According to Acumen Research & Consulting, the global Micromobility Market size was worth USD 49.3 Billion in 2021 and is projected to be worth around USD 186.2 Billion by 2030, growing at a CAGR of 16.2% in the coming years
Micromobility Market Overview
Micro-mobility refers to small, personal transportation devices such as electric scooters, bicycles, and e-bikes. These devices are intended to provide convenient, environmentally friendly, and cost-effective substitutes to traditional modes of transportation like cars and buses, particularly for short trips and last-mile connectivity.
The global micro-mobility market has expanded significantly in recent years, owing to factors such as urbanization, environmental concerns, and increased demand for last-mile transportation solutions. With growing demands for electrically powered micro-mobility vehicles, the emergence of new business models, and the growth of developing markets such as Asia-Pacific, the market is expected to continue its upward trajectory in the coming years.
Micromobility Market Statistics
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Micromobility Market Dynamics
Increasing Environmental Concerns Shoot up the Micro-Mobility Market Value
With growing concerns about environmental pollution, greenhouse gas emissions, and the environmental impact of transportation, many individuals and organizations are looking for more environmentally friendly transportation options. Micro-mobility vehicles, such as electric scooters, bicycles, and e-bikes, are more environmentally friendly than traditional modes of transportation like cars and buses, which run on fossil fuels and emit harmful pollutants.
Furthermore, the use of micro-mobility vehicles can reduce traffic congestion, which can improve air quality and the environment. As a result, there is an increasing demand for micro-mobility vehicles, driven by both individuals and organizations seeking to reduce their environmental impact. This has created an enormous opportunity for the micro-mobility sector, which is expected to grow in the coming years as more individuals desire environmentally friendly transportation alternatives.
Favorable Government Support Will Fuel the Micro-Mobility Market Share In the Coming Years
Government assistance has been critical to the growth of the micromobility sector. Governments all over the world have enacted policies and initiatives to encourage the use of sustainable transportation options, such as micro-mobility vehicles, in order to reduce air pollution, traffic congestion, and greenhouse gas emissions.
Many cities, for example, have created bike lanes and bike-sharing programmes, and some have offered financial incentives, such as tax credits, to promote the use of micro-mobility vehicles. Furthermore, some governments have enacted regulations that encourage the deployment and use of micro-mobility vehicles, such as parking and operation rules, as well as funding for the expansion of infrastructure such as charging stations.
Overall, favorable government support has been crucial in encouraging the growth of the micro-mobility industry and in creating a favorable environment for the implementation and use of micro-mobility vehicles. Governments can help drive the industry's growth and contribute to the adoption of environmentally friendly transportation solutions by continuing to support the sector.
Micromobility Market Segmentation
The global micromobility market is categorized into propulsion type, vehicle type, sharing type, age group, and geography.
Micromobility Market Regional Outlook
Asia-Pacific is one of the fastest-growing micromobility markets, owing to factors such as rapid urbanization, rising population, and growing environmental concerns. China, India, and Southeast Asia are major markets in the region. North America is another important market for micro-mobility, owing to the popularity of bike-sharing programmes, favorable government policies, and the expansion of e-commerce. The region's major markets include the United States and Canada. Europe has a well-established market for micro-mobility, owing to significant infrastructure investment, a strong cultural tradition of cycling, and supportive government policies. France, Germany, and the United Kingdom are major markets in the region.
Micromobility Market Players
Some prominent micromobility companies covered in the industry are Beijing Mobike Technology Co. Ltd, Bird Rides Inc., Boosted USA, DoorDash, Dynamic Bicycles, Easymile SAS, GoBike, GoJek, Lime, Micro Mobility Systems, Scoot Network, SEGWAY INC., Skip Transportation, and SWAGTRON.
A number of recent developments have occurred in the micro-mobility industry, as key players continue to evolve and expand their offerings. Some of the most notable recent developments include:
In November 2021 – Lime raised $170 million in a funding round, bringing its total funding to more than $1 billion in November 2021. The funds will be used to expand the company's global operations, develop new products and services, and invest in technology.
Furthermore, Bird, another leading electric scooter provider, recently launched Bird One, a new line of electric scooters designed to be more durable and cost-effective for its customers. As part of its efforts to expand its presence in key markets, the company recently acquired Scoot, a leading manufacturer of electric scooters in San Francisco.
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Mr. Frank Wilson
Acumen Research and Consulting