Global Micro-Mobility Market

Global Micro-Mobility Market Size (2024 to 2029)

The global micro-mobility market share is expected to be valued at USD 61.42 billion in 2024 and USD 139.93 billion by 2029, at a CAGR of 17.9% from 2024 to 2029.

Service providers are looking to create growth opportunities for the micro-mobility market by focusing on date monetization, tracking vehicles, managing fleets between countries, and others. To overcome the challenges, advanced technologies are coming into progress, and the launch of innovative products like SIM modules is likely to showcase huge growth opportunities for the market. SIM modules can send data to and from the cloud without an internet connection. For instance, Bosch launched new features for the smartphone hub kit that transforms the Bosch e-bike into a fully transformed bicycle with fitness tracking, GPS navigation, session recording, and others.

The major issue with the micro-mobility is the rising number of thefts. For instance, in 2023, a Smart city project was introduced in Sri Lanka to build up micro-mobility services. However, the program did not end up on a positive note as around 380 e-bicycles were vandalized, and 5 of them were stolen. These incidents are reportedly increasing in every country, which is a challenging factor for key market players.

Global Micro-Mobility Market Drivers:

The growth of the micro-mobility market is primarily driven by the soaring oil and gas prices due to a lack of resources across the world. The eventually rising prices of oil and gas are increasing the demand for energy-efficient ways of transportation. Renewable energy sources will be cheaper rather than fossil fuels in 2022, which is accelerating the demand to adopt electric vehicles nowadays. For instance, oil prices were set to increase even more when the top producers in Saudi Arabia announced that they would cut oil production by 1.15 million barrels per day in 2024. All these factors are greatly influencing the micro-mobility market growth.

In most developed and developing countries, traffic congestion has become a serious concern, and the demand for micro-mobility is increasing day by day. Micro-mobility can aid traffic congestion issues and reduce greenhouse effects by emitting fewer harmful gases into the environment. In emerging countries such as India and China, the need for the adoption of eco-friendly, compact, and light vehicles is becoming more and more with respect to the growing pollution and traffic jams.

The Internet of Things is one of the major aspects in surging the demand for micro-mobility in urban cities. The launch of innovative types of micro-mobility with the Internet of Things and rising prominence to promote sustainable transportation are quietly accelerating the growth rate of the micro-mobility market. The survey concluded that the use of micro-mobility transportation may reduce up to 2-3% of emissions across the world. Growing awareness over the rising environmental pollution across the world is creating huge demand for the adoption of micro-mobility across the world. Extra insurance policies and fewer tax benefits are included in micro-mobility, which further boosts the growth rate of the market. The insurance and tax rates are high for conventional vehicles, whereas, for micro-mobility, the insurance policies and tax pay are very low. This is adding extra benefits for the adoption of micro-mobility transportation in many areas.

Global Micro-Mobility Market Restraints:

Lack of support from the government over the improvement of infrastructure required for micro-mobility in developing countries is slowly limiting the growth rate of the market. Micro-mobility vehicles such as bicycles and scooters are fragile comparatively and need proper infrastructure such as wider roads and separate tracks. Lack of these facilities due to lack of investments is impeding the growth rate of the market. Along with this, the lack of internet connectivity in some countries in Latin America, the Middle East & Africa may impede the adoption of micro-mobility transportation as they completely rely on smart technology. Micro-mobility transportation needs internet connectivity for various aspects like navigation, parking services, and others, where a lack of internet connectivity causes difficulty for the providers to connect with the services.

Impact of COVID-19 on the global micro-mobility market:

The micro-mobility market share was negatively affected due to the spread of COVID-19 in 2020. The whole world was in lockdown restriction, and transportation was restricted accordingly to curb the spread of the coronavirus. On the other hand, the means for alternate transportation modes and increased awareness of environmental safety during the COVID-19 time have privileged the demand for the adoption of micro-mobility in urban areas. To lower the risk of getting infectious diseases while traveling on public transport, many people opted for e-scooters and e-bikes for short or medium-distance trips. This factor has enhanced the effectiveness of scheduling these bikes during the pandemic. The launch of various features in micro-mobility transportation, like online payment services, mobile computing, and others, has additionally fuelled the growth rate of the market during the pandemic. The market share is expected to grow even higher in the coming years.

REPORT COVERAGE:

This research report on the global micro-mobility market is segmented and sub-segmented into the following categories.  

