USD 99.2 billion
Report ID:
SQMIG25A2063 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
91
|Figures:
76
Global Micro Mobility Market size was valued at USD 99.2 billion in 2022 and is poised to grow from USD 113.78 billion in 2023 to USD 340.87 billion by 2031, growing at a CAGR of 14.7% during the forecast period (2024-2031).
A rapidly developing subfield of transportation, micro-mobility encompasses travel in a variety of light vehicles like electric scooters, electric skateboards, and electric bicycles. During the forecast period, it is anticipated that factors such as increasing road congestion, rising oil and gas prices, ease of parking, and automotive sector saturation will drive market growth. In addition, it is anticipated that new opportunities for micro mobility will emerge in the coming years as a result of factors like the expanding rental and sharing services for electric scooters and bicycles around the world.
Policymakers can place their hopes on electric vehicles because of the implementation of a number of initiatives to mitigate climate change as a result of rising greenhouse gas emissions. As a result, a climate change action plan has been implemented to reduce transportation emissions through the use of environmentally friendly and sustainable transportation options like electric vehicles and public transportation. Additionally, the demand for electric scooters, electric skateboards, and electric bicycles is expected to rise as a result of rising investments in clean energy and government efforts to reduce CO2 emissions.
US Micro Mobility Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 99.2 billion
Largest Segment
Electric Kick Scooters
Fastest Growth
Electric Kick Scooters
Growth Rate
14.7% CAGR
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Global Micro Mobility Market is segmented by Type, Battery Type, Voltage, Speed, Propulsion, Sharing Type, Data Service, Travel Range, Ownership and region. Based on Type, the market is segmented into Bicycles, E-bikes, E-kick scooters, Others. Based on Battery Type, the market is segmented into Lithium-ion, Lithium-ion polymer, Lead acid, Others. Based on Voltage, the market is segmented into Below 24V, 24V-48V, Greater than 48V. Based on Speed, the market is segmented into Up To 25 kmph, 25-45 kmph, Greater than 45 kmph. Based on Propulsion, the market is segmented into Human Powered, Electrically Powered. Based on Sharing Type, the market is segmented into Docked, Dock-less. Based on Data Service, the market is segmented into Navigation, Payment, Others. Based on Travel Range, the market is segmented into Up to 3 Miles, 3-6 Miles, Greater than 6 miles. Based on Ownership, the market is segmented into Business-to-Business, Business-to-Consumer. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Micro Mobility Market Analysis by Vehicle Type
Based on the Vehicle type, The electric bicycles segment dominated the market in 2021 and accounted for more than 85% of the global revenue. Because they are the most affordable and convenient alternatives to public transportation, this market is expected to grow at a CAGR of over 14.3% during the forecast period. In an effort to alleviate pressure on public transportation systems, a number of nations are implementing regulatory and subsidy changes to encourage the use of electric bicycles. In addition, electric bicycles are less expensive, easier to charge, and do not necessitate significant infrastructure investments when compared to bus and taxi systems. As a result, there has been a rise in global demand for electric bicycles.
Over the forecast period, the electric scooters market is expected to grow at the second-highest CAGR of 10.3%. Since 2017, the electric scooter-sharing market, which is still in its transition phase, has seen a significant increase in demand for these scooters.
Micro Mobility Market Analysis by Battery Type
Based on the Battery type,The sealed lead-acid battery segment dominated the market in 2021 and accounted for more than 55.0% of the global revenue. Over the forecast period, the market is expected to grow at a CAGR of more than 12.6%. Due to their low price, manufacturers favor these batteries as an alternative. Their easy manufacturing and low self-discharging capacity are also driving their adoption of electric vehicles. However, these batteries are made from highly toxic raw materials that release millions of tons of lead into the environment. Manufacturers have adopted alternative battery options as a result of this negative impact on the environment, resulting in relatively slow segment growth over the forecast period.
The demand for Li-ion batteries has increased as a result of the growing awareness that environmentally friendly batteries, as opposed to sealed-lead acid and NiMH batteries, offer superior performance. The adoption of these batteries has raised the price of electric vehicles in emerging markets due to their high cost in comparison to the other two battery types. The price of Li-ion batteries, on the other hand, is going down because of the growing demand for these batteries and technological advancements. Over the next ten years, it is anticipated that the price of lithium-ion batteries will decrease by 6.5 percent annually, which will have a direct impact on the cost of electric vehicles. As a result, the market is expected to expand rapidly during the forecast period.
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The Asia Pacific region dominated the market in 2021 and accounted for over 45.0% share of the global revenue. Asia Pacific, Europe, and North America are home to the majority of micro mobility vehicle manufacturers.These companies make money by selling their products all over the world, either through OEM channels or distribution channels.It is anticipated that the establishment of standards and regulations for the infrastructure for vehicle charging by governments of economies like India, China, and Japan will have a beneficial effect on the expansion of the regional market. Over the forecast period, Asia-Pacific is also anticipated to emerge as the region's fastest-growing market.
The demographic characteristics of consumers vary by region. Drivers of electric scooters in North America and Europe typically view them more as a way of life, whereas those in Latin America, the Middle East and Africa, and Asia-Pacific use them more as practical means of transportation. A crucial aspect for businesses attempting to keep or acquire new customers is customer satisfaction, which can be gauged by looking at things like performance, the cost of maintenance, and durability. However, when a vehicle is first introduced, vendors focus primarily on two aspects: design/style and specifications.
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Micro Mobility Market Drivers
Technological Advancement to Create Lucrative Growth Opportunities
Micro Mobility Market Restraints
Lack of Access and Theft to Hinder Market Growth
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There is a fair amount of competition in the market for micro mobility. However, competition is anticipated to rise significantly in the near future.The micro-mobility market's competitive landscape includes new developments, growth opportunities, and expansion plans. As new products are introduced, the micro mobility market's revenue rate will rise.
Micro Mobility Market Top Players Company profiles
Micro Mobility Market Recent Developments
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global micro mobility market analysis, a growing category of transportation known as "micro-mobility" comprises travel on a variety of small, light vehicles such electric scooters, electric skateboards, and electric bicycles. During the projected period, factors such escalating traffic jams, rising gas and oil prices, convenient parking, and saturation in the vehicle industry are anticipated to propel market expansion. Additionally, it is anticipated that in the next few years, new opportunities for micro-mobility will arise as a result of factors like the expanding rental and sharing markets for electric bicycles and electric scooters around the world.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 99.2 billion |
Market size value in 2031 | USD 340.87 billion |
Growth Rate | 14.7% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Micro Mobility Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Micro Mobility Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Micro Mobility Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Micro Mobility Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25A2063
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