Micro-Mobility Market by Type (Bicycle, E-bike, E-kick Scooter), Propulsion (Pedal Assist & Electric), Ownership (B2B, B2C), Sharing (Docked, Dock-less), Data (Navigation, Payment), Travel Range, Speed and Region - Global Forecast to 2027

Northbrook, IL 60062 -- (SBWire) -- 05/16/2023 --The micro-mobility market is estimated to grow from $3.4 billion in 2022 to $6.1 billion by 2027 at a CAGR of 12.5% over the forecast period. The market growth is primarily driven by rapid urbanization, increasing costs of vehicle ownership, rising demand for emission-free vehicles, growing traffic congestion, strict emission norms, and increasing demand for an economical mode of transportation.

The human-powered micro-mobility type would hold the largest market share.

The human-powered propulsion segment is currently leading the micro-mobility market globally. The key reason for this growth is the challenges users face with electrically powered micro-mobility vehicles, such as a lack of charging infrastructure and limited battery capacities.

Americas is the leading region for the human-powered (pedal-assist) micro-mobility segment. According to NABSA, of the 128 million trips conducted by micro-mobility vehicles, 47.0 million trips were carried out by pedal assist bicycles in North America in 2021. Additionally, the total number of micro-mobility vehicles deployed in the region was around 232 thousand, amongst which 74 thousand (~32%) were pedal-assist bicycles, which shows that there is high demand for pedal-assist bicycles as compared to e-bikes in North America. The demand for pedal-assist bicycles is increasing owing to health benefits, cost-effectiveness, and easy availability.

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The Asia Pacific would be the largest micro-mobility market during the forecast period

Rising population, improving 4G/5G infrastructure and penetration of smartphones, low cost of micro-mobility services as compared to other ride sharing services like e-hailing or car sharing which can cost $15-$25 per ride and rising venture capital and strategic investments are some of the key reasons why the Asia Pacific would be the fastest growing market for micro-mobility.

The Asia Pacific, with limited penetration of micro-mobility services, currently offers promising growth opportunities for the micro-mobility industry. Countries such as China, Singapore, Japan, and India have invested in smart transportation infrastructure, ensuring a strong position in the Asia-Pacific market. Planned investments to improve urban transport and traffic infrastructure are expected to drive the Asia Pacific micro-mobility market. For instance, in September 2022, Magna invested USD 82 million in Indian based mobility start-up Yulu bikes. The investment further forms the new company named as Yulu Energy which will work on the battery swapping and charging network infrastructure for the other micro-mobility companies. The company is planning to develop more than 500 charging stations up to December 2023. Furthermore, in February 2022, Singapore based mobility startup Beam Mobility raised USD 93 Million to enhance its presence Japan, Indonesia, the Philippines, Vietnam and Turkey. Asia Pacific accounts for a significantly lower number of vehicles per 1,000 persons as the per capita income in most of these countries is lower than in western countries. Hence, micro-mobility offers users a sense of owning a vehicle at a much lower cost than actually owning one. This is driving the demand for micro-mobility in the regions.

The docked segment is projected to dominate the micro-mobility market in 2027

The docked sharing type segment is currently leading the market in terms of value generation globally. This is mainly because of the number of docked service providers, users' preference to scan and unlock the system, and the preference for service providers to offer docked systems, as it reduces the chances of theft and vandalism. The docked segment is predicted to have the largest micro-mobility market. Americas is leading the station-based (docked) segment. According to NABSA, amongst the 128 million trips conducted by micro-mobility vehicles, 57.7 million trips were carried out by docked bikes in North America in 2021. In 2021, in North America, the total number of micro-mobility vehicles deployed were around 232 thousand, amongst which 78 thousand were station-based bikes, which shows that there is high demand for station-based bikes compared to dock-less in North America. For docked stations, companies such as Swiftmile, Charge, and Others are involved in the US. Charge is an American company which is working mainly to install its stations on private land and carparks and recently signed a deal with LAZ for 250 stations in Atlanta. Such developments are responsible for the growth of docked micro-mobility vehicles.

Key Market Players

The micro-mobility market is dominated by a few globally established companies such as Bird Global, Inc. (US), Lyft, Inc. (US), Lime (US), TIER (Germany), Dott (Netherlands).

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