The global micromobility market is expected to reach USD 327.84 billion by 2033, at a CAGR of 17.45% from 2024 to 2033. At present, the micro-mobility market consists of varied options like e-scooters, e-bikes, electric skateboards, and many more, thus propelling the growth of the market.  Another factor driving the market is the quest for more sustainability. Transportation generally accounts for a substantial portion of the global carbon footprint; hence the new micro-mobility solutions are helping to reduce the carbon footprint, and this is eventually fuelling the micro-mobility market. In recent years there has been an increase in the number of micro-mobility companies with companies such as Ofo and Mobike in China and Citi Bike and Jump Bikes in the US, which offer consumers suitable options for last-mile transportation. These companies are raising venture capital, showcasing both the consumer and investor demand for such last-mile transportation solutions.

Market Overview:

Micro-mobility devices could be privately owned, but these are generally shared-use vehicles that are maintained by the municipal government or private organizations. These devices are attracting the residents of densely populated areas because it is offering quick and convenient transportation to the close by destinations like shops, grocery stores, or entertainment venues. Vehicles, which include eScooters, Vespas, Segways, standard bikes, eBikes, etc., are available in the major cities for touring and guided tours. The demand for micro-mobility solutions has increased as owning a vehicle in many urban areas could be impractical and depending upon schedule-based transportation cannot always be very convenient. Moreover, the cost of vehicle ownership, the surge in insurance costs, and the shortage of proper parking spaces have led many residents to not purchase traditional cars. Some of the cities that have already observed significant growth in the micro-mobility market are Barcelona, Chicago, Los Angeles, Minneapolis, and Montreal, among others. Leading edge technologies like IoT devices are helping organizations implement complex micro-mobility transportation networks. It is making the life of the people better and also benefiting the municipality by decreasing the congestion and vehicle emissions.  Micro-mobility vehicles, such as bicycles and electric transportation options, are commonly used for short distances as light transport. These miniature modes of transit have proven useful in various environments, including commercial use, and their popularity continues to grow over time.

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Market Dynamics:

Drivers:

• Growing demand of electric scooter

The micro-mobility space is growing, but in that, the electric scooter demand has increased. Based on one of the studies, the electric scooter organization has expanded significantly in recent years. The demand for the e-bikes and e-scooters is anticipated to rise at an exponential rate in the upcoming years.  Another source suggested that 2021 was the year of e-bikes having a growth rate in sales of around 240% in 12 months. Similarly, the future of the bike and scooter rental market economy is anticipated to reach USD 11,040 Million by 2028. One of the studies, known as The Promise of Low Carbon Freight, observed in three month period that the cargo bikes help in saving a total of around 3,896 kilograms of CO2 and 5.5 kilograms of nitrogen oxide. Micro-mobility is becoming the growing trend in smart cities which focus on improving the air quality and reducing the traffic congestion.

Restraints:

• Risk involves in investing into the micro-mobility

There are certain risks like the city infrastructure, hardware health, weather, etc. The cutthroat competition between the micro-mobility startups has led to several dockless bicycles across the streets of the major cities, which is resulting in a big problem; if the bike breaks, the companies do not have enough manpower in place to fix them in a timely manner. Also, in cities with a harsher climate, such as in northern Europe, the adoption of shared bikes and scooters is not viable as in the rain and snow, the condition becomes dangerous, and the number of accidents increases. Also, the demand generally decreases significantly when it is too cold to use such vehicles. Moreover, many cities lack the proper infrastructure, like the proper bike lanes, etc. All these factors are acting as a restraint for the market to grow.   

Opportunities:

• The recovery of global tourism post-pandemic.

Many experts predict that the micro nobility market will grow further. Most experts project that the micro-mobility market will continue to experience this growth. For these projections, many of the factors are taken into account, like the residents of the densely populated areas requiring convenient, affordable transportation options. Also, the recovery of global tourism in the post-pandemic world is driving the demand for micro-mobility and economical touring options.  IoT devices, asset management platforms, and green technologies like the solar charging infrastructure seem to be in high demand as the cities would continue to adopt micro-mobility solutions. In the years to come, one can expect to see micro-mobility services spread up in all the major cities of the world.

Challenges:

• Logistics and asset management along with theft and misuse.

One of the major challenges that are faced by the developers and the micro-mobility markets is logistics. There is a requirement that every device, along with the charging stations or docks, must be carefully tracked and maintained.  Otherwise, the total cost of doing the business would not be sustainable. To overcome such challenges, technologies are adopted that support remote monitoring and integrate with an IoT platform. Another challenge is the damaged and stolen equipment. Thus, the micro-mobility stakeholders should take steps to mitigate these issues if they are planning to get a return on their investment. The city infrastructure, like many of Africa’s cities, is not bike-friendly as it lacks the proper bike-specific infrastructure for people to cycle safely. Presently riding bikes and scooters across African cities could be too dangerous. These are some of the challenges which are affecting the micro-mobility market.

