With around 1,250 bike sharing systems and more than 10 million bicycles, APAC is the largest market for bike sharing. China is the largest market for bike sharing in the region. The vast increase in bike sharing schemes, led by China's largest operators — ofo and Mobike — and entry of new operators are having a major impact on Chinese cities. The European and U.S. markets have also witnessed significant growth in recent years with ofo and Mobike expanding here.
Browse Detailed Report Overview on “Micromobility Market Research Report: By Type (Bike Sharing [Station based, Dock-less], Scooter Sharing [Station based, Dock-less], Kick Scooter Sharing [First and Last-Mile, Multimodal]), Regional Outlook (U.S., Canada, Italy, France, Belgium, Germany, U.K., Austria, Spain, Portugal, Switzerland, Poland, Netherlands, China, India, Malaysia, Singapore, Thailand, Taiwan, U.A.E., Brazil, Mexico) – Global Industry Size Analysis, Competitive Share and Growth Forecast to 2025” at: https://www.psmarketresearch.com/market-analysis/micromobility-market
North America is the largest market for kick scooter sharing services. In late 2017, kick scooter sharing companies began to flood the market in the U.S. Bird was the first company in the market, and it was quickly followed by Lime, Spin, and Skip. Bird’s launch in September 2017 and the entry of several other companies in the kick scooter sharing market thereafter, vastly benefitted the regional market.
Europe is the largest market for scooter sharing, holding more than 80.0% share in the global market in 2018. The rapid technological advancements in sharing services, rising concerns over the emission of greenhouse gases, massive urban road congestion, and greater convenience in using shared vehicles are the major drivers boosting the growth of the market.
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In November 2018, VOI Technology, a Swedish electric scooter sharing company, received an amount of $50 million as part of its Series A round of funding. Its investors included Balderton Capital, along with Vostok New Ventures, LocalGlobe, Raine Ventures, and several angel investors, such as Amazon’s CEO, Jeff Wilke; Justin Mateen, a cofounder of Tinder; Sebastian Knutsson, a cofounder of King; and Zillow’s CEO, Spencer Rascoff. The company currently operates in Germany, France, Portugal, Italy, Norway, and the Benelux region, and with this investment, it aims to expand in other countries. Further, in July 2019, Bird announced its intention to launch its largest European hub in Paris, and it is expected to hire over 1,000 employees over the next two years, citing rapid growth in the coming years.
Some of the major players operating in the bike sharing niche of the micromobility market are Ofo, Donkey Republic, Hopr, Mobike, and Nextbike. Lime, Bird, Razor, Bolt, and Skip operate in the kick scooter sharing niche, and Coup, Emmy, Cityscoot, Felyx, and eCooltra in the scooter sharing domain.
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The two-wheelers category is expected to witness the fastest growth, in terms of vehicle type, in the Indian shared mobility market. Two-wheeler shared mobility is gaining traction in view of the fact that two-wheelers address multiple pain points with respect to affordability (~26% of the cab cost), availability, and convenience.
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In April 2019, a motorcycle/scooter e-hailing service provider, Rapido raised around $11.2 million in its Series A funding round, which was led by venture capital firm, Nexus Venture Partners. Rapido also declared that the amount will be used for the operational expansion of the company into new cities in India.
https://www.psmarketresearch.com/market-analysis/india-two-wheeler-sharing-market
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