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Global micro-mobility market generated revenue of US$ 3,111.8 million in 2022 and is estimated to reach valuation of US$ 10,485.8 million by 2031 at a CAGR of 15.3% during the forecast period, 2023–2031.
The micro-mobility industry is a rapidly growing market with a wide range of opportunities for businesses. The industry is defined by the use of small, lightweight personal transportation devices such as scooters, bicycles, and skateboards, which are typically used for short distances, providing a convenient and cost-effective alternative to traditional forms of transportation.
The impact of micro-mobility market on cities around the world is already becoming apparent. Electric scooter companies, for example, have become a common sight in cities like San Francisco, revolutionizing the way people move around. Additionally, the industry is expanding beyond just personal transportation, with companies using electric bicycles for food and package deliveries, and even electric skateboards for commuting in some parts of China.
As the market is still in its early stages, there are many opportunities for entrepreneurs to enter the market and make a significant impact. However, there are also challenges that need to be addressed, such as regulations and infrastructure. But with the growing popularity of micro-mobility, the future of this industry looks very promising.
Key Dynamics of Micro-Mobility Market
Growing Trend for On-Demand Transportation Services
The travel and transportation industry has been positively impacted by the growth of the on-demand economy in recent years, particularly in urban areas with a growing population and increased employment opportunities. The rise of micro-mobility initiatives, such as bike and scooter sharing, is also driven by a focus on smart city projects.
On-demand services, such as car-sharing clubs, real-time ride-sharing, on-demand car and bicycle rental, and navigation applications, allow customers to access resources as needed and pay only for their usage. These services are typically facilitated through IT platform providers, such as MOL Bubi's shared bicycle system, which can be accessed and used indefinitely through a card or mobile application.
Sustainability is also a prominent trend in the ride-sharing sector, with an increasing focus on car-sharing, electric and autonomous vehicles, and micro-mobility options. This shift reflects the projected future growth of urban mobility, where there will be fewer car owners and greater reliance on shared transportation options.
Low Internet Penetration in Remote or Developing Areas
Using technological advancements and operational efficiency, micro mobility market is quickly gaining popularity in countries all over the world by reducing traffic congestion and pollution. However, due to high financial requirements, the cellular IoT is not as widely adopted in many developing countries or remote areas of the world, which is a problem for the micro mobility sector. In Europe, one-hundred and 77% of people live in rural and small-town areas. Accessibility problems to cellular Internet of Things (IoT) solutions, such as 4G & 5G plague these communities. As a result, smart city environments are the only ones where the opportunity offered by smart mobility solutions is currently being developed and tested.
However, there are some innovative projects for rural mobility that can be found all over Europe, such as these recent projects SMARTA and SMARTA-2, which are landmarks in the testing of smart rural mobility solutions. In addition, the DRT and other on-demand mobility solutions can also be implemented at the EU level with a coordinated effort to create a suitable policy framework and introduce new transport-related technologies that can affect LDAs and how mobility challenges are addressed.
Rising Developments in Connected and Telematics Technologies
The rapid growth of electric shared micro-mobility services in cities worldwide has led to an increased focus on offering telematics and SaaS solutions to support these businesses. For entrepreneurs and innovators looking to start and grow their micro-mobility business using shared electric bikes, mopeds, or scooters, shared mobility platforms offer a one-stop solution. Examples of successful companies in this field include Cooltra, Revel, and Pick-e-Bike.
Additionally, many micro-mobility service providers are utilizing multi-network, global IoT SIM cards to ensure dependable cellular coverage and increase vehicle uptime and customer satisfaction.
Another area of interest for these businesses is the use of computer vision powered by AI as a part of IoT solutions for shared micro-mobility. For instance, Otonomo Technologies Ltd. has a contract to acquire The Floow, a SaaS provider of connected insurance technology for major carriers globally. This cloud-native platform by Otonomo uses artificial intelligence, sensor data, behavioral mapping, and data from over 50 million connected cars and over 430 million mobility devices to optimize emergency services, mapping and traffic management, EV management, micro-mobility, predictive maintenance, and other smart city solutions.
Propulsion Type Analysis:
Based on propulsion type, the market is segmented into human powered & battery powered. Among these two segments, the battery powered segment has contributed the highest market share in 2022 and is anticipated to grow at the largest CAGR throughout the forecasted period, 2023-2031. This is due to its low energy consumption, which lessens the environmental issues related to urban transportation.
Studies have shown that non-swappable batteries and service trips for moving, and charging have an overall negative effect on the environment. According to many other studies, the two sharing scenarios with the lowest greenhouse gas emissions are the free-float sharing mode, in which batteries are switched using an e-cargo bike, and the hybrid sharing mode, in which batteries are switched using self-service battery swapping stations (BSS).
However, despite the widespread interest and increased investment, the user adoption is still low, primarily because charging services are not supported which is why it is essential to deploy a Battery Management System (BMS) unit in order to monitor the battery status of an electric vehicle.
