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Global Micro-Mobility Market to Reach Valuation of US$ 10,485.8 Million by 2031 – Astute Analytica

AstuteAnalytica India Pvt. Ltd.
AstuteAnalytica India Pvt. Ltd.

The global micro-mobility market is expected to reach US$ 10,485.8 million by 2031 from US$ 3,111.8 million in 2022, growing at a CAGR of 15.3% during the forecast period (2023-2031), according to a recent report from Astute Analytica.

New Delhi, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The micro-mobility market, which includes small, personal transportation devices such as electric scooters and bicycles, has experienced significant growth in recent years. The market growth is driven by increasing demand for sustainable and cost-effective transportation alternatives as well as urbanization. Urban residents are looking for ways to avoid traffic congestion, reduce their carbon footprint, and have more convenient forms of transportation. Electric scooters and bicycles offer a convenient and efficient way for these individuals to get around, and many cities have begun to incorporate them into their transportation infrastructure.

Moreover, the increasing availability of affordable, high-quality devices is also a key factor in the growth of the global micro-mobility market. Many companies have entered the market in recent years, offering a wide range of products at competitive prices. This has made it easier for consumers to access these devices and has helped to drive adoption.

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However, the market also faces several challenges. One of the biggest challenges is the lack of regulation and infrastructure in many cities. Many governments have yet to create laws and policies to manage the use of these devices, which can lead to confusion and safety issues. Additionally, the lack of dedicated parking and charging infrastructure can make it difficult for users to find a place to park or charge their device when they're not in use.

Despite these challenges, the micro-mobility market is expected to continue to grow in the coming years. As cities become more densely populated and traffic congestion increases, the demand for alternative forms of transportation is likely to grow. Additionally, with advances in technology and the increasing availability of affordable devices, it is likely that more and more people will turn to electric scooters and bicycles as a convenient and sustainable way to get around.

North America to Generate Over 32% Revenue of the Global Micro-mobility Market

One of the primary factors driving the growth of the market in North America is the increasing availability and utilization of shared mobility options, such as bike-sharing and e-scooter rental programs. According to the National Association of City Transportation Officials, the number of bike-sharing programs in the United States alone increased from a minimal amount in 2010 to over 100 in 2020. This demonstrates a clear trend of widespread availability and acceptance of shared mobility options among both tourists and residents.

Another trend contributing to the growth of the micro-mobility market in North America is the growing adoption of electric bikes and scooters. These vehicles offer a more sustainable and eco-friendly transportation alternative compared to traditional gas-powered options. Furthermore, advancements in battery technology have made electric bikes and scooters more cost-effective, thus increasing their appeal to consumers.

The proliferation of smart cities and connected technologies is also having a significant impact on the growth of the micro-mobility industry in North America. Government agencies and private companies are investing in infrastructure and technology to support the use of shared mobility options, including the implementation of bike lanes, smart parking, and real-time data tracking.

Top Challenges in the Global Micro-mobility Market

  • One major challenge is the lack of proper infrastructure and regulations to support the use of shared mobility options. Many cities and municipalities have yet to establish clear guidelines and regulations for the operation and deployment of shared bikes and scooters, which can lead to issues such as clutter on sidewalks, illegal parking, and safety concerns. Additionally, the lack of dedicated bike lanes and other infrastructure can make it difficult for riders to safely navigate urban areas.

  • Another challenge facing the micro-mobility market is the issue of vandalism and theft. Shared bikes and scooters can be subject to damage and theft, which can be costly for operators to repair or replace. This can lead to higher operating costs and reduced profitability for companies in the industry.

  • Another challenge is the financial viability of micro-mobility operators, many companies operate with a low-profit margin and are challenged to make ends meet. High operation costs, maintenance and repair costs, and challenges with scaling their operations are all factors that can lead to financial difficulties for micro-mobility operators.

  • Lastly, the micro-mobility industry is facing competition from other transportation options, such as ride-hailing services, which can offer a more convenient and door-to-door option for consumers. make it more detailed, keep former tone, and convert into points.

Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/micro-mobility-market

Battery Powered Micro Mobility to Contribute the Largest Revenue to Global Micro Mobility Market

The micro-mobility market, specifically the segment of battery-powered options such as e-bikes and e-scooters, is experiencing strong demand driven by a combination of macro and micro economic factors.

On a macro level, increasing urbanization and concerns about the environmental impact of traditional transportation options are driving demand for more sustainable alternatives. E-bikes and e-scooters are seen as a cleaner and more efficient mode of transportation for short trips in urban areas. According to the National Association of City Transportation Officials, e-scooter trips in the US increased by over 200% between 2018 and 2021. Additionally, advancements in battery technology have led to longer battery life and increased power, making e-bikes and e-scooters a more viable option for longer distances. This has also led to a decrease in the cost of batteries, making e-bikes and e-scooters more affordable for consumers.

On a micro level, the COVID-19 pandemic has also played a role in driving demand for battery-powered segment in the global micro-mobility market. With social distancing measures in place, and concerns about using public transportation, people are turning to personal modes of transportation as an alternative. This has led to an increase in the use of e-bikes and e-scooters as they are seen as a safer and more socially distanced mode of transportation. According to a survey by the National Association of City Transportation Officials, about one-third of e-scooter trips in the US were taken as a direct result of the pandemic.

Furthermore, with the rise of shared economy models, the micro-mobility market has become more accessible and convenient for consumers. Companies such as Lime and Bird have made it easy for people to rent e-bikes and e-scooters on demand, leading to an increase in usage.

Some of the Top Market Players Are:

  • Accell Group

  • Airwheel Holding Limited

  • Bird Rides, Inc.

  • Boosted Usa

  • Derby Cycle

  • Gotrax

  • Iconbit Gmbh

  • Lime Scooter

  • Mellow Boards Gmbh

  • Segway Inc.

  • Swagtron

  • Xiaomi

  • Yadea Technology Group Co. Ltd.

  • Yellow Scooters

  • Neuron Mobility

  • Other Prominent Players

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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CONTACT: Contact us: Aamir Beg BSI Business Park, H-15,Sector-63, Noida- 201301- India Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) Email: sales@astuteanalytica.com Website: www.astuteanalytica.com