Global Micro-Mobility Market - 2024-2031

Overview

Global Micro-Mobility Market reached US$ 3.6 Billion in 2023 and is expected to reach US$ 9.0 Billion by 2031, growing with a CAGR of 12.1% during the forecast period 2024-2031.

Problems such as traffic jams, pollution and a shortage of parking spaces are brought on by the world's cities becoming more urbanized and densely populated. Micro-mobility solutions ease last-mile connection issues for public transport passengers and provide a practical and effective means of navigating congested urban regions while lowering dependency on private automobiles. Electric bikes and scooters designed for micro-mobility are viewed as more environmentally friendly alternatives to traditional cars, reducing air pollution and greenhouse gas emissions in cities.

The growing global expansion by major key players of micro-mobility helps to boost market growth over the forecast period. For instance, on April 07, 2021, NIU Technologies launched its products to target the urban micro-mobility segment in China, Europe and United States. To help urban residents with their 1 to 3-mile (1-5 km) commuting needs, NIU is expanding its micro-mobility portfolio to include the kick scooter. The company has previously opened the European and US markets to electric mopeds.

North America is the dominating region in the market due to the growing product launches by the major key players. For instance, on August 10, 2023, Veo, a US-based company that secured New York City's e-scooter permit, is moving into retail. The company will start production of 1000 scooter batches in 2023. In more than 50 U.S. locations, Veo's shared micro-mobility service which offers e-bikes, pedal cycles and electric kick scooters is accessible.

Dynamics

Technological Advancements

High-performance micro-mobility vehicles are the result of technological developments in electric motors and vehicle design. Users find electric scooters and other vehicles appealing since they now have quicker acceleration, a longer range, higher speeds and more safety features. The integration of Internet of Things technology facilitates communication between infrastructure and micro-mobility vehicles. Real time information on the status, usage patterns and performance parameters of vehicles is made possible by IoT sensors, GPS tracking and data analytics. The data-driven strategy boosts operational effectiveness, enhances maintenance schedules and optimizes fleet management.

The growing technological advances in micro-mobility product launches help to boost market growth over the forecast period. For instance, on September 26, 2023, Bo, a UK-based startup started the production of electric vehicles. After two years of research and development, the business released its product. Its peak power output has grown from 1000W to 1200W and its frame strength has improved by 100%. A high torque motor with a maximum power output of 1200W and a maximal speed of 35 km/h powers the Bo drivetrain. A 50km range is provided by a 655Wh battery.

Growing Urbanization and Population Density

As more people rely on vehicles and public transportation, urbanization frequently results in increased levels of traffic congestion. Through the provision of more flexible and short distance friendly forms of transportation, micro-mobility services help to reduce traffic congestion. As public transport networks like buses and trains become more widespread, there is an increasing demand for efficient last-mile connection solutions. Micro-mobility vehicles like electric bikes let commuters complete their trips by bridging the space between their final destinations.

According to the data given by Global Change Data Lab, More than half of the population in smaller, more urbanized countries like Puerto Rico, Israel, Kuwait, United Arab Emirates, Japan and Puerto Rico live in large towns. Forty to fifty percent of people in the Americas reside in big urban agglomerations. The majority of other nations in Asia, Europe and Africa lie between 10 and 40% of the total. One in seven people on the planet is expected to live in cities by 2050. In actuality, only a very small number of countries are predicted to have larger rural-urban percentages by 2050. Several of these are found in Asia, the Pacific Island States, Sub-Saharan Africa and Guyana in Latin America.

Limited Range and Battery Life

Limited range and short battery life make for a poor user experience. Users experience circumstances when a low battery charge prevents them from completing their journeys, which can be frustrating and disappointing. The may hinder the uptake of micro-mobility services and deter recurrent use. Limited-range micro-mobility vehicles are often best suited for last-mile connection or short-distance travel. For longer trips, users could choose other modes of transportation like cars or public transportation, which would lower the demand for micro-mobility services overall.

Micro-mobility vehicles need regular recharging due to their limited battery life. However, access to and availability of charging infrastructure could prove challenging, particularly in places with an absence of electrical infrastructure or a small number of charging stations. Vehicle downtime and operational inefficiencies for operators arise from this. Operators of micro-mobility face extra expenses in operating and maintaining a fleet of cars with short battery lives. To shift charged automobiles to high-demand locations, calls for more regular charging, battery replacements, maintenance and logistics. The operating costs can impact profitability and sustainability for operators.

Segment Analysis

The global micro-mobility market is segmented based on type, sharing type, service, end-user and region.

Electric scooters are the Dominating Type in the Micro-Mobility Market

Based on the type, the micro-mobility market is segmented into electric scooters, electric bicycles (e-bikes), electric skateboards, electric kick scooters and others.

