Micro-mobility Market Size to Surpass US$ 11.83 Bn by 2032

The micro-mobility market size was estimated at US$ 3.50 bn in 2022 and is expected to surpass around US$ 11.83 bn by 2032, growing at a CAGR of 13% from 2023 to 2032.

Micro-mobility Market Size 2023 to 2032

The factors such as rising oil and gas, rising road congestion, saturation in the automotive industry, and convenience of parking are expected to propel the micro-mobility market expansion. In addition, factors such as the global micro-mobility market growth of electric kick scooter and electric bicycle rental and sharing services are projected to open up new potential for micro-mobility in next year’s.

As greenhouse gas emissions have risen, numerous programs to combat climate change have been implemented, allowing policymakers to rest their hopes in electric vehicles. As a result, a climate change action plan was enacted to minimize transportation-related emissions by embracing sustainable and environmentally friendly transportation alternatives such as electric automobiles and public transportation. In addition, increased investments in clean energy and government attempts to reduce CO2 emissions are likely to drive demand for electric skateboards and electric bicycles.

Furthermore, several important businesses and governments around the world are increasing their investments in the micro-mobility mode of transportation, which is expected to boost the micro-mobility market growth. The government restrictions and regulations, on the other hand, may stifle market expansion during the forecast period.

The micro-mobility market is expected to increase in response to the rapidly growing demand for shared mobility solutions in metropolitan areas, such as ridesharing and car sharing. Micro-mobility vehicles also have a micro, light weight design, a lower payload capacity, an electric or human-powered powertrain, and a limited number of passengers. The global micro-mobility market is likely to be driven by these factors.

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Table of Contents

Scope of the Micro-mobility Market

Report Coverage	Details
Market Size in 2023	USD 3.94 Billion
Growth Rate From 2023 to 2032	CAGR of 13%
Revenue Projection by 2032	USD 11.83 Billion
Largest Market	Asia Pacific
Fastest Growing Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Vehicle Type, Battery, Voltage, Region
Companies Mentioned	Beijing Mobike Technology Co. Ltd, Micro Mobility Systems, Dynamic Bicycles, Skip Transportation, Bird Rides Inc., Scoot Network, Easymile SAS, DoorDash, GoBike, GoJek

Market Dynamics

Drivers

Growing government initiatives

Governments in developed regions around the world are providing subsidies to micro mobility manufacturers in order to assist them in building proper road infrastructure and reaching a large number of customers. Furthermore, in response to growing environmental concerns, government officials are offering incentives to use environmentally friendly transportation options such as electric bikes, bicycles, and electric mopeds. Governments are also putting in bike lanes, charging stations, and bike parking zones. As a result, increased government initiatives to build proper road infrastructure is driving the growth of the micro-mobility market.

Restraints

Lack of consumer awareness

There is a consumer awareness problem in the micro-mobility market. The advantages and applications of micro-mobile vehicles are limited. Furthermore, the majority of people are not aware of the vehicle’s financial benefits. A lack of product awareness may lead to lower adoption and demand for micro-mobility vehicles. The lack of shared transportation options in developing areas could also stymie the growth of the micro-mobility market.

Opportunities

Surge in prices of fuels

The recent increase in oil and gas prices is significantly contributing to the rising demand for micro-mobility. The fuel market is prone to extreme price fluctuations and changes. The rising cost of gasoline has left many customers unable to meet their obligations. As a result, many people are opting for vehicles that do not require any kind of fuel to operate. Micro-mobility vehicles do not require fuel to operate. These fuel-efficient vehicles benefit the environment by reducing the use of gasoline and diesel. As a result, the rise in fuel prices will spur the growth of the micro-mobility market.

Challenges

Lack of infrastructure

Micro-mobility vehicles require a bike infrastructure. The design and production of a micro-mobility vehicle are complex and difficult. Obtaining good two-wheeler infrastructure in this market is difficult. It is significant market constraints that will affect demand and supply.In addition, rural regions are unaware about micro-mobility transportations. As a result, the lack of infrastructure for two-wheeler vehicles is the major challenge for the growth of micro-mobility market.

Regional Snapshot

North America is expected to register highest CAGR over the forecast period. The North America region will have the highest share of the micro-mobility market. Micro-mobility is fueled by urbanization. The demand for energy-efficient transportation is growing as the urban population grows.

Asia-Pacific region accounted largest revenue share of around 45.5% in 2020. The congestion and traffic are well-known throughout the Asia-Pacific region. Micro-mobility vehicles are ideal for the region because of their small size and light weight. Micro-mobility is widely used in business enterprises in the Asia-Pacific.