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Micro-Mobility Market Size is projected to be worth USD 210 Billion by 2030, registering a CAGR of 13% during the forecast period (2022 – 2030).
The micro-mobility mode of transportation is used in light vehicles. Micro-mobility vehicles are miniaturized transportation used for short travels. Electric vehicles, skateboards, bicycles and pedelecs are some of the micro-mobility vehicles. Today, micro-mobility vehicles are beneficial in many fields. Commercial enterprises are known for the prevalent use of micro-mobility vehicles. The demand for micro-mobility vehicles is rapidly growing.
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Major Key Players –
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The investments rate for micro-mobility transportations will rise massively in the forecast year. The investments by the key players will provide micro mobility market growth. The rising investments will lead the market to new product developments and market expansions. Further, the population rate is expected to rise in the upcoming years.
The rising population increases the need for cost-efficient transportation. Micro mobility is easily accessible and cost-efficient transportation. Therefore, the increase in population will provide micro mobility market growth. The investments in the micro-mobility sector will increase the launch of e-bikes and e-scooter. The launch of new innovative micro-mobility products will make the market versatile. Also, innovations in this market will attract various end-users from different sectors. These are crucial factors that will provide excellent growth prospects for the micro-mobility market.
The micro-mobility solution requires a dedicated bike infrastructure. The design and manufacturing of the micro-mobility vehicle is complex. The challenges for finding a suitable bike infrastructure are high in this market. It is a serious restraint in the market that can affect the demand and supply in the forecast period. Further, the micro-mobility transportations are not suitable for rural terrains. The micro-mobility vehicles are compact and lightweight. Rural terrains are bumpy that can easily cause damages to micro-mobility vehicles. There are major restraints that can affect the demand and market expansion during the forecast period.
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There is a lack of awareness among the public is a challenge in the micro-mobility market. The uses and benefits of micro mobiles are less. Also, the cost benefits of the vehicle are unknown to most of the population. The lack of product awareness can cause less adoption rate and demand in the forecast period. Also, the less availability of shared transportation services in underdeveloped regions can affect the micro-mobility market growth. The shared transportation vendors are the key end-users of the market. However, these services are prevalent in only urban areas. The unavailability of shared services in undeveloped regions can affect the market expansion rate.
The micro mobility industry will witness steady growth in the forecast period. The commercial segment of the market will record the highest demand rate. Further, the use of shared bicycles and electric scooters will be beneficial for market growth. Also, the rise in oil price will be advantageous for the adoption of micro-mobility vehicles. The sustainability, energy efficiency and high-end energy conversion features will attract new market players. Lack of awareness and unsuitability of rural terrain is the major limitation in the market. However, the overall micro-mobility market trends looks positive.
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The Asia Pacific region will hold the largest micro-mobility market share. The growth of urbanisation is the crucial driver for micro-mobility. The increase in urban population is raising the requirement for energy-efficient transports.
Also, the reason for fast market growth is cost efficiency, short travels and flexibility of micro-mobility transportation. The Asia Pacific region is well known for traffic and congestion. Micro-mobility vehicles are suitable in the region due to their compactness and lightweight. The use of micro-mobility in commercial enterprises is high in the Asia Pacific region. The demand rate will reach the highest during the forecast period.
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