NEW YORK, Nov. 4, 2021 /PRNewswire/ -- From $2.4 million in 2020, the Malaysian micromobility market size is expected to rise to $4,549.8 million by 2030, exhibiting a CAGR of 99.9% from 2021 to 2030.
The major growth drivers for the market are:
Surging Demand for Better First- & Last-Mile Connectivity: Micromobility services are usually availed of for traveling shorter distances (less than 3.1 miles or 5 km). Further, they are generally provided via a station-less or dockless model, which enables riders to drop off their vehicles at any location, as per their convenience. For instance, the popularity of bike sharing has grown massively in urban areas in recent years as it is a low-cost and highly convenient means of transport, especially for short distances.
Affordable Nature of Services: The other major factor fueling the advance of the Malaysian micromobility market is the highly affordable nature of such services. Unlike personal vehicle ownership, which is usually an expensive affair owing to the exorbitant fuel costs, parking costs, insurance costs, and maintenance charges, micromobility services are highly cost-effective. Commuters are charged just on the basis of the duration or distance they use the vehicle for, after a miniscule unlocking fee.
The COVID-19 pandemic has positively impacted the progress of the Malaysian micromobility market. Although the pandemic initially caused disruptions in the market owing to the announcement of lockdown and restrictions on the movement of people and goods, service providers are expected to recover in the forthcoming years. This will be because of the increasing preference of people for micromobility over public transit, as the latter is being seen as a major health risk. Hence, the surging demand for single-occupancy mobility solutions is predicted to support the expansion of the market in the coming years.
The e-mopeds category is predicted to demonstrate the fastest growth in the Malaysian micromobility market in the coming years, under the vehicle type segment. The extensive deployment of e-mopeds on account of their economical nature is the primary factor driving the advance of this category. Furthermore, these automobiles are highly convenient for daily commuters.
The first- and last-mile category dominated the Malaysian micromobility market in the past, based on model. The soaring adoption of these services for first- and last-mile connectivity is because people usually do not avail of conventional shared mobility services, such as carsharing, ride sharing, and ride hailing, for shorter distances, as they are quite expensive in this regard.
The dockless category contributed the higher revenue to the Malaysian micromobility market historically, within the sharing system segment. This sharing system is highly convenient, and it provides excellent flexibility in parking. Moreover, it helps market players save on the initial investment by eliminating the requirement for setting up docking stations.
The leading players in the Malaysian micromobility market are Neuron Mobility Pte. Ltd., Anywheel Pte. Ltd., Beam Mobility Holdings Pte. Ltd., Grab Holdings Inc., Falcon Ride WLL, Giant Co. Ltd., Tryke Transportation Sdn. Bhd., Merida & Centurion Germany GmbH, Yadea Technology Group Co. Ltd., and Ecocana Sdn. Bhd.
Micromobility Market in New Zealand - The New Zealand micromobility market revenue stood at $9.5 million in 2020, and it will grow to $2,395.1 million by 2030, demonstrating a healthy CAGR of 64.3% from 2021 to 2030.
Micromobility Market in South Korea - The South Korean micromobility market value is predicted to increase to $11,178.5 million by 2030 from $120.3 million in 2020, at a 52.2% CAGR between 2021 and 2030.
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