Published Date : 06 Jun 2022
As per research conducted by the ‘Precedence Research’ on the global micro-mobility market size was estimated at US$ 48.11 billion in 2021 and is projected to registered a growth at a CAGR of 17% from 2021 to 2030.
Some sales insight revealing the strong growth of micro-mobility market during the past few years are listed below:
Leading Regions Market Review
Approximately 45.5% of the Global Micro-Mobility Market Captured by Asia Pacific
The Asia Pacific region is the home to the globe’s largest population. The major countries such as China, Japan, Australia, and India are investing heavily on the development of electric vehicle charging infrastructure. The formulation and implementation of favorable regulations and policies is fostering the adoption of the micro-mobility among the population. The rapid industrialization in economies such as China, Japan, South Korea, and India have contributed significantly to the carbon emission and now the rising need for environment protection is leading to the implementation of reducing carbon emission policies and adoption of sustainable mobility solutions. The rising consumer awareness regarding the micro-mobility solutions and the subsidies provided by the government to promote the adoption of e-mobility solutions are collectively boosting the growth of the Asia Pacific micro-mobility market.
Scope of the Report
|Market Size in 2021||USD 48.11 Billion|
|Revenue Forecast by 2030||USD 198.03 Billion|
|CAGR||17% from 2022 to 2030|
|Forecast Data||2022 to 2030|
What are the key trends in the Global Micro-Mobility Market?
There has been a significant rise in the adoption of bike pool and car pool services among the office commuters across the globe and it is one of the key factors that is expected to drive the growth of the ride sharing and ride hailing services. The growing demand for the ride sharing services for travelling short distances and long distances is driving the growth of the micro-mobility market. Many of the consumers prefers to own an electric bike or scooters and the direct-to-consumer sales of e-bikes is boosting the demand for the micro-mobility solutions. Many venture capitalists and startups have identified this demand for the e-bikes and the investors are heavily investing to meet this demand for the micro-mobility solutions among the consumers. The aforementioned factors are expected to boost the growth of the global micro-mobility market during the forecast period.
What are the key challenges in the Global Micro-Mobility Market?
The presence of proper infrastructure that supports micro-mobility is an important factor that supports the growth of the micro-mobility market. Many developed and developing nations are investing in the development of micro-mobility-friendly infrastructure to boost the adoption of the micro-mobility solutions. Many developing regions like India and Africa are yet to develop a bike-friendly infrastructure. Most of the African cities does not have proper bike specific infrastructure and safety has become the major issue there. Moreover, in some nations, biking and cycling is either considered as a transport solution for the poor or an elitist sports for the wealthy people. Therefore, the lack of proper micro-mobility solution and the wrong perception of the consumers act as a major restraint or challenge for the micro-mobility market.
North America Forecast the Strongest Growth Rate during the Forecast Year (2021-2030)
In the recent years, most of the bike hailing companies in North America has jumped onto micro-mobility field to include all types and forms of transport solutions in their service portfolio. The ride hailing giant like Uber has acquired Jump Bikes in the year 2018 and transferred it to the Lime as a part of funding round to the company in May 2020. Micro-mobility is gaining a rapid traction among the consumers owing to its benefits in saving time. As per the INRIX National Traffic Scorecard, on an average the Americans loose around 99 hours per year due to the traffic congestion, which roughly costs around US$88 billion a year. Moreover, the rising concerns over increasing global warming issues and growing efforts to curb carbon emission is positively boosting the market growth across North America. Furthermore, the major market like US is investing in the development of micro-mobility friendly infrastructure and charging stations infrastructure, which is expected to boost the growth of the North America micro-mobility market during the forecast period.
Top Micro-Mobility Manufacturers in 2020
Beijing Mobike Technology Co. Ltd, Micro Mobility Systems, Dynamic Bicycles, Skip Transportation, Bird Rides Inc., Scoot Network, Easymile SAS, DoorDash, GoBike, and GoJek are some of the prominent players profiled in this report.
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