NEW YORK, Dec. 22, 2022 /PRNewswire/ — The micromobility market has captured $3,060 million revenue in 2021, and it is projected to rise at a rate of 14.5% from 2021 to 2030, to generate $10,351 million revenue in 2030, according to P&S Intelligence. It is ascribed to the rapid development of smart cities and the worldwide expansion of the automotive infrastructure.
The surging number of micromobility vehicles, their various advantages, including compact size, restricted passenger capacity, low weight, and ease of use, and the surging demand for ridesharing in metropolitan regions boost the industry growth.
Moreover, the surging penetration of service providers, growing costs of vehicle ownership, and increasing demand for emission-free vehicles propel industry growth.
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Bike Sharing Is Most Popular among All Micromobility Services
The bike sharing category held the largest industry share, of 68.4%, in 2021, and it is projected to retain its position in the coming years. It is due to the rising popularity of the service in the APAC region, as it is cost-effective and environment-friendly.
Furthermore, the rising penetration of industry players and the increasing number of collaborations among shared mobility service providers propel the industry.
APAC is projected to experience the fastest growth and lead the bike sharing industry in the near future. One of the major reasons behind this development is the existence of a number of companies in this domain.
Rising Popularity of Kick Scooter Sharing Opens New Avenues
Kick scooter sharing has become a success story for covering short distances, generally less than 5 km. In addition, most firms allow users to leave or park their vehicles wherever they want, which provides ease in first- and last-mile travel.
North America holds a substantial revenue share in the kick scooter sharing industry, and it is projected to retain its position in the near future. It is ascribed to the rising penetration of startup companies and growing investment by various venture capitalists, including large automobile giants.
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Rising Travel Expenses Fuel Scooter Sharing Service Demand
The scooter sharing category holds a significant revenue share of the industry as well. It is attributed to the surging rate of technological advancements, increasing travel expenses, and growing road congestion in urban areas.
In addition, these services are offered via mobile applications, which connect service providers and users for vehicle parking, ride booking, and payments.
Europe holds the largest revenue share in the scooter sharing industry, and it is projected to retain its position in the near future. It is due to the rising urban road congestion, GHG emissions, and population in major cities in the region, which is leading to the surging number of daily commuters.
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