ID: MRFR/AM/6843-HCR | February 2021 | Region: Global | 111 pages
Micro-Mobility Market Size is projected to be worth USD 210 Billion by 2030, registering a CAGR of 13% during the forecast period (2022 - 2030).
The micro-mobility mode of transportation is used in light vehicles. Micro-mobility vehicles are miniaturized transportation used for short travels. Electric vehicles, skateboards, bicycles and pedelecs are some of the micro-mobility vehicles. Today, micro-mobility vehicles are beneficial in many fields. Commercial enterprises are known for the prevalent use of micro-mobility vehicles. The demand for micro-mobility vehicles is rapidly growing.
The driving factors for the market are the rising demand for ridesharing, car sharing and e-riding in the urban areas. Compact, lightweight, limited passengers and easy application are some of the benefits of micro-mobility vehicles. There are plenty of segments in the micro-mobility market. The two-wheeler segments are witnessing the highest demand in the forecast period. These vehicles are widely used as they are sustainable, flexible and cost-efficient. Due to these factors, the micro-mobility market value will reach 150 billion. The growth scope for the market is more in the commercial sector. Also, the adoption of micro-mobility is happening at an exponential pace. It will fuel more demand for the market in the forecast year.
The covid 19 pandemic had an immense impact on the global industries. Today, the global industries are facing difficulties from the economic end of the market. There is a recession in the market that makes trade operations challenging in this period. The micro-mobility market is facing difficulties during this period. The pandemic has caused supply chain disruption in the market.
Further, the overall demand for micro-mobility is declining. The worldwide mobility restrictions are causing a loss in the vehicle industry. However, the use of micro-mobility vehicles is rising in some regions. During the pandemic the rate of short travels is high. Also, post-pandemic, the requirement for micro-mobility is expected to be tremendous. All these factors provide a positive micro-mobility market outlook.
The sharp increase in oil and gas price is playing a major role in the high demand for the micro-mobility market. The fluctuations in the oil market are massive. Many customers are unable to cope with the rising price of oil. Due to this, many are adopting vehicles that can function without the use of oil and gas. Micro mobility vehicles can operate without the use of oil and gas. These environmental friendly vehicles save oil and gas expenditures.
Further, micro-mobility vehicles are known for their exceptional energy conventional rate. The vehicles can convert the thermal losses into energy. It makes it an energy-efficient alternative for conventional vehicles. Many end users are attracted to the sustainability, energy conversion and easy applications of micro-mobility solutions. Moreover, the demand for shared vehicles is growing in urban areas. These travel methods save cost and time. The tremendous demand for shared rides is causing more demand for Dockless scooters. All these are the crucial drivers for the micro-mobility market. These drivers will provide constant demand and growth for the overall market.
The investments rate for micro-mobility transportations will rise massively in the forecast year. The investments by the key players will provide micro mobility market growth. The rising investments will lead the market to new product developments and market expansions. Further, the population rate is expected to rise in the upcoming years.
The rising population increases the need for cost-efficient transportation. Micro mobility is easily accessible and cost-efficient transportation. Therefore, the increase in population will provide micro mobility market growth. The investments in the micro-mobility sector will increase the launch of e-bikes and e-scooter. The launch of new innovative micro-mobility products will make the market versatile. Also, innovations in this market will attract various end-users from different sectors. These are crucial factors that will provide excellent growth prospects for the micro-mobility market.
The micro-mobility solution requires a dedicated bike infrastructure. The design and manufacturing of the micro-mobility vehicle is complex. The challenges for finding a suitable bike infrastructure are high in this market. It is a serious restraint in the market that can affect the demand and supply in the forecast period. Further, the micro-mobility transportations are not suitable for rural terrains. The micro-mobility vehicles are compact and lightweight. Rural terrains are bumpy that can easily cause damages to micro-mobility vehicles. There are major restraints that can affect the demand and market expansion during the forecast period.
There is a lack of awareness among the public is a challenge in the micro-mobility market. The uses and benefits of micro mobiles are less. Also, the cost benefits of the vehicle are unknown to most of the population. The lack of product awareness can cause less adoption rate and demand in the forecast period. Also, the less availability of shared transportation services in underdeveloped regions can affect the micro-mobility market growth. The shared transportation vendors are the key end-users of the market. However, these services are prevalent in only urban areas. The unavailability of shared services in undeveloped regions can affect the market expansion rate.
The micro mobility industry will witness steady growth in the forecast period. The commercial segment of the market will record the highest demand rate. Further, the use of shared bicycles and electric scooters will be beneficial for market growth. Also, the rise in oil price will be advantageous for the adoption of micro-mobility vehicles. The sustainability, energy efficiency and high-end energy conversion features will attract new market players. Lack of awareness and unsuitability of rural terrain is the major limitation in the market. However, the overall micro-mobility market trends looks positive.
The Asia Pacific region will hold the largest micro-mobility market share. The growth of urbanisation is the crucial driver for micro-mobility. The increase in urban population is raising the requirement for energy-efficient transports.
Also, the reason for fast market growth is cost efficiency, short travels and flexibility of micro-mobility transportation. The Asia Pacific region is well known for traffic and congestion. Micro-mobility vehicles are suitable in the region due to their compactness and lightweight. The use of micro-mobility in commercial enterprises is high in the Asia Pacific region. The demand rate will reach the highest during the forecast period.
By mode of transport
The micro mobility industry is fragmented into Asia Pacific, Europe, and North America. The Asia Pacific market will witness the highest demand rate in the forecast period. Also, it is a region with high growth opportunities. The two-wheeler micro-mobility vehicles are gaining more popularity in this region. The micro-mobility market will have massive demand from the industrial and commercial sectors.
Further, the key players are launching new micro-mobility vehicles in the forecast period. Moreover, the North American region is the next largest micro-mobility market. The adoption of micro-mobility vehicles is high in this region. Also, it is a region with the highest investments for micro-mobility transports. Europe is witnessing moderate demand. The adoption rate of micro-mobility vehicles is higher in Europe. The major driver for the market is the governmental norms to reduce carbon emissions.
The competition in the micro-mobility market is moderate. However, the competition is expected to rise rapidly in the forecast period. The competitive landscape includes new developments, expansion strategies and growth possibilities for the market. The new product launches will increase the revenue rate of the micro-mobility market.
|Market Size||2030: USD 210 Billion|
|CAGR||13% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Weight Capacity, Travel Range, Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Yellow Scooters (US), Bird Rides, Inc. (US), Lime Scooter (US), Micro Mobility Systems AG (Switzerland), ofo Inc. (China), Mobike (China), Motivate (Lyft) (US), Pride Mobility Products Corp. (US), EV RIDER LLC (US), Golden Technologies (US), Merits Co. Ltd (Taiwan), Invacare Corporation (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The growth rate of the micro-mobility market is expected as 13%.
The crucial segment in the market is electric scooters.
The key players of the micro-mobility market are Scoot Network, Beijing Mobike Technology Co. Ltd, LimeBike, Zagster, Spin Scooters, Sway Mobility, Floatility GmbH and Easymile SAS.
Asia pacific market will dominate the market in the forecast period. It is a region with highest market shares.