Micro-mobility Market worth $78.1 billion Billion by 2020 at a growth rate of 18.5% during 2021-2026

Market Research Reports, Business Consulting Services & Analytics

Rapid urbanization and increasing integration of IoTs, AI with micro-mobility is estimated to drive the market.

HYDERABAD, TELANGANA, INDIA, October 27, 2022 /EINPresswire.com/ — Micro-mobility Market size was valued at $78.1 billion in 2020, and it is estimated to grow at a CAGR of 18.5% during 2021-2026. Increasing demand in various countries to travel seamlessly a shorter distance mitigating traffic congestion and urban transportation crisis is set to drive the market. The rapid adoption of bicycle sharing system to control the high pollution level in cities have contributed to the growth of Micro Mobility Market. Increasing environmental concerns and limited availability of natural resources are motivating automotive companies to develop battery electric vehicles using several types of rechargeable batteries such as nickel metal hydride battery or lithium ion battery offering zero emission. Integration of artificial intelligence, Iots with emission-less E-scooters or E-bikes have significantly triggered the growth of the Micro Mobility Market.

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Key Takeaways
The adoption of commercial micro-mobility is rising and is analyzed to be the fastest growing market during 2021-2026 with a CAGR of 9.8% as consumers can easily commute by the two wheel vehicles using a smartphone application rather than depending on traditional transport system which are often stuck in the traffic congestion.
APAC has dominated the micro-mobility market in 2020 and is estimated to account for largest market share of 39% due to its rapid urbanization and North America is estimated to be the fastest growing market during the forecast period 2021-2026.
Battery powered electric scooters are estimated to dominate the market acquiring a share of 8.3% during 2021-2026 due to rising environmental crisis and ease of commuting.
Rapid urbanization and increasing integration of IoTs, AI with micro-mobility is estimated to drive the market.
Lack of infrastructure and regulations is one of the major challenges to impede the market growth during 2021-2026.

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Segmental Analysis:
Micro-mobility Market Segment Analysis – By Vehicle Type: By vehicle type, Micro-mobility Market has been segmented under Electric scooter, Electric bikes, pedal bicycle, electric bicycle, electric skate board and others. E-scooters are estimated to dominate the market with the fastest growing CAGR 8.3% during 2021-2026 owing to its hassle free, convenient and emission less features. In November 2019, Hyundai announced the launch of portable personal E-scooter to reduce traffic congestion, pollution and parking problems. Ride hailing Unicorns are integrating Artificial Intelligence into E-bikes/ E-scooters for pedestrian safety and such smart innovations are analyzed to drive the market. In December 2020, Bolt has unveiled it’s fourth generation scooter, equipped with sensors to detect accidents, sharp breaking, unsafe riding pattern and to warn or alert riders and pedestrians, intelligent voice alert system is integrated into the vehicle. In December 2020, Lime has announced their international partnership with Citymapper to locate Lime’s E-scooters or E-bikes easily across the major cities around the world on Citymapper’s app. Such smart innovations and partnerships are set to drive the market during the forecast period.
Micro-mobility Market Segment Analysis – By End user: By end user, Micro-mobility Market has been segmented under personal and commercial usage. Personal usage dominated the market acquiring a share of 38.5% in 2020 and is estimated to hold the major market share during 2021-2026 owing to increasing price of oil and gas and the positive impact on traffic congestion and air quality. In August 2019, Audi has introduced E-tron scooter, a combination of electric scooters and skateboards with a Bluetooth connectivity for customization of the vehicle. Commercial sector is estimated to grow at the fastest CAGR 9.8% during the forecast period owing to its ubiquity and combination of electric traction with dock-less operation. Adoption of commercial micro-mobility is expected to gain a huge traction owing to integration of artificial intelligence in the vehicles. In December 2020, Voi, a Swedish micro-mobility firm has launched an Artificial Intelligence tool to reward e-scooter riders for wearing helmets to enhance safety among the riders.

Micro-mobility Market Segment Analysis – By Geography: By geography, Micro-mobility Market has been segmented under North America, Europe APAC, South America and RoW. APAC dominated the micro-mobility market in 2020 with a share of 39% and is estimated to hold the major market share during the forecast period 2021-2026 owing to its rapidly increasing urbanization. Presence of top manufacturers such as Hyundai, Yamaha and key players of rental services such as as Ofo, HelloBike, Didi, Vogo, Bounce, Yolo in APAC region is also analyzed to drive the adoption of Micro-mobility. Beam, A Singapore based micro-mobility firm has raised USD 26 Million to expand it’s footprint in Malaysia, Taiwan, New Zealand, Korea and Australia. North America is estimated to grow at the fastest CAGR XX% during the forecast period owing to well-established urban infrastructure and Government’s stringent policies towards reducing carbon footprint. In November 2020, Ford-owned E-scooter Firm Spin has announced to contribute USD 1.18 million to raise an independent research fund to frame policies for riders’ safety aspects and analyze challenges for integration of e-scooters into existing public transport networks inside cities. Such industrial investments for R&D works are analyzed to boost the market during the forecast period 2021-2026.

Competitive Landscape:

The top 5 players in the Micro-mobility industry are –

1. Yamaha Corporation,
2. Hyundai Motor Company
3. Ofo
4.HelloBike
5. Vogo

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Venkat Reddy
IndustryARC
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venkat@industryarc.com
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