The global micromobility market is projected to generate $10,351 million revenue by 2030, advancing at a CAGR of 14.5% during 2021–2030. This can be ascribed to the rapid urbanization, surging traffic congestion, strict emission norms, rising demand for an economical mode of transportation, and growing costs of vehicle ownership.
Moreover, the technological advancements in the mobility ecosystem and the rise in the number of daily commuters, owing to the growing population, especially in emerging economies, are responsible for the market advance.
Based on service type, the market is categorized into bike sharing, kick scooter sharing, and scooter sharing. Among these, the kick scooter sharing category will register the fastest growth during the forecast period, with a CAGR of over 20%. This is majorly due to the promising contribution of kick scooter services in solving the problem of traveling the last and first miles, as the other predominant public transportation options are not quite economical in this regard.
Moreover, a lot of the kick scooter sharing services are offered via a dock-less model, where the user does not have to worry about parking the vehicle at a designated dock; rather, they can simply pick up and drop off the kick scooter at any given parking lot, as per their convenience. This further attracts users to these services, which is immensely integral for the growth of the category.
Furthermore, the bike sharing category accounted for the highest revenue in 2021, and it is further expected to maintain its position during the forecast period. This can be ascribed to the rapidly rising demand for first- and last-mile connectivity worldwide. The usage of shared bikes is growing rapidly as they make short-range commutes more convenient and less costly than other modes of transport.
Moreover, the key factor driving the overall bike sharing market is the rising number of public bike sharing schemes in numerous parts of the world. Many players are offering shared bicycles in specific markets, after carefully calculating the demand for them. As bike sharing is a cheaper and more convenient transport mode, commuters are rapidly integrating it in their daily commute.
The population has been swiftly moving to urban areas in recent years, due to a rise in employment possibilities and increase in the rate of industrialization. Every passenger in this age of urbanization needs to commute every day between their place of employment and their place of living, which adds to their journey time. Furthermore, urban commuters are more likely to choose time-saving, technologically advanced commuting options in order to avoid unnecessarily long traffic jams and support green mobility. As a result, urban commuters are more reliant on cutting-edge technologies, thus greatly increasing the need for micromobility services.
Some of the major players in the market are Donkey Republic, Citi Bike (Lyft Inc.), CycleHop LLC dba HOPR, Lime, Bird Rides Inc., Bolt Technology OÜ, CITYSCOOT, and COOLTRA MOTOS SLU.