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E-Scooter Sharing Market Share, Growth Drivers, Industry Forecast 2033
E-Scooter Sharing Market Share
According to The Business Research Company's, The E-scooter sharing market size has grown rapidly in recent years. It will grow from $1.14 billion in 2023 to $1.33 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to urbanization, last-mile connectivity, mobile technology, investment and funding and shift towards sustainable transportation.
The E-scooter sharing market size is expected to see rapid growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to expansion into new markets, diversification of services, improvement in user experience, smart city initiatives, and micromobility hubs. Major trends in the forecast period include expansion into suburban and rural areas, dockless charging stations, subscription-based services, adoption of artificial intelligence and partnerships with local businesses.
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Market Drivers and Trends:
The increasing greenhouse gas and carbon emissions are expected to propel the growth of the e-scooter-sharing market going forward. Greenhouse gases trap heat in the Earth's atmosphere, warming the planet. Carbon emissions refer to releasing carbon dioxide (CO2) into the air, mainly from burning fossil fuels like coal, oil, and gas. The emission of greenhouse gas and carbon emissions is primarily due to human activities that involve burning fossil fuels, deforestation, industrial processes, and agriculture. E-scooter-sharing services help to reduce carbon emissions by promoting sustainable transportation, reducing reliance on cars, providing last-mile connectivity, encouraging modal shifts, and lowering energy consumption. For instance, in April 2024, a report published by the United States Environmental Protection Agency (EPA), a US-based government agency, stated that in 2022, greenhouse gas emissions in the U.S. increased by 0.2% compared to the levels in 2021. Therefore, the increasing greenhouse gas and carbon emissions are driving the growth of the e-scooter-sharing market.
Major companies operating in the factory automation market are developing innovative products, such as ballbar devices, to sustain their position in the market. Ballbar devices, also known as ballbar systems or ballbar testers, are precision measurement tools used in the fields of metrology and precision engineering. In factory automation, these devices are used to ensure the quality and precision of machined parts by detecting errors and deviations in the machine's motion and positioning. For instance, in May 2023, Renishaw plc, a UK-based engineering company, launched an RCS product line that includes three products: RCS L-90, RCS T-90, and RCS P-series, all supported by a dedicated software suite. The RCS L-90 is a ball-bar device that uses simple processes managed by its companion software suite to monitor robot health, save deployment times, and increase robot system accuracy. The tri-ballbar RCS T-90 system helps users of robots pinpoint the underlying reasons for subpar performance. It also conducts extensive tests to gather vital robot data, including master-recovery procedures, plotting 3D path performance, and remastering joint offsets to calculated positions. The RCS P-series applies in-process metrology and automatic recovery to automation processes by integrating a permanent Renishaw probing solution within a robot cell.
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Major Key Players of the Market:
Xiaomi Corporation, Helbiz Inc., Lyft Inc., Coup Mobility GmbH, Gogoro Inc., VOI Technology, Tier Mobility, Cooltra Corporate S.L., Hellobike, LimeBike Inc., Bird Rides Inc., Felyx B.V., GoTo Global Mobility Ltd., Beam Mobility Holdings Pte Ltd., Wheels Labs Inc., Neuron Mobility Pte Ltd, OjO Electric LLC., Inokim Electric Scooters, Ridepanda Inc., Wind Mobility Ltd., Circ Mobility GmbH
E-Scooter Sharing Market 2024 Key Insights:
• The E-scooter sharing market size is expected to see rapid growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%.
• Impact of Greenhouse Gas and Carbon Emissions on the E-Scooter-Sharing Market
• Innovative Products Driving Growth in E-Scooter Sharing Market
• Europe was the largest region in the E-scooter sharing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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