Pune, March 31, 2023 (GLOBE NEWSWIRE) -- The Micro-Mobility Market had a value of USD 33.06 billion in 2022 and is anticipated to expand at a CAGR of 13.5% during the projection period from 2023 to 2030, reaching a worth of USD 91.05 billion, as per SNS Insider.
Micromobility has emerged as a game-changing solution to tackle the growing problem of traffic congestion and air pollution in urban areas. Electric scooters, bicycles, and hoverboards are a few examples of micromobility vehicles that have gained significant traction among commuters, especially those who travel short distances. One of the key advantages of micromobility is that it provides an affordable and efficient mode of transportation, especially for those who live and work in crowded cities.
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Micro-Mobility Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 33.06 Billion |
| Market Size by 2030 | US$ 91.06 Billion |
| CAGR From 2023-2030 | 13.5% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Vehicle Type (Electric Kick Scooters, Electric Skateboards, Electric Bicycles) • by Battery Type (Sealed Lead Acid, NiMH, Li-ion) • by Voltage (Below 24V, 36V, 48V, Greater than 48V) |
Market Analysis
The micro-mobility market is expected to experience significant growth in the coming years due to various factors. One of the primary drivers of this growth is the increasing road congestion in cities worldwide. As traffic becomes more congested, commuters are seeking alternative modes of transportation to avoid being stuck in traffic for extended periods. Additionally, rising oil and gas prices have made traditional modes of transportation more expensive, leading consumers to consider more cost-effective alternatives such as micro-mobility solutions. These solutions not only save money but also offer the added benefit of being eco-friendly. As cities become more crowded, finding a parking spot for a car becomes increasingly difficult and time-consuming. Micro-mobility solutions such as electric bicycles and scooters are much easier to park, making them an attractive option for commuters.
Impact of Recession
The recession has led to reduced consumer spending and increased unemployment rates, which has in turn resulted in decreased demand for these services. Despite these challenges, there are still some opportunities for growth within the micro-mobility market during the recession. For example, some cities have implemented initiatives to promote cycling and walking as a means of transportation, which could lead to increased demand for bike-sharing and other similar services.
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Key Regional Development
Micro-mobility has emerged as a popular mode of transportation in recent years, especially in densely populated urban areas. The Asia Pacific region has been at the forefront of this trend, with the highest number of micro-mobility vehicles being manufactured and sold in the region. This can be attributed to the growing demand for affordable and eco-friendly transportation options, as well as the presence of established players in the market. Apart from Asia Pacific, Europe and North America also have a significant presence in the micro-mobility market, with several players competing to capture a share of the market. These players are leveraging their distribution networks and partnerships with OEMs to expand their reach and boost sales globally.
Key Takeaway from Micro-Mobility Market Study
- The 36V segment in the market is poised to meet this growing demand and revolutionize the way people commute in urban areas. Moreover, 36V systems also improve the performance of the electric vehicles, which further enhances their appeal to consumers.
- The market is experiencing significant growth, and the electric kick scooters segment is expected to contribute significantly to this trend. The surge in demand for electric kick scooters is due to the considerable investments being made by key players in the market.
Recent Developments Related to Micro-Mobility Market
- TIER, one of the leading providers of micro-mobility services, has recently launched its newest e-bike model in London, aimed at improving the city's micro-mobility options. The company's latest offering is a sleek and lightweight e-bike, designed with the latest technology to provide riders with a smooth and effortless ride.
- Terra, a B2B micro-mobility startup, has recently announced that it has successfully raised pre-seed investment to support its mission of providing eco-friendly and affordable transportation solutions to businesses. The exact amount of the investment has not been disclosed.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Micro-Mobility Market Segmentation, By Vehicle Type
9. Global Micro-Mobility Market Segmentation, By Battery Type
10. Global Micro-Mobility Market Segmentation, By Voltage
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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