Market Synopsis:
The Global Micro Mobility Market is expected to grow at a CAGR of 13% for the forecast period and is projected to cross USD 150 Billion by 2025.
Segmentation
By Weight Capacity: This segment is further divided into up to 100 kg, 100–250 kg, and over 250 kg. The under 100 kg Micro Mobility Market is the largest within this segment. A large consumer base, ease of parking and mobility, reduced emissions, and increasing road congestion are driving the under 100 kg Micro Mobility Market. Urbanization globally is also fueling the growth of this market due to an increase in the average travel distance for work and recreation. The 100–250 kg Micro Mobility Market is fueled primarily by innovation in the Micro Mobility Market. This market is competing directly with the automotive Market. The over 250 kg Micro Mobility Market has a demand in commercial and industrial applications as well as for consumers with a need to travel distances greater than 20 km. Excellent fuel conversion rates, enhanced maneuverability, and an ever-increasing load-bearing capacity are driving this market segment.
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By Travel Range: The largest market within this segment is the up to 20 km Micro Mobility Market. For traversing such short distances, micro mobility devices offer the best mileage and do not require the use of heavily congested roadways, with many micro mobility devices created to traverse difficult terrain as well. Cost efficiency and a very healthy green profile are also driving this market segment. The 20–40 km Micro Mobility Market is driven by an increase in the average daily distance traveled by individuals for personal and professional reasons. This is especially true in the extremely congested urban metropolitan areas in China, South Korea, and Japan. India is an emerging market for this segment. The over 40 km Micro Mobility Market is a small but growing segment. This segment growth is directly proportional to innovation within the market. As fuel efficiency, load-bearing capacity, consumer comfort, and a subsequent support infrastructure increase, the market is expected to grow.
By Type: The 2-wheeler Micro Mobility Market is the largest within this segment due to the number of options available as well as unparalleled fuel and cost-efficiency. The small size of this product also increases navigability and maneuverability, further driving this market. The 3-wheeler Micro Mobility Market segment is the fastest-growing mainly due to its increased load-bearing capacity and relatively good fuel efficiency. The primary driver for this market over the 2-wheeler market, however, is the enhanced balance and subsequent safety. It also offers more travel range than most 2-wheeler micro mobility devices. As innovation within the Market increases, its biggest market constraints, namely reduced fuel efficiency and bulk, will be eliminated. The other segments such as 4-wheeler micro mobility devices as well as micro mobility devices for specific commercial and industrial purposes is a growing market driven by increased consumer awareness and innovation.
By Application: The residential Micro Mobility Market is the largest and is expected to dominate the Market during the forecast period. A very large consumer base, multiple options to choose from, increasing oil & gas prices, growing congestion and urbanization are all factors driving this market segment. The commercial Micro Mobility Market is the fastest-growing within this segment due to an impressive increase in maneuverability and load-bearing capabilities. But its primarily driven by the reduction in costs as compared with traditional transportation systems.
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Key Players
- Motivate (Lyft) (US)
- Pride Mobility Products Corp. (US)
- EV RIDER LLC (US)
- Golden Technologies (US)
