Micro Mobility Industry Growth Overview:
The need for ease in mobility is predicted to spur the micro-mobility market in 2021.The bikes and motorcycles reports are made by Market Research Future, which includes market possibilities for advancement.
Micro-Mobility Market is projected to be worth USD 184 Billion by 2027, registering a CAGR of 66% during the forecast period (2021 – 2027), The market was valued at USD 184 billion in 2020.
The need to develop a consistent means of transportation inside cities and towns is predicted to shape the micro-mobility market share. The limitation of parking spaces is estimated to motivate the micro-mobility market size in the years ahead. The influence of factors such as booming fuel prices and the focus on cutting carbon emissions is predicted to guide the micro-mobility industry in the forthcoming period.
Competitive Analysis
List of the Key Companies Profiled in the Micro-Mobility Market Research Report are –
- Yellow Scooters (US)
- Bird Rides Inc. (US)
- Lime Scooter (US)
- Micro Mobility Systems AG (Switzerland)
- ofo Inc. (China)
- Mobike (China)
- Motivate (Lyft) (US)
- Pride Mobility Products Corp. (US)
- EV RIDER LLC (US)
- Golden Technologies (US)
- Merits Co. Ltd (Taiwan)
- Invacare Corporation (US)
The micro-mobility market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on June 23, 2021, Joyride (Canada), a leading micro-mobility software provider, announced raising US$3.7 MN seed money that would help it reach a greater number of small, local operators.
With the fresh capital, Joyride would double down its ability to help local operators find & finance the right vehicles, access insurance plans from trusted partners, and learn to deploy a profitable fleet. The company has already offered these services extensively, and its SaaS business model but wants to feature them more prominently as its business grows.
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Detailed Regional Analysis
The regional assessment of the micro-mobility market is conducted on the basis of North America, Asia Pacific, Europe and the rest of the regions. One of the best markets for micro-mobility is the North American region due to outstanding public alertness, robust emphasis on eco-friendliness, urban development and geographical features are likely to be conducive to the usage of micro-mobility systems and the incidence of some of the foremost players within this market. The crucial drivers in the European micro-mobility market are road blocking, an increased expansion which is subsequently intensifying the typical travel distance for work and augmented applicability in industries. The principal regional market, which is the Asia Pacific region brags of some of the most urban and choked population hubs in the world. The energy and cost-efficacy of micro-mobility systems when applied to profitable and industrial enterprises, of which the Asia Pacific region is the biggest in the world, is also a motive for this market to be nurtured within the region. The intensifying expansion and the accessible ease in mobility are driving the micro-mobility market.
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Government Initiatives for e-Mobility Proliferation Impact the Market Growth
The e-mobility projects and EV charging infrastructure for public spaces are boosting worldwide. The market witnesses the rising demand for new automated micro-mobility solutions. Also, governments in countries across the globe have realized the potential that electric vehicles hold.
Many have initiated new policies and proposals, designing programs for e-mobility proliferation, meeting their goals to address climate change and net-zero carbon targets. Additionally, large-scale uses of EV powering solutions and increasing government initiatives to revolutionize micro-mobility influence the market growth.
Requirement of a Large Dedicated Bike Infrastructure Restrict the Market Growth
Despite the vast growth prospects, micro-mobility solutions still face heavy headwinds. Factors such as the requirement for dedicated bike infrastructure and high investments to develop micro-mobility vehicles, and lack of public awareness hinder the market's growth.
Also, the inapplicability for rural terrain impedes the micro-mobility market share. Nevertheless, increasing R&D investments in developing innovative micro-mobility solutions would support the market growth throughout the review period.
COVID 19 Impacts on the Market
The onset of Coronavirus impacted the micro-mobility industry positively. On one side, lockdown mandates disrupted the supply chain, and manufacturers faced various problems such as obtaining raw materials & components, attracting workers from quarantines required for the production, and delivering end products to the markets.
On the other hand, following the onset of the pandemic, many cities are seen adapting their infrastructure rapidly to provide more space for e-bikes and e-scooters. People are increasingly finding e-scooters as a good choice for a slightly longer journey. By switching to an e-scooter, people can help cities keep harmful emissions from vehicles and achieve better air quality for the people.
Besides, the rising demand for e-micro mobility solutions to deliver healthcare products to fight against the pandemic and the uptake of electric vehicles in the logistic industry offered significant opportunities. Resultantly, the micro-mobility market rapidly returned to normal, witnessing the steadily increasing demand. The micro-mobility market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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 industry. This market is competing directly with the automotive industry. 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.
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 industry 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 industry 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.
Table of Content:
- Executive Summary
- Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
- Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Suppliers
3.1.3. Threat Of Substitutes
3.1.4. Bargaining Power Of Buyers
3.1.5. Rivalry
3.2. Value Chain/Supply Chain Analysis
- Market Dynamics
4.1. Introduction
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Trends
- Global Micro Mobility Market, By Weight Capacity
5.1. Introduction
5.2. Up To 100 Kg
5.2.1. Market Estimates & Forecast, 2020-2027
5.2.2. Market Estimates & Forecast, By Region, 2020-2027
5.3. 100–250 Kg
5.3.1. Market Estimates & Forecast, 2020-2027
5.3.2. Market Estimates & Forecast, By Region, 2020-2027
5.4. More Than 250 Kg
5.4.1. Market Estimates & Forecast, 2020-2027
5.4.2. Market Estimates & Forecast, By Region, 2020-2027
Continued………
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