The growing degree of road congestion in megacities worldwide due to rising levels of population is anticipated to have a significant impact on the market outlook of micromobility in various countries. The emanating number of bike rental services and additional government focus on reducing CO2 emission are among the key factors for the growth of Global Micromobility market. Moreover, heavy investment inflow in many countries is resultant to the expansion of the Global Micromobility market in the forecast period. For instance, European investors Index Ventures and Atomico invested in two of the top US micromobility companies, namely Bird Rides Inc. and Neutron Holdings Inc. (Lime) in 2018.
Growing Road Congestion is Boosting the Market Growth of Micromobility Services
According to the MarkNtel Advisors’ research report titled “Global Micromobility Market Analysis, 2020”, the CAGR of Global Micromobility market is expected to be more than 15% during 2020-25. The key factor for the growth of micromobility is that it offers a mobility option for shorter distance ranges, and thus covers the gap between the first and last mile. Moreover, the growing road congestion across all developing and developed economies is the key opportunity in boosting the market value of the micromobility market. For instance, according to the INRIX National Traffic Scorecard, Americans lost an average of 97 hours a year due to traffic congestion which cost them roughly $87 billion, or an average of $1,348 per driver in 2018.
Escalating Population Levels in Asia-Pacific will Impact the Micromobility Market
The Asia-Pacific region captured a significant market share in the Global Micromobility market in 2019 on an account of low cost associated in bike sharing as compared to other mobility services. Additionally, growing population across Asia-Pacific countries is further augmenting the demand for micromobility services in the region. China market share in the Global Micromobility market is surging at a significant pace. The vast expansion in bike sharing schemes, led by China's largest operators ofo and mobike, along with solid entry of new operators in the market are increasing the demand for micromobility in the country. In 2018, China exported USD 251 million worth of electric motorized micromobility vehicles, such as e-scooters and electric bicycles to US.
However, the US and Europe markets are anticipated to witness exponential growth in the forecast period. Shared mobility is projected to experience new market trends such as reduction of CO2 emission, mergers & partnerships , etc.
According to the MarkNtel Advisors research report, the Global Micromobility market is highly fragmented. The market competitors in the Global Micromobility market are Hello bikes, Ofo, LimeBike, Skip Transportation, Spin Scooters, Sway Mobility, Scoot Network, Beijing Mobike Technology, and Bird Rides Inc., etc. The key market players are increasingly focusing on the development of long-range micromobility, therefore are projected to have a significant impact on the growth of the Micromobility market in the forecast period.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What would be the growth rate or CAGR global micromobility market during 2020-25?
A. The market size of global micromobility market during 2020-25 is forecast to be more than 15%.
Q Which region would grab the highest market share during 2020-25?
A. It is forecast that North America will dominate the market with a majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in global micromobility market?
A. Hello bikes, Ofo, LimeBike, Skip Transportation, Spin Scooters, Sway Mobility, Scoot Network, Beijing Mobike Technology, and Bird Rides Inc., etc are few of the leading players in the global micromobility market.
Q. Does the report scope cover country-wise market statistics also?
Yes, the scope of the report encompasses detailed country statistics such as market size, market segmentation based on various subcategories
Q. Which vehicle type segment in the sharing service model would emerge as an opportunity area for players in micro-mobility?
A. Electric Bikes in the dockless sharing model would continue to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of micromobility across the globe.