Market overview
At a CAGR of 13% from 2023 to 2030, the Micro Mobility Market will reach a value of USD 210.5 billion. For short-distance travel, micromobility vehicles are employed. There are many types of micro-mobility vehicles, including bicycles, skateboards, electric cars, and others. Especially in the corporate world, micromobility vehicles have a wide range of uses. Micro-mobility vehicles continue to be in high demand worldwide.
Global improvements in smart cities and automotive infrastructure provide various opportunities for the global Micro Mobility Market. Factors such as increased demand for transportation services, government efforts for smart cities, expanding startup capital, and strategic investments all contribute to the growth of the global Micro Mobility Market. However, the market's expansion is hampered by low internet penetration in developing and emerging economies and increased bike vandalism and theft. Furthermore, modern and sophisticated transportation systems and government attempts to build bike-sharing infrastructure may offer several opportunities for the global Micro Mobility Market.
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As greenhouse gas emissions have increased, many climate change initiatives have been developed, allowing politicians to place their hopes on electric automobiles. As a result, a climate change action plan was implemented to reduce transportation-related emissions by adopting sustainable and ecologically friendly transportation options such as public transit and electric vehicles.
Segmentation
The Micro Mobility Market is divided into different segments.
The market is divided into electric kick scooters, skateboards, and electric bicycles. The electric bicycle category dominated the market, accounting for a sizable portion of global sales. Because they are the most cost effective and convenient alternatives to public transportation, the category is likely to expand at a rapid cagr throughout the forecast period. Several nations are aiming to boost the use of electric bicycles by enacting legislative and subsidy reforms to relieve pressure on public transportation networks.
The market is divided into three types of batteries: Lead-acid, nickel metal hydride, and lithium-ion. The market was dominated by sealed lead-acid batteries, accounting for most of the global market revenue. The segment is predicted to increase reasonably throughout the forecast period. Manufacturers prefer these batteries due to their low cost. Electric cars' appeal is also spurred by their low self-discharge capabilities and ease of production. On the other hand, the raw materials used to manufacture these batteries comprise very hazardous substances that leak millions of tonnes of lead into the environment.
Regional analysis
The global Micro Mobility Market is divided into four regions: North america, europe, asia-pacific, and the rest of the world. With the greater acceptance rate of micro-mobility cars in the north american area, the Micro Mobility Market share is predicted to rise significantly throughout the forecast period. The north american area is expected to do well during the predicted period. During the forecast period, the asia-pacific region of the Micro Mobility Market is expected to develop at a quicker rate. The asia-pacific region is expected to generate the most income in the next years because of the rising demand for micro-mobility cars in both commercial and industrial sectors.
Recent developments
Yamaha just unveiled a low-cost electric scooter in the shape of a vespa with an astonishingly small range in november 2023: Despite a sluggish start in the electric motorcycle and scooter market, yamaha has recently made major strides. The new e-vino electric scooter is the japanese company's latest product.
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