Micromobility Market To Reach USD 120.0 Billion By 2032, Says DataHorizzon Research
The micromobility market size was valued at USD 39.3 Billion in 2022 and is expected to reach USD 120.0 Billion by 2032 with a CAGR of 11.9%.
Fort Collins, Colorado, April 28, 2024 (GLOBE NEWSWIRE) -- *
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*Integration with Public Transportation and MaaS Platforms*
The *micromobility market* is a transportation business niche that provides lightweight, often electric-powered vehicles for short-distance travel within cities. These vehicles, which include electric scooters, bicycles, and electric bikes, provide convenient, environmentally friendly, and cost-effective alternatives to traditional forms of transportation such as cars or public transit for short excursions.
The integration of micromobility services with public transportation and Mobility as a Service (MaaS) platforms is an important opportunity for the Micromobility market. Micromobility can act as both a first- and last-mile solution, connecting customers to public transit hubs and addressing gaps in current transportation networks. According to a European Commission report, integrating micromobility with public transport can improve public transit use by up to 15% while lowering vehicle dependency and traffic congestion. Furthermore, the inclusion of micromobility options in MaaS systems, which provide customers with a single interface for planning, booking, and paying for a variety of transportation services, can improve micromobility's convenience and accessibility. As cities and transportation authorities work to create integrated and seamless mobility ecosystems, the need for micromobility solutions to supplement public transportation is projected to increase.
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*Segmentation Overview:*
*The micromobility market has been segmented into vehicle type, battery, voltage and region.*
*Electric Bicycles dominate the segment growth in 2023.*
· Based on the vehicle type the market is segmented into electric kick scooters, electric skateboards, and electric bicycles. The electric bicycles segment dominates the market and held a major share in terms of revenue. The usage of bicycles is seen in various applications right from personal use to delivering logistics. The major reason for the wider adoption of the same is to reduce the stress on public transportation systems such as buses, rails, and others.
*The Li-ion battery segment dominates the vehicle type in 2023.*
· Based on battery the market is segmented into sealed lead acid, NiMH, and Li-ion. The Li-ion battery dominates the market for its affordability, and are considered as the preferred choice for the manufacturers. The batteries have slow discharge rates and faster charging rates leading to its wider adoption. Li on the other hand is the lightest element used for manufacturing the battery and hence is majorly used for battery manufacturing. In comparison to nickel-cadmium cell, the energy density is twice for the Li-ion and have low maintenance.
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*Micromobility Market Report Highlights:*
· The micromobility market growth is anticipated at a *CAGR of 11.9% by 2032.*
· Battery technology advancements and the incorporation of the Internet of Things (IoT) into micromobility devices are other important drivers for the Micromobility Market. The development of lighter, more efficient, and longer-lasting batteries has increased the range and performance of e-scooters and e-bikes, making them more suitable for daily commuting. According to the International Energy Agency (IEA), the worldwide stock of electric two-wheelers is predicted to reach 300 million by 2030, owing to advances in battery technology and lower pricing. Furthermore, integrating IoT sensors and connectivity into micromobility devices allows for features like real-time tracking, remote monitoring, and predictive maintenance, which improves the efficiency and reliability of micromobility services.
· Asia-Pacific dominates the micromobility market. The region's rise is attributable to the presence of significant micro mobility manufacturers in the area. The government's backing in various places, including India, China, and Japan, has resulted in the development of new standards and guidelines for vehicle charging infrastructure, which aids industry expansion.
· Some prominent players in the micromobility market report include Yadea Technology Group Co., Ltd.; Jiangsu Xinri E-Vehicle Co., Ltd., Xiaomi; Segway Inc.; Swagtron; Boosted USA; Airwheel Holding Limited; YAMAHA MOTOR CO., LTD., Accell Group; and Derby Cycle.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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Ph: +1-970-672-0390
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