NEW YORK, Nov. 11, 2021 /PRNewswire/ -- The Australian micromobility market revenue stood at $16.9 million in 2020, and it is set to surge to $19,185.6 million by 2030, at a CAGR of 89.5% from 2021 to 2030. The major growth drivers for the market are the convenience and low price of micromobility services and burgeoning need for better first- and last-mile connectivity.
Additionally, the increasing road congestion in urban areas is positively impacting the Australian micromobility market. Due to the mushrooming population, the number of daily commuters is surging rapidly, which is causing road congestion, particularly during the peak hours. As per the World Bank, Australia's urban population soared to 22.1 million in 2020 from 20.4 million in 2015. This has augmented the burden on conventional transportation systems and pushed up the requirement for more-convenient and -efficient mobility options, such as micromobility.
Key Findings of Australia Micromobility Market Report
E-scooters dominated the Australian micromobility market in the past, within the vehicle type segment. The soaring popularity of these vehicles, especially for recreational and short-distance traveling, has propelled the category's revenue.
The first- and last-mile category contributed the higher revenue to the Australian micromobility market in the years gone by, under the model segment. This was because of the surging requirement for better first- and last-mile connectivity.
The battery swapping technology is trending in the Australian micromobility space as it reduces the vehicle purchase costs and, ultimately, makes the services cheaper for consumers.
An investment of $12.0 million was raised by Neuron Mobility Pte. Ltd. from GSR Ventures and Square Peg Capital Pty. Ltd. in its series A funding round in September 2020, for operational expansion in New Zealand and Australia.
Beam Mobility Holdings Pte. Ltd. raised $26.0 million from Hana Ventures and Sequoia India in a new financing round in June 2020, to provide diversified services in various Asia-Pacific (APAC) nations, such as Australia, New Zealand, Taiwan, and South Korea.
The COVID-19 pandemic has created immense growth opportunities for the players operating in the Australian micromobility market, owing to the growing public preference for micromobility over crowded public transit systems, such as buses and metro trains. Additionally, the government is providing strong support to micromobility by launching initiatives aimed at developing dedicated parking areas even in the cities' busiest parts.
Neuron Mobility Pte. Ltd., Lime, Flamingo Technologies Limited, Spinway WA, Beam Mobility Holdings Pte. Ltd., Airbike, Kwang Yang Motor Co. Ltd., Vmoto Limited, Segway Inc., Giant Manufacturing Co. Ltd., and Localift Services Pty. Ltd. are some of the major Australian micromobility market players.
Australia Micromobility Market Breakdown
Australia Micromobility Market Based on Type
Australia Micromobility Market Based on Model
First- and Last-Mile
Australia Micromobility Market Based on Sharing System
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