Rise in the trend of on-demand transportation services and surge in government initiatives for smart cities drive the growth of the global micromobility market
PORTLAND, Ore., Aug. 18, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Micromobility Market by Propulsion Type (Human Powered and Electrically Powered), Vehicle Type (E-kick Scooters, Bicycles, Skateboards, and Others), Sharing Type (Docked and Dock-less), and Age Group (15-34, 35-54, and 55 and Above): Global Opportunity Analysis and Industry Forecast, 2021–2030.“ According to the report, the global micromobility industry was estimated at $40.19 billion in 2020, and is anticipated to hit $195.42 billion by 2030, registering a CAGR of 17.4% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in the trend of on-demand transportation services, surge in government initiatives for smart cities, and increase in strategic investments drive the growth of the global micromobility market. On the other hand, low rate of internet penetration in the developing regions and surge in bike vandalism & theft restrain the growth to some extent. However, high-end transportation system and rising government initiatives for the development of bike-sharing infrastructure are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Rapid spread of the disease led to a negative impact on the global automotive industry, with a downturn in demand for new and old vehicles, especially during the initial period. This, in turn, affected the growth of the micromobility market.
- However, the global situation is getting back on track slowly & steadily, and the market is anticipated to revive soon.
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The electrically powered segment to dominate by 2030-
Based on propulsion type, the electrically powered segment contributed to more than three-fourths of the global micromobility market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also register the fastest CAGR of 17.9% throughout the forecast period. This is attributed to increased adoption of electrically powered vehicles across the world.
The docked segment to maintain the dominant share-
Based on sharing type, the docked segment accounted for more than three-fifths of the global micromobility market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also grow at the fastest CAGR of 18.0% during the forecast period. This is due to the fact that with the docked sharing option on board, the user is no longer responsible for the bicycle when the trip is finished, thereby minimizing user liability.
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Asia-Pacific, followed by Europe and North America garnered the major share in 2020-
Based on region, Asia-Pacific, followed by Europe and North America garnered the major share in 2020, holding more than half of the global micromobility market, owing to increased adoption of advanced transportation across Asian countries. However, the market across LAMEA would cite the fastest CAGR of 25.9% from 2021 to 2030, due to the investments & developments carried out by global companies across the region to support the micromobility infrastructure.
Key players in the industry-
- Bird
- Floatility GmbH
- Electricfeel
- Lime
- Beam Mobility Holdings
- Neuron Mobility
- Dott
- VOI
- Yulu
- Zagster
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