Low-Cost and Convenient Short Commute Propels Micromobility Demand

The micro-mobility industry is expected to rise in the coming years. Generation Z and millennials, including advancements in connectivity, GPS tracking, battery cost reduction, mobile payments, and life improvement, including rising penetration of smartphones lead to a shift in the transportation landscape.

Micro mobility has lured a strong customer base, offering a true potential solution for urban transportation.

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Dynamics of Micromobility

The increasing investments by investors in the development of the micro-mobility solution is a major trend in the industry. The potential industry players and various start-up companies are getting massive investments from investors.

The lower commuting cost relevant to micromobility-sharing services, in comparison to other transportation modes, is a major industry driver.

For example, the bike-sharing services cost $0.5 with an additional $0.5 per 30 minutes. Similarly, a kick scooter sharing service costs $1 for an initial trip with an additional average cost of $0.15 per minute. It is less than other public sharing services, including taxi services, rental services, and ridesharing services.

In addition, micromobility services serve as an economical business option for service providers, resulting in their rising popularity.

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Presently, the bike-sharing landscape is experiencing the expansion of the dockless sharing concept, more specifically for electric bikes. The rising usage of micromobility services, more specifically for bikes makes the economic and convenient short-range commute.

Furthermore, new players are entering the industry with bike-sharing schemes. The key players in the industry, are Didi Chuxing, Lyft, and Uber are partnering with potential bike-sharing companies and participating in acquisitions to provide integrated services to users.

Kick scooter sharing services are experiencing significant adoption worldwide in the industry. Soon, numerous established ridesharing and automotive companies took notice of advanced growth and entered the industry with kick-scooter sharing services.

Presently, the scooter-sharing industry is rising. The major scooter-sharing companies are; Muving, WeMo, Cityscoot, Scoot, and Emmy ascribed to nearly two-thirds of the fleet.
North America experiences the highest growth, ascribed to the significant adoption of kick scooter sharing services. The largest industry for kick scooter sharing resides in the region, led by penetration of the key players, such as Lime and Bird.

In addition, the region is witnessing continuous adoption of micro-mobility solutions, including scooter sharing, and bike sharing, which makes it the most lucrative region in the world.
Moreover, APAC based bike sharing industry dominates the micro mobility industry. It is ascribed to the presence of large bike-sharing companies, such as Mobike, Hello-Bike, and ofo.

The cost of bike sharing is quite lesser compared to other micromobility services; thus, it benefits the bike-sharing industry.

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