Micro Mobility Industry Gains Steam from Rising Demand for Electric Bicycles and Scooters - Grand View Research, Inc.
SAN FRANCISCO, Feb. 15, 2023 /PRNewswire/ -- The global micro mobility industry size garnered USD 21.43 billion in 2021 and it is expected to advance with CAGR of 13.9% during the forecast period 2022 to 2030, according to the "Micro Mobility Industry Data Book, 2022-2030," published by Grand View Research. A concerted effort to minimize congestion and emissions has spurred the demand for micro mobility, including electric bikes and electric kick scooters. In the wake of surging demand for bicycling facilities, stakeholders seek opportunities in micro mobility as an alternative mode for active transportation and short trips.
The global push to combat climate change has fostered the demand for micro mobility, which has emerged as an innovative urban mobility solution. Besides, an exponential rise in fuel prices and the desire to contribute towards sustainability have encouraged the use of micro mobility. End-users are expected to seek the vehicle for commuting, leisure activities and errand running. Potential opportunities to save traveling time and boost flexibility have prompted the demand for micro mobility solutions, including two- and three-wheelers.
The rising footprint of e-scooters, electric-assisted bicycles and electric- or human-powered transportation devices has augured growth. Prominently, electric bicycles have received an impetus to create an accessible, convenient and diverse transportation network. It can offer more transportation options, enhance the quality of life and minimize congestion. Global push to reduce emissions and pollution will gain traction from the product demand. The electric bicycles market size amassed USD 17.83 billion in 2021 and will witness approximately 5% CAGR between 2023 and 2030.
Access the Global Micro Mobility Industry Data Book, 2023 - 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Electric kick scooters have gained steam with the growing trend for shared scooters across emerging and advanced economies. The demand for increased safety, durability and environmentally friendly solution to car congestion have investors and other stakeholders banking on micro mobility offerings. For instance, in October 2022, NIU announced the rollout of a kick scooter to offer urban commuters sustainable mobility solutions. It will enable riders to customize their speed and check riding statistics. In the wake of the prevailing trends, the electric kick scooters market size reached USD 2.61 billion in 2021 and will witness around 11.5% CAGR during the assessment period. The growth is mainly attributed to surging demand for lightweight vehicles and robust expansion initiatives. For instance, in November 2022, Pure Electric secured roughly £2.3 million (around USD 2.7 million) to boost expansion plans for electric scooters in regions, including the European and the U.S. market.
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Some dynamics which are expected to have an overarching influence on the global landscape are elucidated below:
- Lithium-powered electric micro mobility vehicles are expected to gain traction in the ensuing period, leading to the penetration of cost-effective and lightweight modes of transportation.
- Demand for cleaner transportation will augur innovation and growth. The environmental upsides of micro mobility will remain invaluable in minimizing city emissions and traffic congestion.
- Asia Pacific is poised to witness investment galore following the 5.9 million-ton lithium reserve found in Jammu and Kashmir, India, in February 2023. On the back of massive energy storage capacity and low weight, the discovery of the metal could prove to be a game changer for the Asia Pacific market.
The North America micro mobility industry forecast will be strong in the wake of bullish government policies and expanding footfall of the transportation option. For instance, the U.S. Federal Highway Administration noted that there were over 260 shared micro mobility systems as of August 2020 in the U.S. Notably, the deployment of shared fleets will open avenues of growth for short trips. These devices may offer a convenient, diverse and accessible transportation network to bolster sustainability. Furthermore, urban communities envisage micromobiltiy as a quieter, low-carbon and cheaper means of transportation. Communities are emphasizing safety through rider training and micro mobility ambassador programs to foster transportation during festivals and events.
Organic and inorganic growth strategies will be pronounced as micro mobility operators are expected to inject funds into technology advancements, mergers & acquisitions, product rollouts, R&D activities and collaborations. To illustrate, in September 2022, Magna announced pouring USD 77 million into Yulu, India's EV startup, to foray into the micro mobility market. Meanwhile, in March 2021, Lime contemplated infusing USD 50 million into e-bikes to expand its footfall in the U.S. and the global market.
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