Kick Scooter Sharing Market Witnessing Massive Growth says P&S Intelligence

NEW YORK, March 11, 2021 /PRNewswire/ -- Venture capitalists across the world are making hefty investments in start-ups and businesses related to kick scooter sharing services. For instance, in 2018, Balderton Capital, a London-based venture capital firm, invested $50 million in VOI Technology AB, a Sweden-based electric kick scooter sharing firm. Similarly, Dott and Tier have received heavy funding from EQT Ventures, Naspers Ventures, Goodwater Capital, and Mubadala Capital. These investments will fuel the kick scooter sharing market advance at a CAGR of 51.3% during 2019–2025. According to P&S Intelligence, the market will reach $4,090.5 million by 2025 as a result of such funding.

Additionally, the increasing focus on first- and last-mile connectivity will propel the demand for this shared mobility service in the coming years. The services offered by carsharing and ride-hailing companies have been unsuccessful in bridging the gap infirst- and last-mile transportation. This gap has been efficiently covered by kick scooter sharing services, as they are a cheaper option for traveling shorter distances, usually less than 3.1 miles per trip. These services are primarily provided via the station-less or dock-less model, which enables customers to drop off these scooters at any location, as per their convenience.  

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The benefits offered by these services have lured in a large population of the millennials, who fall within the age bracket of 20 to 35 years. Millennials consider kick scooter sharing an enjoyable and fun commuting option and find these services useful for sightseeing and exploring while traveling to new places. Thus, the concept of kick scooter sharing is gaining popularity among young tourists on account of the flexibility of mobility and parking offered by it.

On account of the increasing popularity, Neutron Holdings Inc. (Lime), Taxify OU (Bolt), TIER Mobility GmbH (Tier), Neuron Mobility Pte. Ltd., Skinny Labs Inc. (Spin), Bird Rides Inc. (Bird), emTransit B.V. (Dott), BYKE Mobility GmbH (Wind), Grin Scooters SAPI de CV (Grin), Waybots Inc. (Skip), Beam Mobility Holdings Pte. Ltd. (Beam), Bycyshare Technologies Pvt. Ltd. (Mobycy), LMTS Holding S.C.A. (Circ), and mytaxi Polska sp. Z.o.o. (Hive) are entering the fray.For instance, Lime launched 100 kick scooters in Roanoke Island, North Carolina, in October 2019 and250 kick scootersin Montreal, Canada, in August 2019.

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Geographically, North America is expected to lead the kick scooter sharing market in the coming years due to such a strong presence of service providers such as Spin and Bird, apart from Lime. The service was first introduced in the North American countries to solve the issue of first- and last-mile connectivity. On the other hand, the European region is expected to adopt kick scooter sharing services at the fastest pace in the foreseeable future, due to their growing popularity in Spain, Belgium, Austria, France, and Switzerland.

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Thus, the increasing focus on first- and last-mile connectivity will accelerate the usage of kick scooter sharing services in the future.

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SOURCE P&S Intelligence