Meticulous Research®, a leading global market research company, has published a new report titled, "Micro Mobility Market by Mobility Type (Electric (E-bikes, E-kick Scooters, Others), Manual), Sharing Type (Docked, Docked-less), Speed, End User (Private, Commercial (Corporate, Universities, Government, Others)) & Geography - Global Forecast to 2031." According to the report, the micro mobility market is projected to reach $32.4 billion by 2031, growing at a CAGR of 12.4% from 2024 to 2031.

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Market Growth Drivers

The growth of the micro mobility market is driven by several key factors:

1. Demand for Sustainable Transportation: Increasing preference for eco-friendly and sustainable modes of transportation.
2. First- and Last-Mile Solutions: Rising need for efficient first- and last-mile transportation options.
3. Smartphone Usage: Increased use of smartphones facilitating access to micro mobility services.
4. Cost-Effectiveness: Low-cost characteristics of micro mobility vehicles.
5. Venture Capital Investment: Growing investment leading to the emergence of new startups.
6. Urban Mobility Challenges: Rising burden of car-centric mobility in urban areas necessitating alternative solutions.

However, the market faces challenges such as the lack of a regulatory and legal framework, which can hinder growth.

Opportunities and Trends

The market also presents several growth opportunities and trends:

1. Multimodal Docking and Charging: Innovations in docking and charging solutions.
2. Government Adoption: Increased adoption of micro mobility fleets by various governments.
3. IoT Integration: Integration of IoT and IoT SIM cards in micro mobility vehicles.
4. Smart Cities: Utilization of micro mobility services in smart city initiatives.

Despite these opportunities, issues like theft and vandalism remain significant challenges.

Market Segmentation by Mobility Type

The global micro mobility market is broadly segmented into manual and electric mobility:

1. Manual Mobility: Expected to account for the larger share of above 53.0% in 2024. This segment's dominance is attributed to:
• Sustainable Transportation: Changing customer preferences towards more sustainable and eco-friendly modes.
• Infrastructure Investment: Increasing investments in micro mobility infrastructure. For instance, the French government announced a $2.2 billion investment through 2027 to improve cycle infrastructure, aiming to double the cycle lane network.
2. Electric Mobility: Expected to record the highest CAGR during the forecast period. Key drivers include:
• Longer Distance Coverage: Ability of e-bikes and e-kick scooters to cover longer distances with less effort.
• Adoption in Micro Mobility: Growing adoption of electric bikes and scooters.
• Innovative Developments: Focus of key players on developing innovative e-scooters. For example, VeoRide, Inc. launched the Apollo in September 2022, a dual-passenger class II e-bike for safe and efficient transportation.

Conclusion

The micro mobility market is poised for significant growth, driven by sustainable transportation demand, first- and last-mile solutions, and technological advancements. With substantial investments in infrastructure and innovative product developments, the market is set to reach $32.4 billion by 2031. Despite challenges, the opportunities presented by government adoption and smart city initiatives will continue to propel the market forward.

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