Vehicle Type Analysis:
In terms of vehicle type, the market is divided into e-kick scooters, skateboards, hoverboard, electric bicycles, scooters, low speed EVs, & others. Wherein, the electric bicycles segment holds the largest market share in 2022 and is also projected to grow at the highest CAGR throughout the forecast period, 2023-2031. This is due to the fact that over the past ten years, electric bicycles and micro mobility have made it possible for more inclusive transportation to be present on roads all over the world. In Fact, in North America and Europe, sales of electric bicycles have nearly doubled since 2018 as e-bikes enter the fast lane.
Additionally, there has also been an increase in investments in shared-mobility systems & also government subsidies for electric bikes and micro-mobility devices, like those in Italy and Portugal, which all work to reduce the initial cost for individuals.
North America is expected to be a major contributor to the global micro-mobility industry, with estimates projecting that it will generate over 32% of the total revenue. This growth is driven by factors such as an increase in urban population and employment opportunities, as well as a focus on smart city projects. The widespread adoption of on-demand services such as car sharing and ride sharing, as well as the growing popularity of electric and autonomous vehicles, are also expected to drive the market in North America. Additionally, the region's favorable government regulations and infrastructure developments are expected to further boost the growth of the micro-mobility market in North America.
However, the growth of the micro-mobility industry in North America is also affected by macro and micro-economic factors. Economic conditions such as GDP growth, consumer spending, and disposable income, as well as the availability of financing options, can have a significant impact on the adoption of micro-mobility services. In addition, the cost of fuel and the overall cost of ownership of traditional vehicles can also affect the growth of the market. Apart from this, various other factors such as traffic congestion, parking availability, and the overall quality of public transportation can also affect the demand for micro-mobility services.
Furthermore, the COVID-19 pandemic has also had an impact on the micro-mobility market in North America, with a decline in demand for shared mobility services in the short-term, but a potential for growth in the long-term as people look for alternative modes of transportation that are more cost-effective and flexible. As economies recover, governments invest more in sustainable transportation, and people adapt to new normal, the micro-mobility industry in North America is expected to bounce back and continue its growth trajectory in the long-term.
Top Players in Micro-Mobility Market
Accell Group, Yadea Technology Group Co. Ltd., Derby Cycle, Gotrax, and Lime Scooter are some of the most influential participants worldwide.
In 2022, these top 5 players accounted for 75.9% of the global micro-mobility market. Therefore, it is valid to state that the market is shifting towards monopoly. With some new entrants and increasing market share of existing small and medium players, the market scenario is also anticipated to change significantly more in the upcoming years.
Furthermore, the leading players are using a variety of tactics and expansion strategies to maintain their market dominance. For instance, Mobilke, a dockless bike sharing system in China aiming to double accessibility to jobs, healthcare, and education, among other things. Thus, resolving the last mile coverage issue.
In addition, there will soon be new computer vision-based driver assistance technology that, when used with the newest internet of things (IoT), can detect traffic violations, collisions, and rash scooter riding. Riders will be warned for breaking the rules and regulations. In the upcoming months, this cutting-edge technology will be implemented in cities all over the world after undergoing current private testing.
List of Key Companies Profiled:
Key Developments adopted by key market players are:
(Note*: We also provide granular level reports, made to sub-segment level or only for niche segments. Contact us, if you require more details.)
By Propulsion Type
By Vehicle Type
By End User
By Autonomy Level
|Market Size Value in 2022||US$ 3,111.8 Million|
|Expected Revenue in 2031||US$ 10,485.8 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Propulsion Type, By Vehicle Type, By Voltage, By Requirement, By End-User, By Autonomy Level, By Region|
|Key Companies||Accell Group, Airwheel Holding Limited, Bird Rides, Inc., Boosted Usa, Derby Cycle, Gotrax, Iconbit Gmbh, Lime Scooter, Mellow Boards Gmbh, Segway Inc., Swagtron, XiaomiYadea Technology Group Co. Ltd., Yellow Scooters, Neuron Mobility, Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The global Micro-Mobility market size was US$ 3,111.8 million in 2022.
The global Micro-Mobility Market is studied from 2018-2031.
Yes, the global Micro-Mobility Market report includes COVID-19 impact analysis.
The global Micro-Mobility market is projected to grow at a CAGR of 15.3% during the forecast period 2023-2031 and is expected to reach a value of USD 10,485.8 million by the end of 2031.
Factor such as rise in trend of on-demand transportation services and rising venture capital & strategic investments are driving the growth of the global Micro-Mobility market.
The battery powered segment holds highest CAGR in the global Micro-Mobility market during the forecast period.
Asia-Pacific region is growing with the highest CAGR during the forecast period.
Low rate of internet penetration in developing regions or remote areas is a major limiting factor for the global Micro-Mobility market growth.
US holds the major share in term of revenue in the North America Micro-Mobility market.
Developments in connected and telematics technologies provide a lucrative growth opportunity in the global Micro-Mobility market.
Propulsion type, vehicle type, voltage, requirement, anatomy level, application, and region are the different segments in the global Micro-Mobility market.
Accell Group, Airwheel Holding Limited, Bird Rides, Inc., Boosted Usa, Derby Cycle, Gotrax, Iconbit Gmbh, Lime Scooter, Mellow Boards Gmbh, Segway Inc., Swagtron, Xiaomi, among others.