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Redding, California - May 3, 2024

Micro Mobility Market to be Worth $32.4 Billion by 2031

Micro Mobility Market by Mobility Type (Electric (E-bikes, E-kick Scooters, Others), Manual), Sharing Type (Docked, Docked-less), Speed, End User (Private, Commercial (Corporate, Universities, Government, Others)) & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Micro Mobility Market by Mobility Type (Electric (E-bikes, E-kick Scooters, Others), Manual), Sharing Type (Docked, Docked-less), Speed, End User (Private, Commercial (Corporate, Universities, Government, Others)) & Geography- Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the micro mobility market is projected to reach $32.4 billion by 2031, at a CAGR of 12.4% from 2024 to 2031. The growth of the micro mobility market is driven by growing demand for sustainable transportation, growing need for first- and last-mile transportation solutions, increasing use of smartphones, the low-cost characteristics of micro mobility vehicles, growing venture capital investment resulting in the emergence of startups and rising burden of car-centric mobility in urban areas. However, the lack of regulatory & legal framework is a factor restraining the growth of this market.

Furthermore, multimodal docking and charging and the growing adoption of micro mobility fleets by various governments are expected to generate growth opportunities for the stakeholders in this market. However, theft and vandalism are major challenges impacting market growth. Additionally, the integration of IoT and IoT SIM cards in micro mobility and the use of micro mobility services in smart cities are prominent trends in the micro mobility market.

Based on mobility type, the global micro mobility market is broadly segmented into manual mobility and electric mobility. In 2024, the manual mobility segment is expected to account for the larger share of above 53.0% of the global micro mobility market. The segment’s large market share is mainly attributed to changing customer preferences towards more sustainable and eco-friendly modes of transportation, increasing need for first- and last-mile transportation solutions, and growing investments in micro mobility infrastructure. For instance, in May 2023, The French government announced plans to spend $2.2 billion (EUR 2.0 billion) through 2027 to improve cycle infrastructure. The aim will be to double the cycle lane network, and the government will spend 250 million euros a year on new bike lanes from 2023 to 2027.

However, the electric mobility segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the ability of e-bikes and e-kick scooters to cover longer distance trips with less effort; the growing adoption of electric bikes and scooters in micro mobility; and the growing focus of key players on the development of innovative e-scooters. For instance, in September 2022, VeoRide, Inc. (U.S.) launched Apollo, a dual-passenger vehicle. The Apollo is a class II e-bike that can safely accommodate two riders or additional cargo storage.

Based on speed, the global micro mobility market is segmented into Up to 25 km/h and 25 km/h to 50 km/h. In 2024, the up to 25 km/h segment is expected to account for the larger share of the global micro mobility market. The segment’s large share is mainly attributed to the growing deployment of micro mobility vehicles, increased demand for compact-sized micro mobility vehicles, and the growing focus of micro mobility vehicle manufacturers on stability and ease of riding.

However, the 25 km/h to 50 km/h segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing demand for micro mobility services and the growing focus of companies on developing powerful micro mobility vehicles. For instance, in November 2022 , NIU Technologies (China) launched its newest micro mobility product, the NIU BQi-C3 Pro Electric Urban Commuter Bike. It offers a top speed of 28 MPH with an impressive 40–60-mile range and a unique dual battery system.

Based on sharing type, the global micro mobility market is segmented into docked and docked-less. In 2024, the docked segment is expected to account for the larger share of above 75.0% of the global micro mobility market. The segment’s large share is mainly attributed to factors such as the benefits of docking to protect vehicles from theft and vandalism, the growing adoption of shared mobility in urban areas, and growing investment in the development of micro mobility docks. For instance, in October 2021, Bolt Operations OÜ (Estonia) launched the e-scooter charging docks in Estonia to continue Bolt’s efforts of reducing car usage and promoting sustainable and safe micro mobility in cities throughout the world.

Moreover, the docked segment is also expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the government and municipalities' growing focus on promoting micro mobility and the growing use of micro mobility vehicles in the commercial sector for commuting.

Based on end user, the global micro mobility market is broadly segmented into private and commercial. In 2024, the commercial segment is expected to account for the larger share of above 55.0% of the global micro mobility market. The segment’s large share is mainly attributed to the increased adoption of micro mobility vehicles across businesses to provide sustainable and convenient micro mobility solutions. For instance, in October 2023, Bird Global, Inc. (U.S.) announced the launch of its state-of-the-art e-scooters at Barksdale Air Force Base in Louisiana. The company aims to provide sustainable and convenient micro mobility solutions to the military community, enhancing transportation options and promoting eco-friendly practices on the base.

Moreover, the commercial segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by key players focusing on partnerships to promote micro mobility and the growing use of micro mobility vehicles for commuting in universities, healthcare centers, and corporate campuses.

Based on geography, the micro mobility market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of above 37.0% of the global micro mobility market. The large market share of this region is attributed to the increased adoption of e-bikes and e-scooters for micro mobility, the increased focus of cities to use micro mobility to reduce car usage, traffic, and carbon emissions, and the growing focus of foreign players on expanding sustainable transportation across the region. For instance, in July 2023 , Bird Global, Inc. (U.S.) announced the expansion and renewal of its operations across Italy, France and Spain. These extensions mark a significant milestone for Bird as it continues to strengthen its commitment to sustainable transportation and urban mobility in Europe.

However, Asia-Pacific is projected to register the highest CAGR of 14.0% during the forecast period. The region's growth is attributed to growing urbanization fueling the need for sustainable and urban transportation, rising demand for shared micro mobility, and the growing focus of cities on adopting micro mobility. For instance, in November 2023, Beam Mobility Holdings Pte. Ltd. (Singapore) introduced seated e-scooters to Auckland, New Zealand, with 300 shared seated e-scooters available for hire across the city.

Key Players:

Some of the key players operating in the micro mobility market are Bird Global, Inc. (U.S.), Lyft, Inc. (U.S.), Neutron Holdings, Inc. (Lime) (U.S.), Dott (Netherlands), Helbiz Italia S.r.l. (Italy), Bolt Operations OÜ (Estonia), Voi Technology AB (Sweden), Superpedestrian, Inc. (U.S.), Beam Mobility Holdings Pte. Ltd. (Singapore), Hello Inc. (China), Niu Technologies (China), VeoRide, Inc. (U.S.), felyx sharing B.V. (Netherlands), Boaz Bikes (U.S.), and CycleHop LLC dba HOPR (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5842

Key questions answered in the report-

Which are the high-growth market segments based on mobility type, speed, sharing type, and end user?
What was the historical market for micro mobility?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the micro mobility market?
Who are the major players, and what shares do they hold in the micro mobility market?
What is the competitive landscape like in the micro mobility market?
What are the recent developments in the micro mobility market?
What are the different strategies adopted by the major players in the micro mobility market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global micro mobility market, and how do they compete with the other players?

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Redding, California - May 3, 2024

Micro Mobility Market to be Worth $32.4 Billion by 2031

Micro Mobility Market by Mobility Type (Electric (E-bikes, E-kick Scooters, Others), Manual), Sharing Type (Docked, Docked-less), Speed, End User (Private, Commercial (Corporate, Universities, Government, Others)) & Geography - Global Forecast to 2031

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