"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 compound annual growth rate (CAGR) of 12.4% from 2024 to 2031.

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Key Drivers of Market Growth

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

• Sustainable Transportation: There is a growing demand for eco-friendly transportation solutions.
• First- and Last-Mile Solutions: Micro mobility vehicles are increasingly used for short trips that connect to larger transportation networks.
• Smartphone Integration: The widespread use of smartphones facilitates easy access to micro mobility services.
• Cost-Effectiveness: Micro mobility options are typically more affordable than traditional transportation methods.
• Venture Capital Investments: Significant investments have led to the emergence of numerous startups in this space.
• Urban Mobility Challenges: Rising congestion and pollution in urban areas are making car-centric mobility less viable.

However, the market faces challenges such as a lack of regulatory and legal frameworks, and issues like theft and vandalism.

Emerging Opportunities and Trends

The report highlights several opportunities and trends in the micro mobility market:

• Multimodal Docking and Charging: Innovations in docking and charging solutions are set to enhance user convenience.
• Government Adoption: Various governments are increasingly adopting micro mobility fleets, creating significant growth opportunities.
• IoT Integration: The use of IoT and IoT SIM cards in micro mobility vehicles is a prominent trend, particularly in smart city initiatives.

Segmentation by Mobility Type

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

• Manual Mobility: In 2024, manual mobility is expected to hold the larger share, above 53%, of the global micro mobility market. This segment’s dominance is due to a shift towards sustainable transportation, the need for efficient first- and last-mile solutions, and significant investments in micro mobility infrastructure. For example, in May 2023, the French government announced a $2.2 billion investment through 2027 to enhance cycle infrastructure, aiming to double the cycle lane network.
• Electric Mobility: The electric mobility segment is expected to grow at the highest CAGR during the forecast period. The growth is driven by the advantages of e-bikes and e-kick scooters for longer trips, the rising adoption of electric vehicles in micro mobility, and innovations by key players. For instance, in September 2022, VeoRide, Inc. launched Apollo, a dual-passenger class II e-bike designed for two riders or extra cargo storage.

Segmentation by Sharing Type

Micro mobility vehicles are available in two primary sharing types:

• Docked: These vehicles need to be returned to a docking station.
• Docked-less: These vehicles can be picked up and dropped off anywhere within a service area.

Segmentation by End User

The market is segmented into private and commercial users:

• Commercial Users: This segment includes corporate, universities, government, and other entities.

Geographical Insights

The report also provides a geographical analysis, highlighting key regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

In summary, the micro mobility market is poised for substantial growth, driven by the demand for sustainable transportation solutions, technological advancements, and increasing government support. As urban areas continue to seek efficient and eco-friendly transportation options, the micro mobility market is set to play a crucial role in the future of urban mobility.

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