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Micromobility Market Growth Focusing on Trends & Innovations During the Period Until 2025

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Micromobility Market Growth Focusing on Trends & Innovations During the Period Until 2025

January 15
10:52 2020
Micromobility Market Growth Focusing on Trends & Innovations During the Period Until 2025

Micromobility Market Research Report
Economic Viability of these Services Driving Micromobility Market

The global micromobility market generated $3.0 billion in 2018 and is expected to attain a value of $9.8 billion in 2025, registering a 19.9% CAGR during the forecast period (2019–2025). The market is growing because of the deployment of e-bikes and economic viability of this mobility option. Micromobility is among the various modes of transport with light duty vehicles, such as scooters, kick scooters, and bikes. These vehicles are utilized on sharing basis for covering short distances, primarily five miles or less.

Among the different regions, namely Latin America, Middle East & Africa (LAMEA), North America, Asia-Pacific (APAC), and Europe, APAC accounted for the largest share of the micromobility market in 2018 and is further projected to dominate the market during the forecast period. The reason for this is the presence of major bike sharing companies in the region, such as Hello-Bike, Ofo, and Mobike. In addition, the price of bike sharing services is quite less as compared to other shared mobility services. LAMEA is predicted to grow at the fastest pace during the forecast period.    

When service type is taken into consideration, the micromobility market is categorized into scooter sharing, kick scooter sharing, and bike sharing. Out of these, the bike sharing category dominated the market during the historical period (2017–2018) and is expected to account for the largest share of the market during the forecast period as well. The reason for this is the surging usage of these services in the APAC region, primarily in China. The kick scooter sharing category is predicted to advance at the fastest pace during the forecast period.

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The economic viability of bike sharing services is a major driving factor of the micromobility market. The general revenue structure of a bike sharing service includes an initial fee to unlock the bike and $0.15 per 30 minutes of travel on an average, which is quite less than the price of other public shared mobility options. In addition to this, due to the rising popularity of these services, many companies have started offering subscription-based bike sharing services on weekly, monthly, or daily basis, which will further make commuting economical for regular users.

The deployment of e-bikes is another primary factor contributing to the growth of the micromobility market. It has been observed that the inclusion of e-bikes is being opted as a major strategic move by many bike sharing service providers. Furthermore, the users are also increasingly demanding for the electric bicycle fleet. E-bikes are preferred as they fulfill the need for higher speed in short-distance commuting in a better way as compared to a pedal bike. Even though the cost of e-bikes is a little higher than manually operated bikes, they are more convenient. 

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Micromobility services are primarily used for commuting to or from work, for recreational purposes, for visiting shopping arenas and restaurants, to visit a social gathering, and others. It was observed that majority of the users avail these services for commuting to their schools, daily workplace, and colleges. Moreover, the young population are the largest users of these services as they utilize internet and updated technology the most. In addition to this, these services offer a favorable mode of travelling for solo travelers.

Hence, the economical viability of these services and deployment of e-bikes are the major driving factors of the market.

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