BANGALORE, India, Aug. 18, 2021 /PRNewswire/ -- The Micromobility Market is Segmented by Type Propulsion Type (Human Powered and Electrically Powered), Vehicle Type (E-kick Scooters, Bicycles, Skateboards, and Others), Sharing Type (Docked and Dock-less), and Age Group (15-34, 35-54, and 55 and Above): Global Opportunity Analysis and Industry Forecast, 2021–2030. It is published in Valuates Reports under Automotive Industry.
The global micromobility market was valued at USD 40.19 Billion in 2020 and is projected to reach USD 195.42 Billion by 2030, registering a CAGR of 17.4% from 2021 to 2030.
The micromobility market is still in its infancy, and its evolution or growth will be determined by regulatory approval and consumer acceptance.
Major factors driving the growth of micromobility market are:
The rise in the trend of on-demand transportation services, government initiatives for smart cities, and rise in venture capital and strategic investments, supplement the growth of the global micromobility market.
Increasing government attempts to establish bike-sharing infrastructure and intelligent transportation systems are predicted to drive the global micromobility market.
Furthermore, in response to rising environmental concerns, government officials are giving incentives for the use of environmentally friendly transportation options such as bicycles and electric bikes. This is expected to propel the micromobility market growth.
TRENDS INFLUENCING THE GROWTH OF MICROMOBILITY MARKET
The rise in the trend of on-demand transportation services is expected to drive the micromobility market. On-demand micromobility services include the availability of vehicles such as e-bikes and e-kick scooters, as well as other features such as real-time feedback, vehicle tracking, and user rating. Numerous mobile applications make the availability of these vehicles and the comparison of fares with the correspondent easier. Furthermore, the ability to pinpoint a customer's exact position, as well as the ability to match demand with available supply, are important drivers driving the micromobility market.
Increasing government initiatives for the development of bike-sharing infrastructure is expected to propel the micromobility market. Governments all over the world are providing subsidies to service providers in order to help them build stations and reach a larger number of commuters. Furthermore, in response to rising environmental concerns, government officials are giving incentives for the use of environmentally friendly transportation options such as bicycles and electric bikes.
Based on type, Electrically Powered is projected as the most lucrative segment. Based on sharing type, Docked is projected as the most lucrative segment. Based on age group, the population between 35-54 is projected as the most lucrative segment. Based on the region, LAMEA is expected to exhibit the highest CAGR of 25.9% during 2021-2030.
- Bicycle market size was valued at USD 20,280.0 Million in 2019. Furthermore, the bicycle market growth is projected to reach USD 28,667.3 Million by 2027, registering a CAGR of 4.8% from 2021 to 2027.
- Pedelec market size was USD 11570 Million and it is expected to reach USD 33060 Million by the end of 2027, with a CAGR of 16.1% during 2021-2027.
- Vehicle electrification market was valued at USD 70.14 Billion in 2019, and is projected to reach USD 140.29 Billion by 2027, registering a CAGR of 11.3%.
- The Electric Vehicle Market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027, registering a CAGR of 22.6%.
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