Latest News:- Micromobility Market: Human powered is expected to lead the Propulsion segment during 2024-2028

Micromobility Market to grow at a CAGR of 23.31% during 2024-2028

The Micromobility Market is expected to grow at a CAGR of 23.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 130472.5 million. The micromobility market is witnessing a significant shift towards subscription-based business models. Operators offer consumers monthly or annual membership plans, granting them unlimited or discounted access to micromobility solutions. This approach secures a consistent revenue stream for operators and cultivates customer loyalty. Subscription programs encourage increased utilization of micromobility solutions and instill a sense of commitment among users by providing cost-effective and practical long-term transportation alternatives. Companies such as Lime and Bird have introduced subscription programs, allowing subscribers to enjoy unlimited rides on their electric scooters and bikes for a monthly fee, thereby attracting frequent users seeking affordable and convenient transportation options. 

Get more information on Micromobility Market by requesting a sample report

The Human powered subsegment is expected to dominate the Propulsion segment during the forecast period 

Technavio analysts predict that the Human powered subsegment will lead the Propulsion segment during 2024 and 2028 The micromobility market is experiencing significant growth, driven by the increasing demand for sustainable, cost-effective, and flexible transportation solutions. Key players in this sector include electric scooter and bike-sharing companies, as well as manufacturers of personal mobility devices. Innovations in technology, such as advanced battery systems and smart connectivity, are enhancing user experience and driving market expansion. The global micromobility market is projected to reach substantial value by 2026, presenting lucrative opportunities for investors and businesses.

Here are the various ways based on which the market is segmented: 

• Propulsion
  • Human powered
  • Electrically powered
• Type
  • Docked
  • Dock-less
• Geography
  • APAC
  • Europe
  • North America
  • Middle East and Africa
  • South America

Reasons to Purchase the Global Micromobility Market Market Research Report by Technavio. What is in it for you?

• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
• Insight into Current Market Trends: Our research reports provide our readers insights into the latest market intelligence, competitor strategies, market trends, changes taking place in the industry and customer preferences, forecasted market opportunities that influence them to make better business decisions
• High ROI with Extensive Hands-on Research: Technavio is renowned for offering personalized market research reports as per unique business needs, delving deep into specific markets, product segments and demographics. Additionally, it is also well-known for providing high return on investments through its wide collection of data at pocket-friendly rates

There are several factors that are causing the market to flourish increasing traffic congestion

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The micromobility market, which includes electric kick scooters, electric bicycles, electrically powered bikes like e-kick scooters and e-bikes, electric skateboards, hoverboards, and other low-speed electric vehicles, has seen significant growth in recent years. One of the key drivers of this trend is the increasing volatility of oil & gas prices, making electric alternatives more attractive. The battery technology used in these vehicles, such as NiMH, Li-Ion, and sealed lead-acid, plays a crucial role in their performance and cost. The electric bicycle segment, in particular, has gained popularity due to its longer range and higher voltage batteries. However, concerns over bike damage, theft, and vandalism persist, making vehicle infrastructure, such as intelligent transportation systems and smart cities, essential for the growth of the micromobility market. Shared bicycles have also emerged as a popular option in this space, offering convenience and affordability to consumers. Overall, the micromobility market is poised for continued growth as more cities embrace electric, sustainable transportation solutions.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the rising demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, due to the increasing sales of EVs, motorcycles, and PCs over the past decade.

The Micromobility Market is experiencing significant growth, fueled by the increasing traffic congestion. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/