Micro-mobility Market Compelling Long-Term Growth Story for the forecast by 2027
Updated on Oct 11, 2023
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Most key players in the global micro-mobility market are start-ups funded by private or public investments. With increasing investments from several sectors, companies operating in the micro-mobility market are concentrated on expansion of their product portfolios and enhancement of distribution networks. Mergers and acquisition of micro-mobility start-ups by key players in shared mobility transportation and on-demand transportation are likely to drive the micro-mobility market.
Micro-mobility is a mode of transportation that use very light vehicles, including electric scooters, shared bicycles, pedelec, electric skateboard, bicycles, etc. Gross weight of vehicles under this category is less than 500 kg.
Micro-mobility vehicles are used for short duration travel, mainly for first or last mile of a journey. Miniaturization of transport modes for shorter journeys considered under micro-mobility. Requirement of motor, availability for shared services, and usage as primary utility are some additional conditions for micro-mobility.
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Nearly 60% of car trips across the world are less than 8 kilometers and offer growth opportunities for the micro-mobility market
Compact, lightweight, less payload capacity, electric or human-powered powertrain, and limited number of passengers are some of the important features of micro-mobility vehicles. These are expected to be key factors driving the global micro-mobility market during the forecast period.
Investments in micro-mobility mode of transportation by several key players and governments across the globe likely to augment the micro-mobility market growth. For instance, private and public stakeholders in China have invested more than US$ 5 Bn since 2015 in micro-mobility start-ups.
Rapidly growing demand for shared mobility solutions, including ridesharing, e-hailing, and car sharing in urban areas is likely to fuel the micro-mobility market growth
Exponential growth in micro-mobility solutions can be attributed to continuous increase in urban population since the past decade. With major expansion of urban centers, around 65% of people are projected to live in cities by 2040.
Leading Players Operating in Global Market:
The global micro-mobility market is highly fragmented with top manufacturers accounting for approximately 20%–25% of the market share. Some of the key players operating in the global micro-mobility market are:
Beijing Mobike Technology Co. Ltd.
Bird Rides Inc.
Micro Mobility Systems
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Battery Electric Vehicle Segment to Offer Attractive Opportunities
Vehicle emission contributes majorly to the rising levels in global warming gases, including CO2, NOx, and several others
Deterioration of environment is a major concern across the globe especially. The European Union has mandated several norms and regulations on vehicles and transportation to reduce vehicle emissions.
Electric vehicles, also termed as zero-emission vehicles, help in reducing vehicle emission. Hence, the demand for battery electric vehicles for micro-mobility is growing at a rapid pace.
Privacy and Stringent Government Norms to Hamper Market
Sharing a ride is a primary application of micro-mobility that results in loss of privacy of passengers traveling. Hence, a large number of costumer do not prefer ride sharing.
Several countries across the globe, including Japan and Germany have banned ride-sharing services, owing to heavy protest from local taxi service operators
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Asia Pacific Micro-mobility Market to Expand Rapidly
Asia Pacific is the most populous region. The urban population across Asia Pacific is increasing consistently, which can be attributed to employment opportunities and increased standards of living in urban areas.
Asia Pacific accounted for a significant share of the global micro-mobility market in 2018. This market in the region is projected to grow at a high pace, as the region comprises rapidly developing economies, such as China and India. The market in Asia Pacific is primarily driven by China, where the rate of adoption of micro-mobility services is increasing, owing to legality of ride-sharing services, surge in fuel prices, increased vehicular emission, and presence of leading players providing on-demand transportation services, including Didi. This, in turn, is driving the micro-mobility market in the country.
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