Singapore Micromobility Market To Generate Revenue Worth $1,817.9 Million by 2030
- Published: September 2021
The compact country size, which has spawned unfavorable vehicle ownership regulations, and the rising need for efficient short-distance transportation are the major growth drivers for the Singapore micromobility market. Due to the aforementioned factors, the industry is projected to generate $1,817.9 million revenue in 2030, advancing at a CAGR of 64.2% during the forecast period (2021–2030).
The COVID-19 pandemic has had a positive impact on the market. Even though transport services were halted/reduced in frequency, the usage of e-scooters and e-bikes did not completely diminish as they provided people an opportunity to travel around, while avoiding the crowds usually seen in buses and metro trains.
E-Scooters To Hold Largest Share throughout Forecast Period
The Singapore micromobility market is categorized into e-scooters, e-bikes, e-mopeds, e-pods, bikes, and scooters, on the basis of vehicle type. Among these, e-scooters are expected to dominate it during the forecast period. This will mainly be due to the promising contribution of e-scooter sharing services in solving the problem of last- and-first mile connectivity, as the other predominant public transportation options are not quite economical in this regard.
Moreover, the micromobility market is categorized into first- and last-mile and multimodal, on the basis of model. Out of these, the first-and last-mile model dominated the market during the historical period (2019-2020), and it is expected to retain its dominance during the forecast period. This is attributed to the vast unmet need for first- and last-mile transportation in the urban jungles of Singapore due to the unfavorable vehicle ownership laws of the government and its high population.
Furthermore, the country’s micromobility market is categorized into docked and dockless, on the basis of sharing system. Out of these, dockless systems are expected to witness the faster growth during the forecast period. The proliferation of bikes, supportive government regulations for these services, and the convenience they offer to the public, are predicted to keep contributing to the growth of this category in the coming years.
Collaborations and Partnerships Are Most-Effective Strategic Measures
Players in the micromobility market of Singapore have been involved in collaborations and partnerships to remain competitive. For instance, in October 2020, OMNI TECH SOLUTIONS S.A. tied up with Gogoro Inc. to launch shared personal mobility devices (PMDs), including e-motorcycles and e-mopeds, in Singapore. The former company is planning to introduce 2,000 e-mopeds over the next three years. Users are required to have a valid drivers’ license, and they can rent the PMDs for first- and last-mile travel by installing the OMNi application.
Similarly, in August 2018, QIQ Global Pte. Ltd., a Singapore-based green mobility sharing company, signed an agreement with TPR Development Company, an investment and property development company, as a local partner, to launch 5,000 electric PMDs, including e-bikes and e-scooters, in the Hanoi, Da Nang, and Haiphong cities of Vietnam.
The major players operating in the Singapore micromobility market are SG Bike Pte. Ltd., Moov Technology (S) Pte Ltd., Grab Holdings Inc., OMNI TECH SOLUTIONS S.A., and Beam Mobility Holdings Pte. Ltd.