Micro Mobility Market - Forecasts from 2024 to 2029

Micro Mobility Market - Forecasts from 2024 to 2029

The micro-mobility market is projected to grow at a CAGR of 12.73% from US$26.993 billion in 2022 to US$63.351 billion in 2029 during the forecast period.

The micro-mobility solutions are vehicles that are specially developed for short-range travel within a city by the driver to go from one location to another using micro-mobility solutions like e-scooter, e-bikes, electric bicycles or skateboards, and others. These micro-mobility solutions and effective and reliable in modern-day road traffic conditions as they can provide faster travel in high traffic conditions due to their body structure that is developed in such a way that it is effective in the traffic conditions.

These micro-mobility solutions are generally electric and run on battery which makes them a sustainable and eco-friendly alternative when compared to other mobility solutions. The growing environmental concerns are leading several mobility solutions manufacturers to adopt these sustainable and eco-friendly micro-mobility solutions.

MICRO-MOBILITY MARKET INTRODUCTION:

The micro-mobility market is driven by the growing developments in mobility solutions technology over the years which has increased the safety, efficiency, and comfort for drivers of the micro-mobility solutions like e-scooters. The growth in the technological developments in locomotives has led to electric versions of these micro-mobility solutions, which has made sustainable and eco-friendly mobility solutions possible in the micro-mobility market.

These technological developments have made it easy for micro-mobility solution manufacturers to produce them effectively at a higher rate, which has led to the widespread adoption of these micro-mobility solutions. The growing urbanization and development in several regions or countries worldwide has led to the general public switching over to micro-mobility solutions, which are more effective and safe to use in these high-traffic conditions of urban cities.

MICRO-MOBILITY MARKET DRIVERS:

Growth in the demand for sustainable micro-mobility solutions across the globe is predicted to propel the market.

The demand for micro-mobility solutions has been growing due to the significant growth in the urbanization and traffic of several metropolitan cities globally. The general public demands effective and reliable mobility solutions that can provide them with fast travel in these heavy traffic conditions. Thus, these micro-mobility solutions like e-bikes or e-scooters are reliable solutions that are safe and sustainable as they run on electricity to travel through these urban cities in heavy traffic conditions safely. These are lightweight and have a maximum speed of 25 km/hr, which makes them safe to use in urban cities' traffic conditions. Hence, these factors are anticipated to fuel the micro-mobility market growth over the forecast period.
Increasing government initiatives is further anticipated to upsurge the market.

The governments have made significant investments during the urbanization and development of cities to make them smart by installing several government-initiated smart micro-mobility stations at various locations within a city for the general public to have ease in travel during high traffic conditions. For instance, in the United States, the sales of e-bikes were around 1 million units, which was 13.6% up from last year in 2021, when 880,000 units were sold. This growth in e-bike sales was due to a new incentive program named Denver’s e-bike rebate program by the US government that offers $400 for the purchase of an e-bike and $1,200 for income-qualified residents.

MICRO-MOBILITY MARKET RESTRAINT:

Budget constraints in development can hinder the market growth

The micro-mobility market, despite having an important role in improving the public transport service during high-traffic conditions for the general public or providing enjoyable rides with family or friends within the cities that cost-effectively make effective short-range distances possible with safe and comfortable travel for passengers can lead to various challenges that can be faced by the manufacturers of these micro-mobility solutions that may impact the micro-mobility market negatively over the forecast period.

For instance, the initial investments or high-cost requirement for the development of electric micro-mobility solutions when compared to normal micro-mobility solutions due to their high-tech electric components that are used for providing sustainability. In metropolitan cities, the need for electric micro-mobility is increasing due to growing environmental concerns, and the budget constraints in development can hinder the micro-mobility market over the forecast period.

MICRO-MOBILITY MARKET – GEOGRAPHICAL Outlook

The growth is projected to be prominent in the North American region.

The North American region is expected to show major growth in the Micro-mobility market due to the rapid growth in the need for efficient micro-mobility solutions in developing countries in the region like the United States and Canada, where traffic conditions are getting worse and these e-bikes or e-scooters for avoiding that traffic. The growing industrialization and urbanization in several countries across the North American region that is responsible for increasing the traffic on the road.

The government across the region from several countries is making heavy investments to expand the smart city infrastructure with micro-mobility stations installed at various locations in the region with growth in its applications among the general public. The rise in awareness about sustainable and eco-friendly alternatives among the general public and government of the North American region is making them switch over to micro-mobility solutions, which is also expected to propel the region’s micro-mobility market growth.

Micro-mobility Major Players and Products:

Micro-Mobility: The Micro Explorer II is a micro-mobility e-scooter that has a battery life that can last a long range of 35 kilometers. This e-scooter has 350 watts of motor power which can be highly useful in modern-day urban traffic conditions. This e-scooter has an adjustable handlebar on the front of the e-scooter, which can be adjusted according to the height of the driver. The footboard present in the e-scooter is large and slip-proof to enhance the driver’s safety while using the e-scooter in day-to-day life. This e-scooter weighs around 13.6 Kg and provides a maximum speed of 25 Km/hr.
Bird Micro-Electric Mobility: Bikeshare bikes are made to run on electricity, making them an environmentally friendly and sustainable alternative to micro-mobility solutions. These Bikeshare bikes are specially built to provide long-range travel to the user of the bike and are ideal for a 3 to 5-mile trip on this bike. These Bikeshare electric bikes are safe and comfortable for the driver as they can adjust the settings like the seat of the bike and have electric pedal assist that provides comfort and convenience to the driver. These bikes are installed with advanced security features that make them anti-theft like the remote lock and unlock feature.

Micro-mobility Industry Updates:

In May 2023, Segway-Ninebot, which is one of the leading companies in the innovation and development of micro-mobility solutions worldwide, announced the lineup for their new and innovative intelligent micro-mobility solutions. These micro-mobility solutions include a wide range of products like off-road vehicles, e-scooters, and electric KickScooters. The Segway-Ninebot has been investing in research and development to accelerate the development of smart technologies that provide safe and reliable micro-mobility solutions to the drivers of these different vehicles.
In November 2022, Honda’s technology Research and Development revealed the Honda CI Micro Mobility machines that they developed. This machine is integrated with artificial intelligence technology and can provide communication technology to the micro-mobility machines to get an understanding of human-like gestures or words and then think and make decisions according to that, which will improve the micro-mobility solutions efficiency and safety for the driver. This Honda CI technology is expected to be tested on CiKoMa which is a micro-mobility vehicle.

Segmentation:

By Type
Bicycles
Electric Scooters
Electric Skateboards
Others
By Application
Commercial
Private
By Propulsion
Human Powered
Electrically Powered
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
South Korea
Taiwan
Thailand
Indonesia
Others