Global Micromobility Market Size to Expand At 15% CAGR Through 2025

January 13, 2021

As per the report titled ‘Global Micromobility Market Analysis, 2020’, available with Market Study Report LLC, global micromobility market is set to garner significant returns over 2020-2025, registering a CAGR of 15% throughout.

According to the findings of the report, increasing traffic congestion across megacities worldwide due to burgeoning population is anticipated to push forward the growth of global micromobility industry. Growing number of bike rental services and government efforts towards curbing GHG emissions are the other major factors driving the industry growth. Further, large investments in micromobility companies are positively impacting the industry dynamics.

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Based on requirement, global micromobility industry is split into first & last mile trips and short distance trips. The application segmentation includes commercial and private. With respect to autonomy level, the industry is categorized into manual, semi-autonomous, and autonomous. Moving on to power source, the industry is fragmented into fuel-powered, man-powered, battery electric vehicles, hybrid electric vehicles, plug in hybrid electric vehicles. In terms of sharing model, the market is divided into dockless, station based, and hybrid. Speaking of vehicle type, electric skateboards, electric scooters, electric bicycles, pedal bicycles are the major segments covered in the report.

Considering the regional outlook, global micromobility market size spans across North America, South America, Europe, and Middle East & Africa. APAC captured majority of the industry share in 2019 and is likely to witness modest gains during Factors such as low cost in bike sharing as compared to other mobility services, and inflating population are contributing to the regional market growth. China is a major growth promoter for the industry owing to proliferating number of bike sharing schemes and new operators in the nation. Moreover, strong manufacturing capabilities are favoring the industry expansion in the country. In fact, China exported electric motorized micromobility vehicles worth USD 251 million to the US in 2018.

Leading players influencing global micromobility industry trends are Micro Mobility Systems Ltd., Uber Technologies, Inc., Dynamic Bicycles, Segway, Inc., Rydies, Lime, Bird Rides, Inc., Spin, Skip, Hello-Bike, Mobike, and Ofo.

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