Micromobility Telematics Market Report Entails a Detailed Quantitative Analysis By 2030 - Conneqtech B.V., Smoove SAS, VULOG SA, SharingOS Holdings Limited
Moreover, these services are generally availed for traveling a distance of less than 3.1 miles or 5 km per trip. Many top investors are investing heavily in the micromobility industry, thereby opening up revenue streams for various telematics solutions providing companies. For example, many start-up companies and key players operating in the kick scooter sharing industry are receiving huge investments from various venture capitalists. Kick-scooter sharing services were launched in 2017, and in less than two years, more than $2.2 billion investments have been made in start-ups.
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For example, European investors— Atomico and Index Ventures— massively funded two leading electric kick scooter sharing service providers in the U.S. namely Neutron Holdings Inc. (Lime) and Bird Rides Inc., respectively, in 2018. Index Ventures led Bird Rides’ Series B round with an investment worth $100 million. Besides these factors, the growing requirement for micromobility sharing services is also driving the demand for micromobility telematics solutions all over the world.
This is, in turn, fueling the expansion of the global micromobility telematics market. According to the market research company, P&S Intelligence, the market revenue stood at $957.7 million in 2020, and it is predicted to rise to $13,010.4 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 26.7% between 2021 and 2030. Depending on sharing type, these solutions are classified into station-based, dock-less, and hybrid.
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Geographically, the popularity of micromobility telematics solutions was observed to be the highest in the Asia-Pacific (APAC) region during the last few years. This was because of the emergence of several technology start-ups and the hefty investments received by many regional micromobility telematics firms in the region. Furthermore, many industry players focused heavily on providing affordable micromobility services in order to gain an edge over their rivals, thereby contributing toward the industry boom in the region.
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Why Is Urban Youth Opting For Micromobility Services?
Micromobility solutions, such as bike sharing, scooter sharing, and kick scooter sharing services, enable commuters to cover a distance of fewer than 5 miles per trip. Such micromobility services intend to bridge the gap between first and last-mile connectivity, which cannot be achieved through ride hailing and carsharing services. Moreover, the provision of such services through dock-less or station-less model enables commuters to drop off bikes, kick scooters, and scooters