The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 25, 2023 /PRNewswire/ — As per The Business Research Company’s Micro Mobility Global Market Report 2023, the global micro mobility market is on a trajectory of robust expansion, with an anticipated growth from $43.85 billion in 2022 to a staggering $52.31 billion in 2023, reflecting a remarkable compound annual growth rate (CAGR) of 19.3%. This upward trend is expected to continue, culminating in a market size of $102.14 billion in 2027, at a CAGR of 18.2%. The driving forces behind this remarkable growth include strict environmental regulations, rising global population, urbanization, increased demand for ride hailing and sharing services, and escalating fuel prices.
Competitive Landscape
The global micro mobility market boasts a diverse landscape, characterized by a multitude of players. In 2022, the top ten competitors collectively accounted for 18.01% of the micro mobility market. Yadea Technology Group Co. Ltd claimed the top spot with a 5.34% micro mobility market share, followed closely by Xiaomi Corp, Ninebot Ltd., Jiangsu Xinri E-Vehicle Co Ltd., Meituan, Lime Micromobility, Tier Mobility, Pon Holdings, VOI Technology AB, and Bird Global, Inc.
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AI Revolutionizes Micro-Mobility
One of the key trends reshaping the micro mobility industry is the integration of artificial intelligence (AI). AI is playing a pivotal role in enhancing safety, sustainability, and cost-effectiveness. Tier, a German micro-mobility provider, introduced AI technology in the UK in May 2023, utilizing a ‘Parrot’ e-scooter brain. This system enhances safety by detecting anti-social riding behaviors without relying on complex cameras or computer vision.
Similarly, Helbiz Inc, a US-based micro-mobility services provider, launched the AI-powered HelmetChecker tool in July 2022. HelmetChecker employs AI and computer vision to verify helmet usage compliance, contributing to safer rides and creating new revenue streams for operators.
Regional Dynamics
In 2022, Asia-Pacific emerged as the largest region in the micro-mobility market, while North America is expected to be the fastest-growing region during the forecast period.
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Segmentation Breakdown
The global micro-mobility market is segmented along several dimensions:
- Type: Bicycles, E-Bikes, E-Kick Scooters, Other Types.
- Speed: Up To 25 Kmph, 25-45 Kmph.
- Propulsion: Human Powered, Electrically Powered.
- Sharing Type: Docked, Dock-Less.
- Ownership: Business To Business, Business To Consumers.
Promising Micro Mobility Market Growth in Bicycles Segment
Among the segments, the bicycles category stands out with immense growth potential. By 2027, it is projected to amass an impressive $43,968.9 million in global annual sales.
As the micro mobility market continues to evolve, the infusion of AI, regional shifts, and segment-specific growth prospects will undoubtedly shape its future landscape.
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