Micromobility Market Size Growing at 16.2% CAGR, Set to Reach USD 186.2 Billion By 2023

Acumen Research and Consulting recently published report titled “Micromobility Market and Region Forecast, 2022 – 2030”

TOKYO, Feb. 06, 2023 (GLOBE NEWSWIRE) — The Global Micromobility Market Size gathered USD 49.3 Billion in 2021 and is set to garner a market size of USD 186.2 Billion by 2030 growing at a CAGR of 16.2% from 2022 to 2030.

Micromobility Market Overview

Micromobility refers to a rapidly growing market segment that encompasses various modes of transportation including electric scooters, bicycles, and hoverboards, among others. These vehicles offer a convenient and eco-friendly solution to short-distance travel in urban areas, and have quickly gained popularity in recent years.

Micromobility’s unique and diverse applications can be seen in various domains such as personal transportation, urban commuting, last-mile delivery, and tourism, among others. The personal transportation market segment witnesses a high demand for electric scooters and bicycles, offering a convenient and low-cost alternative to traditional modes of transportation.

Urban commuting, on the other hand, has embraced micromobility as a way to tackle congested roadways, reduce traffic and carbon emissions, and provide a convenient and affordable means of travel for urban residents. This has led to the growth of bike-sharing and scooter-sharing services in cities around the world, making micromobility a crucial component of smart cities and sustainable urban development.

Last-mile delivery services have also leveraged the potential of micromobility, adopting electric bicycles and scooters to facilitate efficient and timely deliveries in urban areas. These vehicles can navigate through congested streets, reducing delivery times and improving customer satisfaction.

The tourism industry has embraced micromobility as a means to provide travelers with an eco-friendly and convenient mode of transport for sightseeing and exploring cities. This has led to the development of rental services, enabling tourists to rent electric scooters and bikes to visit popular tourist destinations, thus reducing the dependence on personal cars and taxis.

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Micromobility Market Report Coverage:

Market Micromobility Market
Micromobility Market Size 2021 USD 49.3 Billion
Micromobility Market Forecast 2030 USD 186.2 Billion
Micromobility Market CAGR During 2022 – 2030 16.2%  
Micromobility Market Analysis Period 2018 – 2030
Micromobility Market Base Year 2021  
Micromobility Market Forecast Data 2022 – 2030
Segments Covered By Propulsion type, By Vehicle Type, By Sharing Type, By Age Group, And By Geography
Micromobility Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Beijing Mobike Technology Co. Ltd, Bird Rides Inc., Boosted USA, DoorDash, Dynamic Bicycles, Easymile SAS, GoBike, GoJek, Lime, Micro Mobility Systems, Scoot Network, SEGWAY INC., Skip Transportation, and SWAGTRON.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Micromobility Market Highlights and Statistics

  • The global Micromobility market size in 2021 stood at USD 49,300 Million and is set to reach USD 186,200 Million by 2030, growing at a CAGR of 16.2%
  • The growing popularity of micromobility can be attributed to its convenience, affordability, and eco-friendliness compared to traditional modes of transportation.
  • Companies such as Lime, Bird, and Xiaomi are among the largest players in the micromobility market, with a significant market share.
  • The majority of the micromobility market is concentrated in urban areas, where there is a higher demand for alternative modes of transportation.
  • The micromobility market has attracted a significant amount of investment, with venture capital firms and private equity firms investing in micromobility startups.

Trends in the Micromobility Market

  • Expansion of Bike-Sharing Services: Bike-sharing services are expected to expand in both urban and rural areas, as more people seek alternative modes of transportation.
  • Increasing Adoption of E-Bikes: The use of electric bikes is expected to grow as people seek a more eco-friendly mode of transportation for shorter trips.
  • Emergence of Multi-Modal Services: Companies are offering multimodal services that include a combination of electric scooters, bikes, and public transportation options.
  • Integration with Public Transportation: Micromobility services are expected to integrate with public transportation systems, such as trains and buses, to provide seamless connectivity for passengers.
  • Emergence of New Micromobility Business Models: New micromobility business models, such as pay-per-use and pay-per-mile, are expected to emerge in the near future.
  • Expansion of Micromobility in Tourist Destinations: The use of micromobility services is expected to expand in tourist destinations as people seek a convenient and eco-friendly mode of transportation.
  • Increased Investment in Micromobility Startups: Investment in micromobility startups is expected to increase as more people seek to invest in the growth of the micromobility market.
  • Increasing Importance of Safety Features: Safety features, such as helmets and lights, are becoming increasingly important in the micromobility market, leading to an increase in the use of these services.

