Published: September 2021 | Report Code: AT12254 | Available Format: PDF | Pages: 92
The Malaysian micromobility market was valued at $2.4 million in 2020, and it is expected to grow at a robust CAGR, of 99.9%, during the forecast period (2021–2030). The major factors driving the market growth include the elevating demand for micromobility services for first- and last-mile connectivity, cost-effective and convenient mobility options, and surging need for reducing urban traffic congestion.
The COVID-19 pandemic has been impacting a large portion of the people around the world, bankrupting corporations and plunging the global economy into a turmoil. Further, the pandemic had a significant effect on the market in 2020. However, with proper control measures pertaining to the monitoring of the COVID-19 impact, contingency planning, tightening of financial steering, and diligent staff engagement, along with consumer demand creation, the situation is projected to normalize soon. Therefore, the market has started witnessing upward growth trend since the end of 2020 and it is expected to stabilize in the upcoming years. As the world gets back to normalcy, it is projected that COVID-19 will become a key catalyst for digital and other technological advancements in the industry.
The e-mopeds category is expected to showcase the fastest growth during the forecast period, based on vehicle type, in the Malaysian micromobility market. This can be majorly attributed to the massive usage of e-mopeds in the country, owing to their economical nature. Further, these are a convenient transport mode, therefore, commuters are rapidly integrating these in their daily commute.
The first- and last-mile category accounted for larger share in 2020 in the market, on the basis of model. This is attributed to the rising demand for micromobility services for the first- and last-mile traveling. Users of the other prevalent mobility services, like ride hailing, carsharing, and ride sharing, do not use them for shorter distances, as they are a costlier affair for short-distance traveling. Thus, the micromobility services can be used as a perfect and cost-effective alternative for such users.
Technological progression acts as a key trend in the micromobility market in Malaysia. The micromobility services are based on mobile applications, where providers and users connect with each other for the purpose of booking rides and making related payments. Persistent innovations in technologies have led to the introduction of several platforms that have allowed for simplified access to services. One such innovation is cloud sharing that delivers computing services related to network, software, storage, database, and analytics to the users at a minimal cost. Additionally, internet of things (IoT) helps optimize the process by enabling efficient methods of tracking and monitoring vehicles, handling routes, and analyzing potential problems from a remote location.
The rapid growth of the Malaysian micromobility market is mainly attributed to the rapidly increasing demand for micromobility services for first- and last-mile connectivity in the country. These services are often utilized to travel shorter distances, less than 5 km (3.1 miles). Furthermore, these services are typically provided using a dockless or station-less model, which allows customers to drop off the vehicles at any time and location that is convenient for them. Bike sharing, for example, has arisen in urban areas as a low-cost and more convenient form of transportation for short distances. Thus, this has a positive influence on the demand for micromobility services.
Owning a private vehicle requires a high investment, which mainly comprises vehicle cost, fuel cost, parking expense, maintenance charge, and insurance cost. In this regard, micromobility service providers allow users to enjoy the facilities of owning a personal vehicle, without having the need to actually own it. The users can make the payments on the basis of their usage only. Besides, additional expenses, such as costs related to fuel, maintenance, insurance, and parking, are taken care by the mobility service providers. Thus, the convenience and cost effectiveness of shared micromobility services act as a driving factor for the growth of the Malaysian micromobility market.
|Base Year (2020) Market Size||$2.4 Million|
|Market Size Forecast in 2030||$4,549.8 Million|
|Forecast Period CAGR||99.9%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Analysis; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Vehicle Type; By Model; By Sharing System|
|Secondary Sources and References (Partial List)||Alternative Fuels Data Center (AFDC); Electric Drive Transportation Association (EDTA); Electric Vehicle Association of Asia Pacific (EVAAP); International Energy Agency (IEA); International Kicksled and Scooter Association (IKSA); International Scooter Association (ISA); Light Electric Vehicle Association (LEVA); Mobility as a Service Alliance (MaaS Alliance)|
In recent years, the players in the Malaysian micromobility industry have been involved in expansions in order to attain a significant market position. For instance:
The Malaysia micromobility market report offers comprehensive market segmentation analysis along with market estimation for the period 2019-2030.
Based on Type
Based on Model
Based on Sharing System
In 2030, the value of the Malaysian micromobility market will be $4,549.8 million.
The Malaysian micromobility market is expected to grow at a CAGR of 99.9% during the forecast period (2021–2030).
E-mopeds are the largest category under the vehicle type segment of the Malaysian micromobility industry.
The major Malaysian micromobility market drivers include the increasing demand for micromobility services for first- and last-mile connectivity, cost-effective and convenient mobility options, and need for curbing urban traffic congestion.
Most Malaysian micromobility market players are adopting the strategy of expansion to sustain their business growth.
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