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.

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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.

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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Competitive Landscape of Micromobility Market

The global micromobility market is moderately fragmented in nature, with the largest share being held by a considerable number of start-up companies. The market is extensively backed by heavy funding from numerous investors, and it is also witnessing a huge number of collaborations and partnerships among the key manufacturers and different service providers. These developments are massively impacting the nature of the market.

In November 2018, VOI Technology, a Swedish electric scooter sharing company, received an amount of $50 million as part of its Series A round of funding. Its investors included Balderton Capital, along with Vostok New Ventures, LocalGlobe, Raine Ventures, and several angel investors, such as Amazon's CEO, Jeff Wilke; Justin Mateen, a cofounder of Tinder; Sebastian Knutsson, a cofounder of King; and Zillow's CEO, Spencer Rascoff. The company currently operates in Germany, France, Portugal, Italy, Norway, and the Benelux region, and with this investment, it aims to expand in other countries. Further, in July 2019, Bird announced its intention to launch its largest European hub in Paris, and it is expected to hire over 1,000 employees over the next two years, citing rapid growth in the coming years.

Some of the major players operating in the bike sharing niche of the micromobility market are Ofo, Donkey Republic, Citi Bike, Hopr, Mobike, and Nextbike. Lime, Bird, Spin, Jump, Bolt, and Skip operate in the kick scooter sharing niche, and Coup, WeMo, Emmy, Cityscoot, Felyx, and eCooltra in the scooter sharing domain.

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