Yahoo Finance Micro-Mobility Market to Exhibit 17% CAGR by 2027 | Market Research Future (MRFR)
Key companies profiled include Yellow Scooters (US), ofo Inc. (China), Bird Rides, Inc. (US), Lime Scooter (US), Micro Mobility Systems AG (Switzerland), Mobike (China), Motivate (Lyft) (US), Merits Co. Ltd (Taiwan), Pride Mobility Products Corp. (US), EV RIDER LLC (US), Golden Technologies (US), Invacare Corporation (US)., among others.
Pune, May 18, 2021 (GLOBE NEWSWIRE) -- Micro-Mobility Market Analysis
Market Research Future (MRFR) predicts the global micro-mobility market to cross USD 200 billion at a CAGR of 17% from 2020 to 2027 (forecast period).
Micro-Mobility is quickly becoming an efficient and reliable means of transport within cities and towns. Growing oil and gas prices, saturation in the automotive sector, increased road congestion, ease of parking, ease of accessibility, and excellent energy conversion rates are propelling this market forward at a rapid pace. Micro-Mobility lowers emissions, which is driving the market in countries such as the United States and China.
Micro-Mobility, which falls somewhere between walking and taking public transportation, is seeing use in all short-distance transportation needs for both individuals and companies. This is because they provide a sustainable mode of transportation, integrate exercise (self-charging cycles and scooters), are a safer option for last-mile travel, and can replace the use of cars for mobility over relatively short distances.
COVID-19 Impact on the Global Micro-Mobility Market
COVID-19 is an unprecedented global public health emergency that has affected almost every industry, with long-term effects expected to affect industry growth over the projected period.
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Market Segmentation
The global micro-mobility market has been segmented into weight capacity, travel range, type, and application.
By weight capacity, the global micro-mobility market has been segmented into Up to 100 kg, 100–250 kg, and Above 250 kg. Up to 100 kg is the largest market within the segment. Most personal micro-mobility devices fall under this category. This segment is slated to lead the market due to the huge potential customer base as well as the variety of products that it encapsulates. 100–250 kg segment is rising parallel to the growth of long-range micro-mobility systems as well as having a larger weight-bearing capacity. The above 250 kg segment is mainly growing to cater to the growing demand for micro-mobility for commercial and industrial enterprises. This segment also possesses some of the heaviest load-bearing micro-mobility systems with excellent range.
By travel range, the global micro-mobility market has been segmented into Up to 20 km, 20–40 km, and Above 40 km. Up to 20 km is the largest market within this segment; ranges of up to 20 km have the most potential for micro-mobility applicability owing to better energy conservation, comparatively shorter time taken to reach the destination, ease of parking. The 20–40 km segment is also growing due to an increase in innovation within the micro-mobility industry; larger distances can be traversed using micro-mobility systems, which are more cost and time-efficient. Global stress on environment conservation serves as a driver for this segment owing to its low emission profile and its excellent energy conversion rates. The above 40 km segment is growing due to the advances in micro-mobility systems and their rising load-bearing capabilities. Currently the smallest market within the segment, it will become a driver for the entire micro-mobility market with innovation and gradual saturation of the other two markets within the segment.
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By type, the global micro-mobility market has been segmented into 2-wheeler, 3-wheeler, and Others. 2-wheeler micro-mobility systems are presently the largest market within this segment due to their unparalleled efficiency, wide product range, small size (which helps in navigation and parking), and consumer preference. 3-wheeler is the fastest-growing market within the segment, mainly buoyed by the increased range and load-bearing that they offer. 3 -wheelers also have a vital advantage of offering much better balance over 2-wheelers, making them more appropriate for long-distance micro-mobility. The restraint is their size and reduced energy efficiency, factors which the innovation within this market is working to circumvent. Other segment includes 4-wheeler micro-mobility systems and micro-mobility systems created for commercial and industrial use.
By application, the global micro-mobility market has been segmented into commercial and residential. The commercial is a fast-growing market segment, the commercial applicability of micro-mobility systems is manifold, being used to transport heavy loads over short distances, providing flexibility in maneuvering and being more cost-efficient than traditional systems. Residential is the largest market within this segment. An increase in urbanization, rising oil & gas prices and rising traffic congestion are all factors spurring this market. This segment also has the most diverse variety of products catering to a range of transportation requirements, further propelling the growth of this segment.
Regional Analysis
Region-wise, the global micro-mobility market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The North American region is one of the strongest markets for micro-mobility due to high public awareness, a strong focus on eco-friendliness, urban planning, and geographical features that are extremely conducive to the usage of micro-mobility systems, as well as the involvement of some of the market's major players.
The main drivers for the European micro-mobility market are road congestion, increased urbanization, which is increasing the average travel distance for work, and increased applicability in industries.
The Asia Pacific area is home to some of the world's most urbanized and congested population centers. Micro-Mobility is a quicker and less expensive alternative to conventional mobility systems. The energy and cost efficiency of micro-mobility systems when applied to commercial and industrial companies, of which the Asia Pacific region is the world's largest, is another justification for this market to expand within the region.
Key Players
Yellow Scooters (US), ofo Inc. (China), Bird Rides, Inc. (US), Lime Scooter (US), Micro Mobility Systems AG (Switzerland), Mobike (China), Motivate (Lyft) (US), Merits Co. Ltd (Taiwan), Pride Mobility Products Corp. (US), EV RIDER LLC (US), Golden Technologies (US), Invacare Corporation (US)
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