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Micro-Mobility Market Share Analysis And Forecast To 2033
Micro-Mobility Market Share
According to The Business Research Company's, The micro-mobility market size has grown rapidly in recent years. It will grow from $52.03 billion in 2023 to $62.05 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to urbanization, consumer behavior shifts, economic factors, covid-19 impact, infrastructure development.
The micro-mobility market size is expected to see rapid growth in the next few years. It will grow to $121.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to global events and pandemics, health and wellness trends, consumer preferences, data and ai integration, integration with public transit. Major trends in the forecast period include electrification, vehicle diversity, autonomous micro-mobility, focus on user-centric design, circular economy initiative.
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Market Drivers and Trends:
Increasing demand for public transportation is expected to propel the growth of the micro-mobility market going forward. Public transportation is a mode of local transportation that allows more people to travel together along specified routes that include buses, trains, and metros. Micro-mobility facilitates and streamlines people's movement or mobility inside a populated region, enhances individual movement, and provides users with simpler access to transportation. Additionally, urbanization has also favored the demand for micro-mobility as more and more people will require access to transportation. For instance, in September 2022, according to a report published by the US Bureau of Labor Statistics, a US-based organization for financial stability and economic growth, in the USA, the consumer expenditure on overall public and other transportation climbed by 72% in 2021, with intercity bus tickets increasing by 87.4% and intercity train fares increasing by 40.7%. Therefore, the increasing demand for public transportation will drive the micro-mobility market.
Product innovations have emerged as key trends gaining popularity in the market for micro-mobility. Major companies operating in the micro-mobility market are developing innovative products featuring technologies to gain a competitive edge in the market. For instance, in January 2022, LIME, a US-based shared micro-mobility company launched the Gen4 E-bike, which is an electric bike with a swappable, interchangeable battery. Some of its unique features include increased motor power, a mobile-phone holder, a handlebar with display mirroring, an automatic two-speed transmission, and a modular design.
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Major Key Players of the Market:
Yadea Technology Group Co. Ltd.; Jiangsu Xinri E-Vehicle Co. Ltd.; Xiaomi Corp.; Segway Inc.; Swagtron; Boosted USA; Airwheel Holding Limited; Yamaha Motor Co. Ltd.; Accell Group N.V.; Derby Cycle AG; Neutron Holdings Inc.; Bird Rides Inc.; ElectricFeel AG; Floatility GmbH; Beam Mobility Holdings Pte. Ltd.; Dott B.V.; Yulu Bikes Pvt. Ltd.; Voi Technology AB; Lyft Inc.; Tier Mobility GmbH; Beijing Mobike Technology Co. Ltd.; DoorDash; Dynamic; Helbiz Inc.; Veo Technologies Inc.; Razor USA LLC; Ninebot Inc.; Gogoro Inc.; GenZe by Mahindra; Superpedestrian; VanMoof; Cowboy; Jump Bikes; Spin; Wheels Labs
Micro-Mobility Market 2024 Key Insights:
• The micro-mobility market will grow to $121.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.
• Rising Demand For Public Transportation Drives Growth In The Micro-Mobility Market
• Revolutionizing Urban Mobility By Exploring Cutting-Edge Innovations In The Micro-Mobility Market
• Asia-Pacific was the largest region in the micro-mobility 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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