Revolutionizing Transportation: Micromobility Platform Market Set to Reach US$ 22.5 Billion by 2033

The micromobility platform market is anticipated to flourish at a strong CAGR of 13.5% between 2023 and 2033. The market is expected to hold a market share of US$ 22,487.8 million by 2033 while it is likely to reach a value of US$ 6,320 million in 2023.

The growing number of smart cities, as well as government initiatives for essential bike and e-kick scooter lanes, raise demand for micro-mobility products and thus work as key market factors boosting market growth.

Micro-mobility is a significantly expanding mode of public transit that entails traveling in a range of small vehicles such as electric kick scooters, electric skateboards, and electric bicycles. During the projected period, factors such as elevated road congestion, rising oil and petrol prices, the convenience of parking, and saturation in the automobile sector are expected to fuel market expansion.

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Factors such as increasing rental and sharing of electric bicycles and electric kick scooters around the world are projected to generate new prospects for micro-mobility in the future years.

Growing industrialization is also going to increase the demand for better mobility services. This might result in enhanced transport systems and constant changes in transport policies. As a result, such policies have increased the CAGR of the global micromobility market in recent years.

Mounting emissions of greenhouse gases caused the introduction of various climate change programs, allowing authorities to lay their hopes on electric vehicles. This has resulted in the adoption of a climate change action plan to minimize transportation emissions by implementing sustainable and eco-friendly modes of transportation such as public transportation and electric automobiles.

Increased expenditures on clean energy and government attempts to minimize CO2 emissions are likely to spur demand for electric kick scooters, electric skateboards, and electric bicycles.

Micromobility is transforming cities by offering an accessible and sustainable mode of transportation. However, it also introduces new obstacles, such as asset tracking, safety concerns, and decreasing vehicle lifetime. Cellular IoT connectivity is critical to the micromobility business, particularly its service layer.

Key Takeaways

• North America dominated the market in 2022 and accounted for over 30.6% of the share globally, with the United States holding a share value of 21.9% globally.
• Many key players operating in the market are based in the Asia Pacific region, and therefore India’s market is anticipated to expand at a CAGR of 18.5% and China’s 13.4% in the forecast period.
• The players in Europe generate revenue by selling their products internationally as well as regionally, through distribution channels. Europe accounted for 26.6% of the share globally in 2022.
• The government of the United Kingdom is setting up standards for vehicle charging infrastructure and this is expected to have a positive response in the United Kingdom’s market. The market is anticipated to expand at a CAGR of 9.3% through 2033.

Competition in the Market

Local governments, transit agencies, mobility service providers, and technology businesses are collaborating with micromobility platform providers. Further, these agreements aim to build long-term and scalable micromobility ecosystems, promote regulatory compliance, and improve user experience.

Recent Developments

• Bolt, in July 2023 launched a new addition to its in-app safety toolkit- audio trip recording. This feature allows drivers and passengers to record audio via the app during a ride, to eliminate inappropriate behavior, and enhance safety.
• In July 2023, Danish carsharing operator GreenMobility started using the new damage detection solution from Inverse.