Micro-Mobility Market Analysis

Micro-mobility Market Analysis

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Based on type, the bicycles segment held major micro-mobility market share in 2022, due to their versatility and appeal to a broad user base. Different types of bicycles including traditional pedal bikes and e-bikes cater to the varying user preferences & needs. E-bikes are gaining popularity due to their ability to provide an effortless & eco-friendly commute. As urban areas increasingly emphasize sustainability and the reduction of congestion, bicycles offer an efficient & low-impact transportation solution, contributing to the growth of this segment.
 

For instance, in June 2023, Neuron launched e-scooters and e-bikes in Coquitlam (Canada). By offering a diverse range of eco-friendly transportation options including e-bikes, Neuron caters to a broader audience, encouraging more people to consider cycling for daily commutes and short trips. This initiative promotes sustainable urban mobility and reduces congestion, aligning with the evolving preferences of urban dwellers seeking convenient & environmental-friendly transportation alternatives. It enhances the overall appeal of bicycles in the micro-mobility market.
 

The electric segment recorded around 75% of the micro-mobility market share in 2022. The electric propulsion segment which includes vehicles such as e-scooters, e-bikes & electric skateboards are powered by electricity, propelling growth in the market. These options offer eco-friendly urban transportation, reducing the reliance on fossil fuels and promoting cleaner air in line with sustainability goals. Their user-friendliness appeals to a diverse audience including those with physical limitations. Advanced technologies, such as GPS tracking and app-based rentals, enhance convenience.
 

Moreover, these vehicles alleviate urban congestion with easy parking and maneuverability, especially in crowded city centers. The ongoing battery advancements extend their range and reliability, making them practical for daily commuting and short trips. This aligns with urban dwellers' evolving preferences and needs. For instance, in June 2021, Spin, a Ford micro-mobility subsidiary, launched an in-house-built e-scooter. This initiative aimed to enhance Spin's presence and competitiveness in the rapidly evolving market.
 

Asia Pacific micro-mobility market accounted for 70% of revenue share in 2022 and is expected to reach USD 66.4 billion by 2032. Rapid urbanization and increased congestion in cities across the region are driving the demand for efficient & sustainable transportation solutions. For instance, in May 2023, InMotion, a Chinese e-scooter company, announced the development of an e-scooter, featuring a maximum speed of 68mph with hill climbing capacity of 50%.
 

Favorable government policies, investments in urban infrastructure, and the proliferation of smartphone technology have also created an ideal environment for the adoption of micro-mobility services. Countries including China and India with their large urban populations represent significant growth opportunities. Furthermore, cultural acceptance of two-wheeled transportation and the availability of affordable electric vehicles are fueling the expansion of micro-mobility in Asia Pacific.