Segmentation analysis:

The global micro mobility market has been segmented based on propulsion type, vehicle use, sharing type, age group and region.

• The propulsion type segment is divided into human powered and electrically powered. The electrically powered segment dominated the market with a market share of around 70% in 2023. For instance, the California-based Bird has achieved unicorn status in less than 9 months after it was founded in September 2017. It made the organization the fastest company in the world to reach a valuation of USD 1 Billion. Just four months later, the valuation of the company became USD 2 Billion. The organization is currently operating in more than 300 cities all across North America, Europe, and more. Also, it was observed that North America’s largest ride-hailing organizations have jumped into the micro-mobility sector to include all forms of transportation into their portfolio of services.
• The vehicle use segment is divided into E-Kick Scooters, Bicycles, SkateBoards, HoverBoard, Low Speed Evs, Segway and Mopeds & Scooters. The bicycles segment dominated the market with a market share of around 40.3% in 2023. Bicycles and eScooters have become a common phenomenon in major cities. The ridesharing companies and the municipalities are deploying these micro-mobility solutions across cities so that the residents can easily access them when they require transportation. It is also getting equipped with edge computing technology and IoT devices; hence these micro-mobility solutions can be easily tracked and managed. The IoT devices would help the organization in implementing the complex micro mobility transportation networks.
• The sharing type segment is divided into docked and dock-less. In 2023, the docked segment dominated the market, accounting for around 52.1% of global revenue. For instance, the Docked bike sharing municipal programs were initially launched in major Chinese cities in 2008 to remove mobility issues. The first and the most successful program in China was Hangzhou Public Bicycle, which was launched by the Hangzhou Public Transport Corporation in May 2008. Many other cities in China, like Beijing, Shanghai, Wenzhou, Kunming, and Guangzhou, have also set up public bike-sharing programs. As the private dockless bike-sharing organization began to move in, these public programs started declining, but they still exist. Also, Singapore-based startup Neuron Mobility was launched in 2016, which offers dockless bicycles along with docked e-scooters in Southeast Asia.
• The age group segment is divided into 15-34, 35-54 and 55 and Above. In 2023, the 15-34 segment dominated the market, accounting for around 65.2% of global revenue. The younger generations are easily adopting this transition as it is helping them in terms of cheap and easy transportation.  To make cities more bike and pedestrian-friendly in the UK, around USD 300 million emergency fund is committed to the construction of new bike lanes and wider pavements. It is increasing the use of e-scooters. In Europe, the scoter-sharing popularity increased significantly in late 2018. But lately, the market seems consolidated in the region.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region emerged as the largest market for the global micro mobility market, with a 41.3% share of the market revenue in 2021.

• In North America, particularly the United States and Canada, the market for micro-mobility has flourished due to various factors. Increasingly congested roadways in urban areas have led to heightened demand for last-mile connectivity solutions as car ownership becomes a less viable option. New York City, Los Angeles, and San Francisco have become key areas for multiple companies that offer e-scooter and bike-sharing/rental services, among others in this industry. In couple with reducing carbon emissions across cities by promoting sustainable transportation methods, an additional point towards progressing uptake will drive adoption rates further over time.

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global micro mobility industry.

For instance, the electric scooter organization Voi Technology has raised more than USD 400 Million in its fundraising rounds to date since its launching in 2018. This Sweden-based startup had secured investment from venture funds like Balderton Capital, Vostok New Ventures, Project A, and Creandum.  Very recently, Voi raised USD 45 million Series C extension at a USD 808 Million valuations in August 2021. Voi provides its e-scooters in the cities like Sweden, Denmark, Spain, Portugal, Finland, and France. The organization is recently partnered with France-based ridesharing startup BlaBlaCar to give BlaBla Ride scooters in France.

List of Key Market Players:

• Electricfeel
• Floatility GmbH
• Beam Mobility Holdings PTE. Ltd
• Bird Rides
• DOTT
• Yulu Bikes Pvt. Ltd
• Zagster
• Lime
• Neuron
• VOI

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Venture capitalists
• Third-party knowledge providers

Report Description:

• Global Micro Mobility Market, Industry Analysis, Trends, Analysis and Forecast, 2024 to 2033 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
• 2023 is considered as the base year of the report. 2020, 2021 and 2022 are considered as the historic years and 2024 to 2033 are the forecast years. The global micro mobility market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global micro mobility market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
• The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of micro mobility based on propulsion type, vehicle use, sharing type, age groupand regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
• The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global micro mobility market. This offers vital and in-depth insights to depict the overall market scenario.
• The report offers the detailed study for the company profiles of key organizations operating in the global micro mobility market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
• The report provides an elaborative assessment of the porter's five forces analysis coupled with SWOT analysis to provide business related data and information. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
• Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
• Potential growth prospects along with the penetration rate analysis of the product (market related, i.e., global micro mobility market) are covered to comprehend the adoption rate and evaluate the market size.