Global Micro Mobility market

Micro Mobility Market Size, Share, Growth Analysis, By Vehicle Type(electric scooters, electric skateboards), By Battery type(sealed lead-acid batteries, Nickel-Metal Hydride (NiMH) batteries), By Voltage(below 24V, 36V) - Industry Forecast 2024-2031

Report ID: SQMIG25A2063 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 91 | Figures: 76

Micro Mobility Market Insights

Micro Mobility Market size was valued at USD 49.3 billion in 2019 and is poised to grow from USD 57.29 billion in 2023 to USD 190.42 billion by 2031, growing at a CAGR of 16.2% in 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.

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Micro Mobility Market size was valued at USD 49.3 billion in 2019 and is poised to grow from USD 57.29 billion in 2023 to USD 190.42 billion by 2031, growing at a CAGR of 16.2% in the forecast period (2024-2031).

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. 'Skip Transportation', ' Lime ', ' Bird ', ' Voi Technology ', ' Tier Mobility ', ' Spin ', ' Razor ', ' Yadea Technology Group Co., Ltd. ', ' Helbiz ', ' Gotcha ', ' Dott ', ' Wheels ', ' Sherpa ', ' Beam ', ' Neuron Mobility ', ' Bolt ', ' Wind ', ' Fiido ', ' Circ ', ' Pony.ai '

The micro-mobility market is expanding, but so has the demand for electric scooters. According to a different source, e-bike sales are expected to increase by around 245 percent in a year in 2021. In a similar vein, it is anticipated that the market economy for renting bikes and scooters will grow to 11,040 million USD by 2028. The market for micro mobility is expected to expand further, according to numerous experts. The majority of experts anticipate that the micro-mobility market will continue to expand. These projections take into account a lot of different things, like the fact that people who live in areas with a lot of people need easy, cheap ways to get around. In addition, the demand for low-cost and micro-mobility travel options is being driven by the resurgence of tourism following the pandemic. As cities continue to implement micro-mobility solutions, IoT devices, asset management platforms, and green technologies like the solar charging infrastructure appear to be in high demand. Micro-mobility services will likely be available in all major cities in the coming years.

The significant rise in office-goers' preference for bike pool and carpool services is the driving force behind the growth of ride-sharing and ride-hailing services. Customers are increasingly turning to ride-sharing and ride-hailing services due to the availability of convenient pick-up and drop-off locations and the expansion of services offered by major market players like Ola and Uber. Additionally, the number of ride-sharing and ride-hailing services, including auto-sharing and bike-sharing even for short-distance travel, has significantly fueled the growth of the micro-mobility industry. The rise in the value of gas and oil as a result of economic and geopolitical concerns is driving up the demand for micro-mobility systems. These automobiles are reasonably priced and eco-friendly. There is a worldwide search for an environmentally friendly, low-cost alternative to conventional fuel. These are a few of the main factors that drive the market. Additionally, traveling in micro-mobility vehicles saves time and money. These cars are getting more and more wanted in cities, which is expected to help the market grow.

The Asia Pacific region dominated the market in 2021 and accounted for over 45.0% share of the 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.

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Global Micro Mobility market

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