Global Micro-Mobility Market - By Type:

• Bicycles
• E-Bikes
• E-Kick Scooters
• Others

The bicycle segment is ruling with the prominent share of the market. The growing focus on leading an environmentally friendly lifestyle is officially showing a way for the adoption of eco-friendly transportation modes that are effective with modern technologies. The e-bike segment is expected to grow at a higher rate during the forecast period. In developing countries like China, the demand for e-bikes is escalating enormously. The e-kick scooters segment is expected to grow randomly at a higher rate in the coming years.

Global Micro-Mobility Market - By Speed:

• Up To 25 km
• 25-45 kph

The up to 25 KmpH segment is growing with the largest share, and the 25-45 KmpH segment is likely to have dominant growth opportunities in the coming years. With increasing fuel prices in many developed countries, the demand for micro-mobility with the latest technological updates is gearing up the market growth rate. For short or medium trips, people are feeling more comfortable traveling on e-bikes or scooters, which are budget-friendly as well.

Global Micro-Mobility Market - By Propulsion:

• Human Powered
• Electrically Powered

The electrically powered segment is gaining traction and holding a prominent growth rate. The shifting trend towards electric vehicles has become more common in recent times, where the demand for electrically powered vehicles is growing significantly. The growing prominence of using renewable energy in an efficient way is escalating the growth rate of this segment.

Global Micro-Mobility Market - By Sharing Type:

• Docked
• Dock-less

The docked segment is the dominant share of the market due to rising incidences of thefts and vandalism. Docked systems provide security through a scan and unlock system. The trips with docked-based vehicles in micro-mobility have been the highest since 2020, especially in America. Most companies are planning to provide docked stations to the growing demand for station-based bikes among the urban population.

Global Micro-Mobility Market - By Ownership:

• Business-to-Business
• Business-to-Consumer

The business-to-business segment is growing at a higher rate, whereas the Business-to-Consumer segment is likely to have a prominent share in the coming years. The uptake by the consumers will vary with the countries, but the demand to adopt micro-mobility is very high, especially in developed and developing countries, due to increasing traffic congestion in urban areas.

Global Micro-Mobility Market - By Data Service:

• Navigation
• Payment
• Other Data Services

The navigation segment is likely to showcase the highest CAGR during the forecast period, whereas the payment segment is also booming at a higher growth rate. The emergence of advanced technological developments in micro-mobility is one of the major factors that will cause the market to grow tremendously.

Global Micro-Mobility Market - By Travel Range:

• Up to 3 Miles
• 3-6 Miles

The up to 3 Miles segment has the most prominent growth rate. People's preference for easy parking solutions with micro-mobility for short-distance trips is majorly leveraging the growth rate for this segment.

Global Micro-Mobility Market- By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

The North American micro-mobility market holds the dominant revenue share. The developed countries, the US and Canada in North America, are considered the major countries contributing the highest share of the market. With the growing population, the concern about pollution and traffic jams is rising rapidly, which is ascribed to the surge in the growth rate of the market in these countries. The dependence on public transit is also growing with the increasingly effective management of micro-mobility service providers. This is prompting the growth rate of the market in an effective way in these countries.

Asia Pacific is next in leading the dominant market share with the presence of the most populous countries like China and India. Major companies’ investments in the development of innovative micro-mobility solutions are hugely outraging the growth rate of the market. Chinese people are switching easily to micro-mobility like e-bikes for short or medium trips, which is solely fuelling the growth rate of the market in this region. Key players' investments in India to promote services at affordable prices, even for the common people, are highly bolstering the market value.

The increasing per capita income and growing disposable income are major factors surging the market growth rate in Europe. Europe's micro-mobility market growth is expected to hit the highest CAGR by the end of 2029.

KEY MARKET PLAYERS:

Lime (US), Bird Global, Inc. (US), Lyft, Inc. (US), TIER (Germany), Dott (Netherlands), Compagnie de Saint-Gobain S.A.(France), AGC Inc. (Japan), Fuyao Glass Industry Group Co., Ltd. (China), Motherson Sumi Systems Limited (Japan), Central Glass Co., Ltd. (Japan) are some of the major players in the global micro-mobility market.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, Lime unveiled the Gen4 seated scooter, which is a smooth and environmentally friendly ride. The Lime company welcomed the scooter into their edition that combined bicycle with a seated comfort zone that resembles an e-scooter that results in a smooth ride for short trips.
• In 2023, Bird acquired Spin Scooters. With this acquisition, the Bird company has become one of the largest micro-mobility companies in North America.