Micromobility Market size is set to grow by USD 130.47 billion from 2024-2028, Increasing traffic congestion boost the market, Technavio

NEW YORK, June 20, 2024 /PRNewswire/ -- The global micromobility market size is estimated to grow by USD 130.47 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 23.31% during the forecast period. Increasing traffic congestion is driving market growth, with a trend towards rising use of subscription and membership business models. However, risk of theft and need for frequent maintenance poses a challenge. Key market players include Beam Mobility Holdings Pte. Ltd., Bird Global Inc., Bolt Technology OU, CITYSCOOT, COOLTRA MOTOS SLU, CycleHop LLC, Dynamic Bicycles Inc., Easymile SAS, ElectricFeel AG, emTransit SRL, EV RIDER LLC, Golden Technologies, Lyft Inc., Merits Health Products, Micro Mobility Systems AG, Neuron Mobility Pte. Ltd., Neutron Holdings Inc., Pride Mobility Products Corp., Vulog, and Yulu Bikes Pvt. Ltd..

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Market Driver

The micromobility market is witnessing a significant shift towards subscription-based business models. Operators offer monthly or yearly memberships, granting unlimited or discounted access to micromobility solutions. This trend fosters user loyalty and frequent usage, providing a consistent revenue stream for operators. Companies like Lime and Bird have implemented such programs, offering unlimited rides on electric scooters and bikes for a set fee. In a competitive market, this transition ensures financial stability and enhanced consumer engagement, driving market growth. 

The micromobility market is experiencing significant growth, with e-bikes and scooters becoming increasingly popular modes of transportation. Electric bikes and scooters are convenient, cost-effective, and eco-friendly solutions for short-distance travel. The trend towards shared mobility services, such as bike-sharing and scooter-sharing platforms, is driving demand in this market. Powered two-wheelers, like e-bikes and scooters, offer flexibility and ease of use, making them attractive alternatives to cars in urban areas. Additionally, the integration of technology, such as GPS tracking and mobile apps, enhances the user experience and convenience. The market is expected to continue growing, with innovations in design, battery technology, and connectivity driving future developments. 

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Market Challenges

• The micromobility market is experiencing challenges due to an escalating issue with bike theft. Despite advanced security measures, vendors face theft-related hurdles, leading to a scarcity of bicycles. Customers express dissatisfaction on social media due to a deficit in available bicycles. Improper riding practices and frequent maintenance needs further impede market growth. These factors significantly impact vendors in the global micromobility market.
• The micromobility market is experiencing significant growth with the rise of electric scooters and bikes. However, challenges persist in this sector. Regulations and policies vary widely, making it difficult for businesses to operate consistently. Battery life and charging infrastructure are also major concerns. Additionally, competition is fierce, with numerous players vying for market share. Safety is another challenge, as accidents have raised concerns about the use of these vehicles in urban areas. Micromobility companies must navigate these issues to succeed in this dynamic market.

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Segment Overview 

This micromobility market report extensively covers market segmentation by

1. Propulsion 
• 1.1 Human powered
• 1.2 Electrically powered
2. Type 
• 2.1 Docked
• 2.2 Dock-less
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Human powered- Micromobility market refers to the segment of transportation that includes lightweight vehicles such as e-scooters, e-bikes, and personal mobility devices. This market is experiencing significant growth due to increasing urbanization, traffic congestion, and environmental concerns. Companies like Bird, Lime, and Spin are leading players, offering short-term rental services through smartphone apps. The market's size and growth rate are influenced by factors like government regulations, consumer preferences, and technological advancements.

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Research Analysis

The Micromobility Market encompasses various modes of transportation, including bicycles, electric bikes (e-bikes), electric scooters (e-scooters and e-kick scooters), electric skateboards, and low-speed electric vehicles (LSEVs), such as hoverboards. These modes of transport are increasingly popular in smart cities, where intelligent transportation systems are being implemented. However, challenges such as bike vandalism and theft, as well as damage to batteries (sealed lead-acid, Li-Ion, or NiMH), pose concerns for the industry. Propulsion types for these vehicles are electrically powered, making them subject to oil & gas price fluctuations. The electric bicycle segment and the e-scooter segment are significant parts of this market. Voltage requirements vary between different types of vehicles, adding to the complexity of the market.

Market Research Overview

The Micromobility Market encompasses the production, distribution, and use of lightweight, low-power transportation modes, such as electric scooters, bicycles, and personal transporters. This sector is experiencing significant growth due to increasing urbanization, environmental concerns, and the need for efficient last-mile connectivity. The market is driven by advancements in battery technology, the rise of ride-sharing services, and government initiatives to promote sustainable transportation. The integration of IoT and AI technologies is also transforming the industry, enabling real-time vehicle tracking, predictive maintenance, and personalized user experiences. The market is expected to continue its upward trajectory, with a focus on safety, affordability, and convenience.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Propulsion
• Human Powered
• Electrically Powered
• Type
• Docked
• Dock-less
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio