The micro-mobility market is projected to grow at a CAGR of 12.73% from US$26.993 billion in 2022 to US$63.351 billion in 2029 during the forecast period.
The micro-mobility solutions are vehicles that are specially developed for short-range travel within a city, allowing the driver to go from one location to another using micro-mobility solutions like e-scooters, e-bikes, electric bicycles, or skateboards, and others. These micro-mobility solutions are effective and reliable in modern-day road traffic conditions, as they can provide faster travel in high traffic conditions due to their body structure, which is developed in such a way that it is effective in high traffic conditions.
These micro-mobility solutions are generally electric and run on a battery, which makes them a sustainable and eco-friendly alternative when compared to other mobility solutions. The growing environmental concerns are leading several mobility solutions manufacturers to adopt these sustainable and eco-friendly micro-mobility solutions.
The micro-mobility market is driven by the growing developments in mobility solutions technology over the years, which have increased the safety, efficiency, and comfort for drivers of micro-mobility solutions like e-scooters. The growth in technological developments in locomotives has led to electric versions of these micro-mobility solutions, which have made sustainable and eco-friendly mobility solutions possible in the micro-mobility market.
These technological developments have made it easy for micro-mobility solution manufacturers to produce them effectively at a higher rate, which has led to the widespread adoption of these micro-mobility solutions. The growing urbanization and development in several regions or countries worldwide have led to the general public switching over to micro-mobility solutions, which are more effective and safe to use in these high-traffic conditions of urban cities.
The demand for micro-mobility solutions has been growing due to the significant growth in urbanization and traffic in several metropolitan cities globally. The general public demands effective and reliable mobility solutions that can provide them with fast travel in these heavy traffic conditions. Thus, these micro-mobility solutions like e-bikes or e-scooters are reliable solutions that are safe and sustainable as they run on electricity to travel through these urban cities in heavy traffic conditions safely. These are lightweight and have a maximum speed of 25 km/hr, which makes them safe to use in urban cities' traffic conditions. Hence, these factors are anticipated to fuel the micro-mobility market growth over the forecast period.
The governments have made significant investments during the urbanization and development of cities to make them smart by installing several government-initiated smart micro-mobility stations at various locations within a city for the general public to have ease in travel during high traffic conditions. For instance, in the United States, the sales of e-bikes were around 1 million units, which was 13.6% up from last year in 2021, when 880,000 units were sold. This growth in e-bike sales was due to a new incentive program named Denver’s e-bike rebate program by the US government that offers $400 for the purchase of an e-bike and $1,200 for income-qualified residents.
The micro-mobility market, despite having an important role in improving the public transport service during high-traffic conditions for the general public or providing enjoyable rides with family or friends within the cities that cost-effectively make effective short-range distances possible with safe and comfortable travel for passengers can lead to various challenges that can be faced by the manufacturers of these micro-mobility solutions that may impact the micro-mobility market negatively over the forecast period.
For instance, the initial investments or high-cost requirement for the development of electric micro-mobility solutions, when compared to normal micro-mobility solutions due to their high-tech electric components that are used for providing sustainability. In metropolitan cities, the need for electric micro-mobility is increasing due to growing environmental concerns, and the budget constraints in development can hinder the micro-mobility market over the forecast period.
The North American region is expected to show major growth in the Micro-mobility market due to the rapid growth in the need for efficient micro-mobility solutions in developing countries in the region, like the United States and Canada, where traffic conditions are getting worse, and these e-bikes or e-scooters are being used to avoid that traffic. The growing industrialization and urbanization in several countries across the North American region are responsible for increasing traffic on the roads.
The governments across the region from several countries are making heavy investments to expand the smart city infrastructure with micro-mobility stations installed at various locations in the region, with growth in its applications among the general public. The rise in awareness about sustainable and eco-friendly alternatives among the general public and the government of the North American region is making them switch over to micro-mobility solutions, which is also expected to propel the region’s micro-mobility market growth.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$26.993 billion |
| Market Size Value in 2029 | US$63.351 billion |
| Growth Rate | CAGR of 12.73% from 2022 to 2029 |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2023 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered |
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| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |