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Why Is Urban Youth Opting For Micromobility Services?

09-28-2021 06:32 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Micromobility Market Research Report by P&S Intelligence

Micromobility Market Research Report by P&S Intelligence

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 at any place as per their convenience.

In recent years, micromobility solutions have become very popular among the millennials and Gen Z, owing to their easy availability and cost-effectiveness. Additionally, the surging penetration of smartphones, reducing battery costs, increasing use of mobile payments, and rising developments in global positioning system (GPS) technology will fuel the micromobility market at a CAGR of 19.9% during 2019–2025. The market was valued at $3.0 billion in 2018 and it is projected to reach around $9.8 billion revenue by 2025.

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The burgeoning shift of the urban population toward micromobility solutions can be credited to the rapid introduction of new services, owing to the influx of hefty investments in the development of advanced micromobility solutions. Such investments are being made in established companies as well as start-ups offering kick scooter sharing, scooter sharing, and bike sharing services. For instance, in 2018, Balderton Capital, a London-based venture capital firm, invested $50 million in VOI Technology AB, a Swedish kick scooter sharing company.

In recent years, micromobility service providing companies, such as Skip, eCooltra, Felyx, Bolt, Cityscoot, Jump, Emmy, Spin, WeMo, Bird, Coup, Lime, Ofo, Nextbike, Donkey Republic, Mobike, Citi Bike, and Hopr, have been engaging in partnerships and introduction of new services to reach out to more users. For instance, in July 2019, Bird announced its plan to establish its largest European hub in Paris. This hub aims to employ over 1,000 people. Moreover, in October 2019, Uber partnered with Cityscoot to integrate the scooter sharing service of the latter with its booking platform application.

According to P&S Intelligence, the North American micromobility market demonstrated notable growth in the recent past, due to the extensive adoption of kick scooter sharing services in the region. Moreover, the region has emerged as the largest user of kick scooter sharing services, owing to the presence of prominent companies such as Bird and Lime in the continent. Additionally, the region is also witnessing a steady use of other micromobility services, such as scooter sharing and bike sharing.

Whereas, Asia-Pacific (APAC) emerged as the largest consumer of bike sharing services, due to the presence of service providers such as Hello-Bike, Mobike, and ofo in the region. Besides, the lower cost of these services, in comparison to other solutions, also boosted the adoption of bike sharing services in the region. Furthermore, Europe has been the dominant user of scooter sharing services across the world. Paris and Madrid are the major hubs for scooter sharing activities. European countries such as Spain, France, and Germany are the prominent user of scooter sharing services.

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Thus, the burgeoning need for first and last-mile transportation and mounting investments being made in micromobility services providing companies will augment the adoption of micromobility solutions in the coming years.

P&S Intelligence
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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