Micro-mobility Market Size, Growth, Key Players, Future Scope and Business Opportunities 2024-2032

Our report has categorized the market based on type, propulsion type, sharing type, speed, age group, and ownership.

ST. BROOKLYN, NY, USA, April 9, 2024 /EINPresswire.com/ — IMARC Group, a leading market research company, has recently released a report titled “Micro-mobility Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global micro-mobility market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the micro-mobility market?

The global micro-mobility market size reached US$ 55.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 185.9 Billion by 2032, exhibiting a growth rate (CAGR) of 13.98% during 2024-2032.

Factors Affecting the Growth of the Micro-mobility Industry:

• Rising Environmental Concerns and Urbanization:

The growing environmental concerns and the rapid pace of urbanization across the globe are some of the major factors bolstering the market growth. Moreover, the increasing demand for eco-friendly and efficient modes of transportation as cities become congested and polluted is contributing to the market growth. Along with this, the introduction of micro-mobility solutions, including electric scooters, bikes, and skateboards that offer a sustainable alternative to traditional fossil-fuel-powered vehicles, is stimulating the market growth. Besides this, the increasing application of compact and agile modes of transportation in urban environments to navigate through traffic more efficiently while reducing congestion and improving overall city mobility is fueling the market growth.

• Rapid Technological Advancements and Connectivity:

The rapid innovations in battery technology, leading to long ranges and short charging times for electric scooters and bikes, are positively impacting the market growth. Moreover, the burgeoning integration of global positioning systems (GPS) and the Internet of Things (IoT) to enable the development of smart micro-mobility solutions that can be easily shared, tracked, and managed through smartphone applications is acting as a growth-inducing factor. They improve the performance and usability of micro-mobility devices and facilitate the rise of shared micro-mobility platforms. Furthermore, rapid advancements in materials science that allow for lighter and more durable micro-mobility vehicles are boosting the market growth.

• Evolving Consumer Preferences and Lifestyle Changes:

The ongoing shift in consumer preferences towards more flexible, affordable, and sustainable modes of transportation is another key factor propelling the market growth. Moreover, the increasing emphasis on experiences and services that offer freedom of movement and personalization is also contributing to the market growth. Additionally, the rising adoption of micro-mobility devices, as they provide an on-demand, cost-effective solution for short-distance travel that complements the lifestyle of urban dwellers who prioritize efficiency and eco-friendliness, is enhancing the market growth. Moreover, the integration of micro-mobility services with other forms of transport, such as public transit, to create a more interconnected and seamless urban mobility landscape is catalyzing the market growth.

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What are the growth prospects and trends in the micro-mobility industry?

The burgeoning integration of artificial intelligence (AI) to predict maintenance requirements, thereby reducing downtime and extending the lifecycle of the fleet, is boosting the market growth. Additionally, the growing application of machine learning (ML) in micro-mobility platforms to offer personalized recommendations to users, such as optimal routes, based on their usage patterns and preferences, thereby enhancing customer satisfaction, is stimulating the market growth. Furthermore, the development of advanced safety features, such as collision avoidance systems, to improve the safety of riders in urban environments is anticipated to drive the market growth.

Who are the key players operating in the industry?

The report covers the major market players including:

• Accell Group N.V.
• Beam Mobility Holdings Pte. Ltd.
• Bird Rides Inc.
• CycleHop LLC
• Dott
• Lime (Neutron Holdings, Inc)
• Micro Mobility Systems AG
• Neuron Mobility
• Segway Discovery Inc.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

• Bicycles
• E-Bike
• E-kick Scooters
• Others

Bicycles dominated the market share due to their widespread availability, ease of use, and the extensive existing infrastructure in many urban and rural areas.

Breakup by Propulsion Type:

• Manual
• Electrically-powered
• Hybrid

Electrically-powered represented the largest market share, offering an eco-friendly alternative with lower operational costs and higher efficiency than their manually powered counterparts.

Breakup by Sharing Type:

• Docked
• Dock-less

The docked sharing system constituted the largest segment as it provides predictable parking solutions, reduces the chances of vandalism, and ensures better maintenance of the fleet.

Breakup by Speed:

• Less than 25 Kmph
• Above 25 Kmph

Less than 25 Kmph accounted for the largest market share due to stringent regulations in urban areas that prioritize safety and minimize the risk of accidents with pedestrians.

Breakup by Age Group:

• 15-34
• 35-54
• 55 and Above

The 15-34 age group represented the largest segment, reflecting this demographic’s higher inclination towards adopting new technologies and sustainable transportation options.

Breakup by Ownership:

• Business-To-Business
• Business-To-Consumer

Business-to-consumer models accounted for the largest market share, driven by the rising consumer preference for convenience, flexibility, and the avoidance of maintenance responsibilities associated with personal ownership.

Breakup by Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Asia Pacific’s dominance in the micro-mobility market is attributed to its large population, rapid urbanization, and the aggressive adoption of micro-mobility solutions as a means to address congestion and pollution challenges.

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