|Status : Published||Published On : Feb, 2023||Report Code : VRAT4065||Industry : Automotive & Transportation||Available Format :||Page : 175|
The global micro-mobility market was valued at USD 4.1 billion in 2022, growing at a CAGR of 18.0% during the forecast period. The global micro-mobility market is an emerging mode of transport for making short-distance trips and has drastically grown in cities in the last few years. These days, electric scooters, shared bikes, and other vehicle types are frequently used to travel over comparatively short distances.
Overall, micro-mobility service is any small-distance transportation mode driven by either individuals or vehicles with speeds in the range below 50 km/hour.
Insight by Requirement
On the basis of requirement, the market is bifurcated into first and last mile and short distance. Among these requirement-type segment, the first and last-mile segment together captures the largest market share in 2020 and is expected to grow at the fastest pace during the forecast period, owing to more induvial opting for micro-mobility mode of transport to avoid traffic and pollution.
Insight by Location
On the basis of location, the market is subdivided into tracks, roads, and footpaths. Among these, the road is attributed for the foremost share in the micro-mobility market with major vehicle services running on the road. Further, some of the developing nations do not develop infrastructure such as defined track or paths for bicycles or skateboards. Therefore, road-based micro-mobility is expected to dominate the market in years to come.
Insight by Application
On the basis of application, the market is subdivided into private and commercial. Of both these applications, commercial application has a major market share in 2020 and is growing rapidly in developed nations such as US, UK, China, and so on. This, as a result, will attribute to the micro-mobility market during the forecast period.
In the past few years, there is a remarkable rise in the number of shared and dock-less electric scooters, mainly initiated by companies such as Lime and Bird. The trend is expected to lead the market in the future with these e-scooter companies scaling into large size global establishments.
Growing urbanization and traffic has compelled people across the globe to take short trips through the micro-mobility mode of transport and therefore, there has been a noteworthy rise in electric bike and scooter usage. In US, around 60% of all the trips taken on a regular basis are for 5 miles or less. All these factors will impact the micro-mobility market progression in the market in years to come.
Safety and security concerns and the lack of a strong policy framework are retraining the growth of micro-mobility in several regions. Further, required infrastructure development for smooth operation within a region is another major challenge to the industry.
Geographically, US, European Union, and China are major regions contributing to the micro-mobility market in terms of revenue as well as company penetration. Besides, micro-mobility pricing in China is around five times less than in US. And therefore, the revenue generated from the region is comparatively less and is still in the growing phase. Further, around 50 million people in US travel using bicycles on a regular basis and a similar trend is rising in the other two regions as well. These trends are expected to drive the micro-mobility market in the region.
Further, APAC will be the fastest-growing region for the micro-mobility market in the near future. China municipality launched the docked bike-sharing model in major cities back in 2008 to ease mobility issues. Furthermore, the most successful public micro-mobility program in China was launched by the Hangzhou Public Transport Corporation in mid-2008 called Hangzhou Public Bicycle.
The micro-mobility market is highly fragmented with a large number of regional players and start-ups focusing on a limited area or region. The average age of the start-ups operating in the market is around three to four years.
During the last few years, there has been a sweeping rise in the number of micro-mobility service providers across the globe., some of the prominent names in the list are Ofo and Mobike in China and Citi Bike and Jump Bikes in the US. All these companies are offering customers with appropriate choices for first and last-mile transportation. The key strategy adopted by these players to grow and expand their presence in the market is to raise venture capital or get acquired by established market players.
Some of the key players operating in the micro-mobility market are Beijing Mobike Technology Co. Ltd., Bird Rides Inc., Easymile SAS, Floatility GmbH, LimeBike, Scoot Network, Skip Transportation, Spin Scooters, Sway Mobility, and Zagster.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research