DUBLIN, March 12, 2024 /PRNewswire/ — The “Micro-mobility Market Report by Type, Propulsion Type, Sharing Type, Speed, Age Group, Ownership, and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The global micro-mobility market size reached US$ 55.4 billion in 2023. The market is projected to reach US$ 185.9 billion by 2032, exhibiting a growth rate (CAGR) of 14.41% during 2023-2032
The escalating trend of health and fitness awareness among consumers, the widespread adoption of micro-mobility solutions and the integration with public transport systems to provide seamless end-to-end transit solutions are some of the major factors propelling the market. The market has been growing exponentially, driven by technological advancements, changing commuting habits, and increasing demand for eco-friendly transport options. Hence, it has significant implications for urban planning, traffic management, and the broader transportation industry.
The growing trend of health and fitness awareness among consumers majorly drives the global market. Numerous options, such as bicycles and e-bikes provide an opportunity to incorporate physical activity into daily commuting routines. This active transportation mode contributes to healthier lifestyles, appealing to health-conscious consumers and encouraging the use of these services. Along with this, the younger generation, especially millennials and Generation Z, are displaying different commuting preferences from previous generations. They’re more open to shared mobility solutions and less likely to own a car, driving the demand for alternatives.
The global micro-mobility market is experiencing significant growth due to the incorporation of GPS tracking, mobile apps, and IoT devices to provide users with real-time vehicle location, convenient booking options, and seamless user experiences. Along with this, the escalating number of strategic partnerships with cities, transportation authorities, and private entities to establish mutually beneficial relationships is positively influencing the market. These collaborations often aim to integrate these services into existing public transportation networks and improve last-mile connectivity.
In response to growing environmental awareness, several companies are emphasizing sustainability. They are adopting eco-friendly practices such as using renewable energy for charging, utilizing recyclable materials in vehicle construction, and implementing recycling programs for end-of-life vehicles. Apart from this, adhering to local regulations is crucial for micro-mobility companies to maintain a positive relationship with cities and governments. They are actively engaging with policymakers to influence regulations and ensure compliance with local laws, creating a positive market outlook.
Urbanization and Traffic Congestion
One of the key market drivers is the increasing rate of urbanization and the subsequent rise in traffic congestion. With more consumers moving into cities, traditional modes of transportation such as cars are becoming less efficient due to overcrowded roads and limited parking spaces. In many urban environments, short car trips often take longer than expected due to traffic, and finding parking can be time-consuming and expensive. These solutions, including e-scooters or bicycles, provide a quick, convenient, and cost-effective alternative for these shorter trips, often covering the last mile more efficiently than cars. These factors have driven an increasing number of urban dwellers to adopt these solutions, significantly impacting the growth of the market.
Sustainability and Environmental Concerns
There is growing awareness about the environmental impact of our transportation choices, with greenhouse gas emissions from vehicles contributing significantly to global warming. As a response, many consumers are seeking more sustainable alternatives, driving the demand. Electric bikes and scooters produce no emissions during operation, and even when considering the emissions from electricity generation, they are typically much cleaner than conventional vehicles. Furthermore, these options often replace car trips, they can contribute to improved air quality in urban environments. This drive towards sustainability and increased environmental consciousness among consumers has a considerable impact on the expansion of the market.
Regulatory Support and Infrastructure Development
Governments and city authorities across the globe are recognizing the potential of micro-mobility in reducing congestion, improving air quality, and creating more livable urban spaces. As such, they are increasingly providing regulatory support for the solutions, including creating designated lanes for e-scooters and bicycles, adjusting traffic rules to accommodate these new forms of transportation, and providing incentives for the providers. In addition to policy support, there is an increased emphasis on developing the necessary infrastructure, such as dedicated bike lanes, parking docks, and charging stations. These governmental actions are instrumental in promoting the adoption of micro-mobility and are crucial drivers of the market.
Asia-Pacific exhibits a clear dominance, accounting for the largest market share
The industry in the Asia-Pacific region is driven by its rapid growth and expansion. Additionally, the region’s growing population, along with increasing urbanization and traffic congestion, has created a pressing need for efficient and sustainable transportation solutions. Micro-mobility services, such as bike-sharing and e-scooters, offer a practical and eco-friendly option for short-distance commutes, appealing to the growing number of urban dwellers.
In addition, the prevalence of smartphones and the widespread adoption of digital payment systems in Asia-Pacific have facilitated seamless access to services through user-friendly mobile applications. This tech-savvy demographic is receptive to app-based mobility solutions, contributing to the industry’s success. Apart from this, favorable government policies and initiatives promoting cleaner transportation alternatives have further boosted the sector’s prospects in the region. As these market drivers continue to gain momentum, the micro-mobility industry in the Asia-Pacific is becoming a transformative force, revolutionizing urban transportation and fostering sustainable mobility solutions.
Key Questions Answered in This Report:
- How has the global micro-mobility market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global micro-mobility market?
- What is the impact of each driver, restraint, and opportunity on the global micro-mobility market?
- What are the key regional markets?
- Which countries represent the most attractive micro-mobility market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the micro-mobility market?
- What is the breakup of the market based on the propulsion type?
- Which is the most attractive propulsion type in the micro-mobility market?
- What is the breakup of the market based on the sharing type?
- Which is the most attractive sharing type in the micro-mobility market?
- What is the breakup of the market based on the speed?
- Which is the most attractive speed in the micro-mobility market?
- What is the breakup of the market based on the age group?
- Which is the most attractive age group in the micro-mobility market?
- What is the breakup of the market based on the ownership?
- Which is the most attractive ownership in the micro-mobility market?
- What is the competitive structure of the global micro-mobility market?
- Who are the key players/companies in the global micro-mobility market?
Competition Analysis
- Accell Group N.V.
- Beam Mobility Holdings Pte. Ltd.
- Bird Rides Inc.
- CycleHop LLC
- Dott
- Lime (Neutron Holdings, Inc)
- Micro Mobility Systems AG
- Neuron Mobility
- Segway Discovery Inc.
For more information about this report visit https://www.researchandmarkets.com/r/iivo8l
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