Micromobility Market Growth Trends and Forecast 2024-2028

The global micromobility market is poised for substantial expansion, with a projected increase of USD 130.47 billion at a CAGR of 23.31% between 2023 and 2028. The growing adoption of micromobility solutions is primarily driven by increasing urban traffic congestion, the rising preference for sustainable transportation, and the emergence of subscription-based business models.

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Market Segmentation

By Propulsion:

• Human Powered

• Electrically Powered

By Type:

• Docked

• Dock-less

Regional Market Trends

APAC

• China

Europe

• Germany

• UK

North America

• Canada

• US

Middle East and Africa

South America

Market Dynamics

Key Market Drivers

• Increasing Traffic Congestion: Rising congestion in urban centers is boosting demand for micromobility solutions, such as bicycles, e-bikes, electric scooters, and e-kick scooters. Governments are investing in intelligent transportation infrastructure to accommodate these modes of transport.

• Growing Adoption of Electrically Powered Micromobility Vehicles: The transition towards clean energy, combined with fluctuating oil and gas prices, is pushing consumers toward electric micromobility options.

• Expansion of On-Demand Transportation Services: The increasing availability of ride-sharing, carpooling, and bike-sharing services is fostering the market’s growth.

Market Trends

• Rising Popularity of Subscription-Based Models: Subscription services, offered by key players like Lime and Bird, are making micromobility solutions more affordable and accessible.

• Integration of Smart City Infrastructure: Advanced navigation systems and IoT-driven vehicle tracking are enhancing micromobility solutions in urban areas.

• Increased Investments in Battery Technology: Lithium-ion (Li-ion) batteries dominate due to their superior performance, longer lifespan, and cost-effectiveness.

Market Challenges

• Theft and Vandalism Risks: High rates of bike theft and vandalism pose significant operational challenges.

• Frequent Maintenance Requirements: The need for regular repairs and battery replacements impacts profitability.

• Low Internet Penetration in Certain Regions: Limited connectivity can hinder the efficiency of dockless micromobility services.

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Key Players in the Micromobility Market

• Beam Mobility Holdings Pte. Ltd.
• Bird Global Inc.
• Bolt Technology OU
• CITYSCOOT
• COOLTRA MOTOS SLU
• CycleHop LLC
• Dynamic Bicycles Inc.
• Easymile SAS
• ElectricFeel AG
• emTransit SRL
• EV RIDER LLC
• Golden Technologies
• Lyft Inc.
• Merits Health Products
• Micro Mobility Systems AG
• Neuron Mobility Pte. Ltd.
• Neutron Holdings Inc.
• Pride Mobility Products Corp.
• Vulog
• Yulu Bikes Pvt. Ltd.

Future Insights

The micromobility market is expected to continue its upward trajectory, driven by advancements in battery technology, increasing adoption of shared mobility solutions, and stronger integration with smart city initiatives. Despite challenges like theft and maintenance issues, ongoing innovations in security and IoT-enabled tracking solutions are likely to enhance market resilience and expansion.