Vietnam Micromobility Market to Grow at 66% CAGR Through 2030, says P&S Intelligence
NEW YORK, Nov. 15, 2021 /PRNewswire/ -- The Vietnamese micromobility market size was $89.9 million in 2020, and it is predicted to expand to $10,227.2 million by 2030, demonstrating a CAGR of 66.0% during 2021–2030.
The major factors driving the Vietnamese market are:
- Increasing Road Congestion: With the surging number of vehicles, the occurrence of long traffic jams is rising in Vietnam. In addition, the increasing number of automobiles is responsible for excessive emissions and parking issues. This is pushing up the demand for micromobility, as it massively reduces the usage of personal vehicles for first- and last-mile connectivity, which, in turn, leads to fewer cars on the roads.
- Economical Nature of Services: The lower costs associated with these sharing services are one of the major factors propelling the expansion of the Vietnamese micromobility market. For instance, a typical e-bike sharing service provider charges an initial fee for unlocking the bike and $0.86 per hour of travel, which is considerably lower than what is charged by conventional shared mobility companies.
The COVID-19 pandemic has massively hampered the companies operating in the Vietnamese transportation sector. Moreover, the implementation of the lockdown has caused severe disruptions in the two-wheeler and electronic component supply chain and first- and last-mile connectivity, which has, in turn, affected the progress of the Vietnamese micromobility market. However, with proper contingency planning and situation monitoring, things will improve in the near future, which will fuel the revival of the market.
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The e-moped category is expected to hold the largest share in the Vietnamese micromobility market in the coming years, under the vehicle type segment. The increasing tourist footfall and presence of a large population of tech-savvy and young consumers are fueling the popularity of shared e-mopeds. Additionally, the rising focus on electric two-wheelers is expected to boost the progress of the category in the coming years.
The dockless category held the larger share in the Vietnamese micromobility market in the past, within the sharing system segment. Many micromobility service providers in the country are focusing on launching dockless systems owing to the fact that they don't have to develop parking stations this way. Moreover, the elimination of docks provides greater user convenience by taking the parking requirements out of the equation.
Browse detailed report on Vietnam Micromobility Market Size, Demand, Industry Revenue, Growth Forecast to 2030
The first- and last-mile category contributed the higher revenue to the Vietnamese micromobility market in the past, and it is predicted to exhibit the faster growth in the coming years, under the model segment. Micromobility solutions assist in bridging the gaps in first- and last-mile commute that are not filled by the public transit systems in the country.
The major players operating in the Vietnamese micromobility market are Grab Holdings Inc., VinFast Trading and Production LLC, Yadea Technology Group Co. Ltd., Selex Motors Joint Stock Company, Mobike, Giant Manufacturing Co. Ltd., and Be Group Joint Stock Company.
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