Micromobility Market Dynamics

Affordability: Micromobility services are often more affordable than traditional modes of transportation, making them accessible to a wider range of people.

Reduced Traffic Congestion: Micromobility services help to reduce traffic congestion in urban areas, making it easier for people to get around.

Increased Investment in Micromobility Startups: Investment in micromobility startups is increasing as more people seek to invest in the growth of the micromobility market.

Eco-Friendliness: Micromobility services, particularly electric bikes and scooters, are more eco-friendly than traditional modes of transportation, making them appealing to environmentally conscious consumers.

Expansion of Micromobility in Rural Areas: The use of micromobility services is expected to expand in rural areas as people seek alternative modes of transportation in these areas.

Growth in Smart Cities: The demand for smart cities is expected to grow as more people seek sustainable, efficient, and connected cities.

Growth of Last-Mile Delivery Services: The use of micromobility vehicles, such as electric bikes, for last-mile delivery is expected to grow as companies seek to improve delivery times and reduce costs.

Urbanization: As cities become more populated, the demand for alternative modes of transportation is growing, leading to an increase in the adoption of micromobility services.

Growth Hampering Factors in the Micromobility Market

Maintenance Costs: The maintenance costs of micromobility vehicles, such as charging and repairs, can be a hindrance to the growth of the market.

Competition from Traditional Modes of Transportation: Competition from traditional modes of transportation, such as cars and public transportation, can limit the growth of the micromobility market.

Limited Range of Vehicles: The limited range of vehicles, such as electric bikes and scooters, can limit the growth of the market as consumers may seek alternative modes of transportation for longer trips.

Battery Life Concerns: Battery life concerns, such as the need for frequent charging, can limit the use of micromobility vehicles and hinder the growth of the market.

Weather Restrictions: Weather restrictions, such as rain and snow, can limit the use of micromobility vehicles and hinder the growth of the market.

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Market Segmentation

By Propulsion

  • Human powered
  • Electrically powered

By Vehicle Type

  • Mopeds and Scooters
  • Hoverboard
  • Bicycles
  • Skateboards
  • E-Kick Scooters
  • Low Speed EVs
  • Segway

By Sharing

  • Dockless
  • Docked

Based on Age Group

  • 16-35
  • 36-55
  • Above 55

Micromobility Market Overview by Region

The Asia-Pacific region’s Micromobility Market share is the highest globally and is rapidly growing as well, with countries such as China, India, and Japan leading the way. In China, electric bikes and scooters have become a popular mode of transportation, particularly in densely populated cities such as Beijing and Shanghai.

North America’s Micromobility market share is also huge and is driven by the growing popularity of electric bikes and scooters. In the United States, cities such as San Francisco and New York have embraced Micromobility services and have seen a significant increase in the number of riders.

Europe is another key market for Micromobility, with countries such as Germany, France, and the United Kingdom leading the way. In Europe, cities have adopted Micromobility services as a way to reduce traffic congestion and promote sustainability.

The South American and the MEA regions are still in their nascent stage in the Middle East and Africa region, but it is expected to grow in the coming years as more cities embrace this mode of transportation.

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Micromobility Market Key Players

The Micromobility market is highly competitive, with a number of established players as well as new entrants vying for a share of the market. Some of the leading players in the Micromobility market include: Lime, Bird, Uber, Lyft, Jump, Wind, Tier, Dott, Voi, Spin, Flash, Grin, Ojo, Airwheel, Inokim, Ninebot, Razor, Xiaomi, and Segway. These companies offer a range of Micromobility services, including electric bikes and scooters, and have a strong presence in various regions across the world. The competition in the Micromobility market is expected to remain intense as more players enter the market and existing players expand their offerings.

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