Micro-Mobility Market worth USD 255.41 Billion by 2027, registering a CAGR of 17.62% – Report by Market Research Future (MRFR)
New York, July 12, 2021 (GLOBE NEWSWIRE) — Micro-Mobility Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Micro-Mobility Market Research Report, Weight Capacity, Travel Range, Type, Application and Region – Forecast till 2027” the market is projected to be worth USD 255.41 Billion by 2027, registering a CAGR of 17.62% during the forecast period (2021 – 2027), The market was valued at USD 35.1 billion in 2020.
The micro-mobility market is witnessing continually rising revenues. The market growth majorly attributes to the wide uptake of these small, lightweight vehicles, including bicycles, e-bikes, electric scooters, electric skateboards, shared bicycles, and electric pedal-assisted bicycles. Rising electric vehicle infrastructure development activities as a part of smart city projects increase the market demand. With the rapidly evolving electric vehicles (EVs) market and growing sales of EVs worldwide, the market would witness significant growth in the recent future.
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Competitive Analysis
List of the Key Companies Profiled in the Micro-Mobility Market Research Report are –
- 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)
The micro-mobility market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on June 23, 2021, Joyride (Canada), a leading micro-mobility software provider, announced raising US$3.7 MN seed money that would help it reach a greater number of small, local operators.
With the fresh capital, Joyride would double down its ability to help local operators find & finance the right vehicles, access insurance plans from trusted partners, and learn to deploy a profitable fleet. The company has already offered these services extensively, and its SaaS business model but wants to feature them more prominently as its business grows.
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Government Initiatives for e-Mobility Proliferation Impact the Market Growth
The e-mobility projects and EV charging infrastructure for public spaces are boosting worldwide. The market witnesses the rising demand for new automated micro-mobility solutions. Also, governments in countries across the globe have realized the potential that electric vehicles hold.
Many have initiated new policies and proposals, designing programs for e-mobility proliferation, meeting their goals to address climate change and net-zero carbon targets. Additionally, large-scale uses of EV powering solutions and increasing government initiatives to revolutionize micro-mobility influence the market growth.
Requirement of a Large Dedicated Bike Infrastructure Restrict the Market Growth
Despite the vast growth prospects, micro-mobility solutions still face heavy headwinds. Factors such as the requirement for dedicated bike infrastructure and high investments to develop micro-mobility vehicles, and lack of public awareness hinder the market’s growth.
Also, the inapplicability for rural terrain impedes the micro-mobility market share. Nevertheless, increasing R&D investments in developing innovative micro-mobility solutions would support the market growth throughout the review period.
COVID 19 Impacts on the Market
The onset of Coronavirus impacted the micro-mobility industry positively. On one side, lockdown mandates disrupted the supply chain, and manufacturers faced various problems such as obtaining raw materials & components, attracting workers from quarantines required for the production, and delivering end products to the markets.
On the other hand, following the onset of the pandemic, many cities are seen adapting their infrastructure rapidly to provide more space for e-bikes and e-scooters. People are increasingly finding e-scooters as a good choice for a slightly longer journey. By switching to an e-scooter, people can help cities keep harmful emissions from vehicles and achieve better air quality for the people.
Besides, the rising demand for e-micro mobility solutions to deliver healthcare products to fight against the pandemic and the uptake of electric vehicles in the logistic industry offered significant opportunities. Resultantly, the micro-mobility market rapidly returned to normal, witnessing the steadily increasing demand. The micro-mobility market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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Segmentation
The market is segmented into types, weight capacities, travel ranges, applications, and regions. The type segment is sub-segmented into 2-wheeler, 3-wheeler, others. Similarly, the weight capacity segment is sub-segmented into up to 100 kg, 100–250 kg, and above 250 kg. The travel range segment is sub-segmented into up to 20 km, 20–40 km, and above 40 km. In addition, the application segment is sub-segmented into commercial and residential.
Regional Analysis
The Asia Pacific region leads the global micro-mobility market, witnessing a significant rise. The region has some of the most urban and highly populated countries, such as China and India, which influence the market demand. Besides, factors such as raw material advantage and the availability of cost-competitive workforces in the region act as major driving forces behind the market growth.
The massive increase in production and sales of e-bikes in the region increases micro-mobility market sales. The market is also driven by advancements in EV technologies and electric bicycles, electric scooters, e-bikes, electric skateboards, electric pedal-assisted bicycles, and shared bicycles. Furthermore, factors such as investments in research & development and a large EV user base create a huge demand for electric mobility.
Segmentation of Market covered in the research:
Information by Weight Capacity (Up to 100 kg, 100–250 kg, Above 250 kg), By Travel Range (Up to 20 km, 20–40 km, Above 40 km), By Type (2-wheeler, 3-wheeler, Others) and By Application (Commercial, Residential) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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