Micro Mobility Market Size, Share, Growth Analysis, By Type (Bicycles, E-bikes,), By Battery Type, By Voltage, By Speed, By Propulsion, By Sharing Type, By Data Service, By Travel Range, By Ownership, By Region - Industry Forecast 2024-2031

Global Micro Mobility Market size was valued at USD 99.2 billion in 2022 and is poised to grow from USD 113.78 billion in 2023 to USD 340.87 billion by 2031, growing at a CAGR of 14.7% during the forecast period (2024-2031).

The micro-mobility sector is undergoing rapid growth, encompassing a range of light transportation options such as electric scooters, skateboards, and bicycles. This surge is fueled by significant factors including escalating road congestion, heightened oil and gas prices, convenient parking solutions, and a saturated automotive market. As we move forward, the rise in rental and sharing services for these electric vehicles globally is anticipated to create further opportunities for micro-mobility expansion. Additionally, the increasing awareness of climate change has prompted policymakers to introduce initiatives aimed at reducing greenhouse gas emissions, thereby favoring electric vehicles and sustainable transport solutions. The implementation of climate action plans focused on lowering transportation emissions will boost the adoption of eco-friendly modes of travel. Supported by growing investments in clean energy and government incentives to curb CO2 emissions, the demand for electric scooters, skateboards, and bicycles is projected to soar. Consequently, the micro-mobility market is poised for robust growth, driven by a combination of environmental policies, economic pressures, and the increasing attractiveness of shared mobility options. This growing trend reflects a broader shift towards sustainable transportation solutions, underscoring the importance of innovation and adaptability in meeting urban mobility needs.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Micro Mobility market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Micro Mobility Market Segmental Analysis

Global Micro Mobility Market is segmented by Type, Battery Type, Voltage, Speed, Propulsion, Sharing Type, Data Service, Travel Range, Ownership and region. Based on Type, the market is segmented into Bicycles, E-bikes, E-kick scooters, Others. Based on Battery Type, the market is segmented into Lithium-ion, Lithium-ion polymer, Lead acid, Others. Based on Voltage, the market is segmented into Below 24V, 24V-48V, Greater than 48V. Based on Speed, the market is segmented into Up To 25 kmph, 25-45 kmph, Greater than 45 kmph. Based on Propulsion, the market is segmented into Human Powered, Electrically Powered. Based on Sharing Type, the market is segmented into Docked, Dock-less. Based on Data Service, the market is segmented into Navigation, Payment, Others. Based on Travel Range, the market is segmented into Up to 3 Miles, 3-6 Miles, Greater than 6 miles. Based on Ownership, the market is segmented into Business-to-Business, Business-to-Consumer. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Micro Mobility Market

The global micro-mobility market is experiencing significant growth, primarily driven by technological advancements and an increasing demand for electric scooters. Projections indicate that e-bike sales could surge by approximately 245% in a single year, highlighting the rising interest in sustainable transport solutions. Furthermore, the bike and scooter rental sector is anticipated to reach a market value of around 11,040 million USD by 2028, indicating robust expansion. As urban populations seek affordable and efficient transportation options, particularly with the resurgence of global tourism post-pandemic, micro-mobility solutions are becoming essential. The integration of IoT devices, asset management platforms, and green technologies like solar charging infrastructure will further propel the adoption of micro-mobility services in major cities worldwide.

Restraints in the Global Micro Mobility Market

The global micro-mobility market faces several challenges that could hinder its growth potential. One significant restraint is the rising incidence of bike theft and vandalism, which undermines consumer confidence in these services. Additionally, low internet penetration in emerging economies presents a barrier, as insufficient connectivity can limit access to micro-mobility platforms and services. Without reliable access to the digital infrastructure necessary for booking and operational management, the adoption of micro-mobility solutions may be stunted in these regions. Addressing these issues will be crucial for promoting sustainable growth within the micro-mobility sector on a global scale.

Market Trends of the Global Micro Mobility Market

The Global Micro Mobility market is experiencing a robust upward trend, fueled by the increasing shift of office-goers towards bike pooling and carpooling services, alongside the rise of ride-sharing and ride-hailing platforms like Ola and Uber. This burgeoning interest is largely attributed to the convenience offered by these services, coupled with the growing array of options including auto-sharing and bike-sharing for short-distance commutes. Furthermore, the escalation in fuel prices driven by economic and geopolitical factors heightens the demand for affordable, eco-friendly micro-mobility solutions. As urban areas continue to adopt these efficient, cost-effective transportation methods, the micro-mobility sector is poised for substantial growth.