Electric scooters help to lower the carbon impression and reduce air contamination in urban communities due to this they are viewed as harmless modes of transportation. As consumers grow awareness of sustainability, climate change and the need for environmentally friendly transportation further help to increase demand for electric scooters. Because of their low actual interest, electric bikes are an incredible choice for many clients, including vacationers, workers, understudies and those with portability issues. Electric scooters are a convenient form of transportation for last-mile connections and short excursions because of their small shape and easy-to-use controls.

Over the course of the projected time frame, increasing globally production of electric scooters contributes to the segment's growth. For example, statistics from Autocar India indicate that sales of electric two-wheeler scooters have increased by 305% in US. In India, sales of electric scooters were 3,22,871 in 2021. Globally, the three primary markets for electric scooters are Southeast Asia, China and India. China is the region's center for manufacturing and the biggest market for electric scooter sales. In China 2 and 3-wheelers are frequently utilized, is one of the world's largest markets for electric vehicles.

Geographical Penetration

North America is Dominating the Micro-Mobility Market

In North America, several localities and states have passed progressive laws and policies that encourage micro-mobility projects. The entails establishing bike lanes specifically for them, approving shared mobility services, putting pilot programs into action and working with businesses to overcome regulatory obstacles. The development and growth of micro-mobility choices have been facilitated by North America's regulatory environment.

North America has a strong tech environment, with major tech hubs like Silicon Valley and Austin. The hubs have made it easier to build and expand IoT integration, data analytics solutions, mobile apps and micro-mobility platforms. The region's IT enterprises have been instrumental in creating the digital framework of micro-mobility services. Some of the major key players expand their business in the region to fulfill consumer's demand for the micro-mobility. For instance, on March 31, 2023, Micromobility.com Inc., expanded its E-Commerce and retail business in New York by capitalizing on a US$ 186.2 Billion market opportunity.

Competitive Landscape

The major global players in the market include Cannondale Bicycle Corporation, Zongshen Electric Motorcycle, Merida Industry Co. Ltd., Yamaha Bicycles, Terra Motor, Rad Power Bikes, Trek Bikes, Riese & Muller, Derby Cycle and VanMoof B.V.

COVID-19 Impact Analysis

Lockdowns and social distancing measures implemented by numerous communities during the early stages of the epidemic caused a sharp decline in the number of passengers utilizing micro-mobility services. To lessen their exposure to the virus, travelers and commuters used shared mobility choices less frequently. There was a brief change in short-distance travel preferences from crowded public transit and shared mobility services to private automobiles, cycling and walking. The change was brought about by worries about the spread of viruses in restricted spaces as well as an urge for safer, more socially isolated forms of transportation.

Due to the pandemic, micro-mobility operators experienced a decline in ridership and income, which presented challenges with finances. To control financial losses, several businesses have been compelled to reduce staff, stop providing services in some regions or other cost-cutting measures. Enhanced safety and hygiene protocols were put in place by micro-mobility providers to reassure users and promote usage during the epidemic. The included mask requirements, contactless payment systems, vehicle sanitization and user education on health standards.

Russia-Ukraine War Impact Analysis

Micromobility vehicle and component supply chains are disrupted by the war, especially if important manufacturing sites or transit routes are impacted. Production delays, a lack of parts and higher manufacturing costs result from this. Micro-mobility vehicles and other sustainable transport choices see a rise in demand in conflict-affected countries. Fuel shortages, traffic congestion and the necessity for effective urban mobility solutions in the face of disruptions could all be contributing explanations to this.

Governments and regulatory bodies may revise policies related to micro-mobility in response to changing transportation needs during and after the conflict. The could include incentives for adopting electric vehicles, revisions to licensing and operating requirements or changes in infrastructure investments. As countries seek to reduce dependence on traditional fuel sources and improve urban transportation infrastructure, there may be new market expansion opportunities for micro-mobility providers in regions that were previously underserved or overlooked.

By Type

• Electric Scooters
• Electric Bicycles (e-bikes)
• Electric Skateboards
• Electric Kick Scooters
• Others

By Sharing Type

• Docked
• Dockless

By Service

• Ride-Sharing
• Subscription-Based
• Pay-Per-Use
• Corporate and Institutional
• Others

By End-User

• Individual Consumers
• Businesses and Enterprises
• Public Sector and Governments
• Tourism and Hospitality
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On February 08, 2024, Aponyx launched high-speed electric scooters in India. The high-speed scooters are manufactured in India. The development of electric two-wheelers will be a significant advancement in environmentally conscious transportation.
• On November 26, 2023, TVS Motor Company launched its electric vehicle two-wheeler range to address diverse consumer segments. The production capacity of the company is around 25,000 units per month.
• On August 16, 2023, eBikeGo, an electric bike startup plans to launch its Muvi brand of e-scooters in the international market. Virginia, Barcelona and Spain are the key places that eBikeGo has carefully chosen for its international activities, which will begin in April of the 2024 fiscal year.

Why Purchase the Report?

• To visualize the global micro-mobility market segmentation based on type, sharing type, service, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of micro-mobility market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global micro-mobility market report would provide approximately 70 tables, 67 figures and 198 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies