Overview and Scope
Micro-mobility is the usage of bicycles, electric scooters, and e-bikes to commute short distances around cities. Users usually rent such a scooter or bike for a limited time using a mobile application.
Sizing and Forecast
The micro-mobility market size has grown rapidly in recent years. It will grow from $52.03 billion in 2023 to $62.05 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to urbanization, consumer behavior shifts, economic factors, covid-19 impact, infrastructure development.
The micro-mobility market size is expected to see rapid growth in the next few years. It will grow to $121.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to global events and pandemics, health and wellness trends, consumer preferences, data and ai integration, integration with public transit.. Major trends in the forecast period include electrification, vehicle diversity, autonomous micro-mobility, focus on user-centric desig, circular economy initiative..
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Segmentation & Regional Insights
The micro-mobility market covered in this report is segmented –
1) By Type: Bicycles, E-Bikes, E-Kick Scooters, Other Types
2) By Speed: Up To 25 Kmph (kilometres per hour), 25-45 Kmph (kilometres per hour)
3) By Propulsion: Human Powered, Electrically Powered
4) By Sharing Type: Docked, Dock-Less
5) By Ownership: Business To Business, Business To Consumers
Asia-Pacific was the largest region in the micro-mobility market in 2023. North America is expected to be the fastest-growing region in the micro-mobility market during the forecast period. The regions covered in the micro-mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for public transportation is expected to propel the growth of the micro-mobility market going forward. Public transportation is a mode of local transportation that allows more people to travel together along specified routes that include buses, trains, and metros. Micro-mobility facilitates and streamlines people’s movement or mobility inside a populated region, enhances individual movement, and provides users with simpler access to transportation. Additionally, urbanization has also favored the demand for micro-mobility as more and more people will require access to transportation. For instance, in September 2022, according to a report published by the US Bureau of Labor Statistics, a US-based organization for financial stability and economic growth, in the USA, the consumer expenditure on overall public and other transportation climbed by 72% in 2021, with intercity bus tickets increasing by 87.4% and intercity train fares increasing by 40.7%. Therefore, the increasing demand for public transportation will drive the micro-mobility market.
Key Industry Players
Major companies operating in the micro-mobility market are focusing on innovative products such as CI-powered micro-mobility to drive revenues in their market. CI-powered micro-mobility seek to create a society in which everyone can experience the happiness and liberation that comes with mobility. For instance, in November 2022, Honda R&D Co. Ltd. a Japan-based company that offers research and development services of Honda products launched CI-powered micro-mobility. These micro-mobility devices combine Honda CI with Honda AI in cars made to be stress-free, environmentally sustainable, and easily transportable. Honda is developing micro-mobility technologies driven by cognitive intelligence (CI) to enable ubiquitous, stress-free, and collision-free movement of people and objects.
The micro-mobility market report table of contents includes:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
…..
19. Competitive Landscape And Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Micro Mobility Market, Conclusions And Recommendations
23. Appendix
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