According to a recent report published by Allied Market Research, titled, “Micromobility Market by Propulsion Type, Vehicle type, Sharing Type and Age Group: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global micromobility market was valued at $44.13 billion in 2020, and is projected to reach $214.57 billion by 2030, registering a CAGR of 17.4% from 2021 to 2030. Asia-Pacific was the highest revenue contributor, accounting for $24.22 billion in 2020, and is estimated to reach $106.04 billion by 2030, with a CAGR of 16.1%
Presently, the global micromobility industry is dominated by Asia-Pacific followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain its dominance in the global market particularly by China, South Korea, and Japan owing to rapid urbanization and growing demand for on-demand transportation services.
Micromobility refers to a range of small, lightweight vehicles operating at a speed of not more than ~15 miles per hour (25 kmph) and considered ideal for commuting within ~10 km range. This actively includes the usage of different types of vehicles such as bicycles, e-bikes, electric scooters, electric skateboards, shared bicycles, and electric pedal assisted bicycles and others. Continuous developments carried out across the globe toward developing smart cities & vehicle infrastructure have created numerous opportunities for the growth of the global micromobility market. Moreover, the presence of different service provider companies followed by their investments & developmental strategies has attracted numerous small vehicles fleet owners to collaborate toward supporting the concept of micromobility.
Factors, such as rise in trend of on-demand transportation services, rapid urbanization and local commute requirements, government initiatives for smart cities, increasing government initiatives for the development of bike-sharing infrastructure and rise in venture capital and strategic investments, supplement the growth of the micromobility market.
Covid-19 Impact Analysis:
COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge. Lockdown measures have helped to contain the spread of coronavirus, but exacted an immense economic toll. On the business side, the automotive and mobility sectors are among the hardest hit. Following the pattern witnessed in countries where COVID-19 spread earlier, lockdown measures and other restrictions have limited travel and left many consumers unable or unwilling to purchase vehicles. It has also affected general lifestyle and the behavior pertaining to travel, consumption of goods, and services as well as working style of individuals. Furthermore, coronavirus has introduced unexpected complications within the automotive and electric mobility sectors. OEMs and other stakeholders are adopting innovative business models amid post-COVID-19. Sales of small format vehicles with better & efficient safety features accelerated during the pandemic and are expected to continue in the post pandemic situation.
Key Findings Of The Study
- By propulsion type, the electrically powered segment dominated the global micromobility market in 2020, in terms of revenue.
- By vehicle type, the e-kick scooters segment is expected to register significant growth, registering a CAGR of 18% during the forecast period.
- By sharing type, docked segment is projected to lead the global market in terms of market share by the end of the forecast period.
- By age group, 15-34 age group segment is projected to lead the global market in terms of market share by the end of the forecast period.
- By region, Asia-Pacific dominated the global micromobility market in 2020 in terms of market share.
The key players profiled in the report include Beam Mobility Holdings, Bird, Electricfeel, Dott, Lime, Neuron Mobility, VOI, Yulu, Zagster, and Floatility GmbH as the service providers, which are operating efficiently in the micromobility market.