The micro-mobility market is estimated to grow from USD 3.4 billion in 2022 to USD 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.
There has been a significant increase in population across the globe over the years. As the population increases, there is a need for public transportation across the cities for commuting. Usually, the public transit stations are far from home as well as from the work location. Hence, people avoid using personal vehicles to travel such long distances due to traffic congestion, the cost of vehicle ownership, rising gas and oil prices, rising insurance costs, and a lack of convenient parking.
Increasing demand for the on-demand public transportation system in smart cities
The rising urban population and development of smart cities further increase the demand for on-demand public transport. Micro-mobility implementation is further driven by regulations and an emerging focus on smart city initiatives. According to the European Commission, the smart cities project market is expected to exceed USD 2 trillion by 2025, with Europe speculated to have the highest investment globally. With 12 cities in the region ranking among the top 25 in the world, Europe continues to be the best-positioned geographical area for smart cities. Copenhagen, Amsterdam, London, Vienna, Paris, Barcelona, Stockholm, Berlin, and Helsinki have already initiated the development of smart city platforms. The complete transformation of these cities to smart cities will likely occur gradually with projects in the next decade.
Additionally, increasing urbanization will accentuate the need for better mobility services. Cities will continue with transformative changes to improve the quality of life by investing in urban mobility solutions. This would result in better transportation systems, continuously bringing changes in transport policies.
The rising number of smart cities and government initiatives for necessary bike and e-kick scooter lanes further increase the demand for micro-mobility services. The municipalities are setting policies and objectives and encouraging OEMs to participate in the micro-mobility services actively.
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Development in connected and telematics technologies
Micro-mobility service providers face challenges related to connectivity infrastructure, cloud platforms, advanced driver assistance systems (ADAS), bike theft and vandalism, and artificial intelligence capabilities. Data monetization, artificial intelligence, and connected ecosystem open opportunities for service providers. Service providers are looking for connectivity options, country-to-country fleet management, tracking and tracing the vehicle, telematics solutions, and the infrastructure to go live quickly.
Connected e-bikes are coming into the market, wherein the SIM module enables the e-bike to send and receive data to and from the cloud without a connected smartphone. Some important features offered by the connected e-bike include automatic emergency calls, integrated navigation, social media connection, an anti-theft system, and remote diagnostics. Bosch developed a SmartphoneHub, which can connect e-bikes to a smartphone and support the riders before and after their journey. The lock premium function by Bosch also transforms the Kiox-connected onboard computer into the key for greater security. On platforms such as komoot, which is integrated into the COBI.Bike app, millions of users can exchange information with each other and discover new routes with recommendations and tips from the community.
Americas is estimated to have the largest market in 2027
The leading countries such as the US, Canada, Mexico, and Brazil are considered under the Americas region. The micro-mobility demand in the Americas is rapidly increasing because of rising concerns over issues such as traffic congestion, air pollution, and greenhouse gas emissions, which have risen due to the rise in urban population, growing investments by several major players in these key countries. In addition, rising number of micro-mobility service providers, surging internet penetration, increasing preference for short mile commute would fuel the growth of market. Recent investments from various investors in micro-mobility start-ups has promised the growth of micro-mobility market in this region. Some of the leading companies that are present in this region are Bird Global, Inc. (US), Lyft, Inc. (US), Lime (US), Helbiz Inc. (US), Veo (US) and others.
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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