The micro-mobility market is witnessing continually rising revenues. The market growth majorly attributes to the wide uptake of these small, lightweight vehicles, including bicycles, e-bikes, electric scooters, electric skateboards, shared bicycles, and electric pedal-assisted bicycles. Rising electric vehicle infrastructure development activities as a part of smart city projects increase the market demand. With the rapidly evolving electric vehicles (EVs) market and growing sales of EVs worldwide, the market would witness significant growth in the recent future. The micro-mobility market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.
According to a report from Market Research Future, the market is projected to be worth USD 255.41 Billion by 2027, registering a CAGR of 17.62% during the forecast period (2021 – 2027), The market was valued at USD 35.1 billion in 2020. The report said: “The onset of Coronavirus impacted the micro-mobility industry positively. On one side, lockdown mandates disrupted the supply chain, and manufacturers faced various problems such as obtaining raw materials & components, attracting workers from quarantines required for the production, and delivering end products to the markets. On the other hand, following the onset of the pandemic, many cities are seen adapting their infrastructure rapidly to provide more space for e-bikes and e-scooters. People are increasingly finding e-scooters as a good choice for a slightly longer journey. By switching to an e-scooter, people can help cities keep harmful emissions from vehicles and achieve better air quality for the people.”
Market Research Future continued: “Besides, the rising demand for e-micro mobility solutions to deliver healthcare products to fight against the pandemic and the uptake of electric vehicles in the logistic industry offered significant opportunities. Resultantly, the micro-mobility market rapidly returned to normal, witnessing the steadily increasing demand. The micro-mobility market demand is anticipated to pick up further following the uplift of the lockdown in many countries. The Asia Pacific region leads the global micro-mobility market, witnessing a significant rise. The region has some of the most urban and highly populated countries, such as China and India, which influence the market demand. Besides, factors such as raw material advantage and the availability of cost-competitive workforces in the region act as major driving forces behind the market growth. “