Micro-Mobility Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Electric Kick Scooters, Electric Skateboards, and Electric Bicycles); By Battery; By Voltage; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM3122
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global micro-mobility market was valued at USD 3.87 billion in 2023 and is expected to grow at a CAGR of 12.6% during the forecast period. The rapid increase in the road congestion, surging oil & gas prices, high saturation among the automotive industry, and ease of parking compared to other vehicles along with the extensive rise in the electric bicycles and electric kick scooters sharing and renting services across the globe are primary factors pushing the market growth forward.
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Micro-mobility is current in transition phase and an evolving field of transportation, which include travel through a range of light electric vehicles such as electric bicycles and electric kick scooters, hence many manufacturers globally are introducing their electric light vehicles with innovated features and functions, that is likely to create potential growth opportunities for the micro-mobility market.
For instance, in October 2022, NIU, introduced kick scooter, “KQi3 Max”, with a top speed of 20 mph & a range of 40.4 mile. Powered by 40 V Li battery, the kick scooter comes with four different riding modes including E Save, Sport, Pedestrian, and Custom, while offering a 2-year warranty & comfortable design.
In the recent years, the rapidly growing greenhouse gases emissions has resulted in the high implementation of various initiatives to reduce the effect of climate change and enable the policymakers to get into the electric vehicles sector. In addition, the rise in the investment in clean energy and initiatives undertaken by several governments especially from developing nations to curb the CO2 emissions are further expected to impact the market positively and contribute to the demand and growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the micro-mobility market. Intermittent lockdowns and social distancing measures across several countries around the world are compelling people to hunker down, and resulting in decline in the transportation. However, as restriction are being removed, it is expected that the industry will pick up the momentum again very soon.
Industry Dynamics
Growth Drivers
Increased awareness among people around the world regarding the wide range of beneficial features of micro-mobility including enhanced versatility, seamless app connectivity, higher expenditure on R&D, and durability coupled with the rapid improvements in the technology and innovations in micro-mobility devices and introduction to the integrating-battery sweeping technology for enhancing the quality and minimizing the downtime, are among the key factors driving the global market growth.
Moreover, growing prevalence for data monetization, artificial intelligence, and connected ecosystem worldwide to tackle the issues related to connectivity infrastructure, advanced driver assistance systems, bike theft & vandalism, and cloud platforms for numerous service providers are anticipated to create new growth opportunities for the market in the coming years.
Report Segmentation
The market is primarily segmented based on vehicle type, battery, voltage, and region.
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By Vehicle Type |
By Battery |
By Voltage |
By Region |
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Electric bicycles segment accounted for the largest market share in 2022
Electric bicycles segment held the largest market share due to its easy affordability & convenient alternatives to the public transportation in many ways including low operational cost, environmental-friendly, and no need for maintenance. Additionally, several countries across the globe are highly implementing on the use of electric bicycles through both government subsidies and regulations on greenhouse gases emissions to decrease the stress on the public transportation.
The electric kick scooters segment is expected to grow at fastest CAGR during the projected period, which is mainly driven by rapid increase in the investments by key market companies in the electric scoter segment along with a significant shift in the adoption with the entries of global players like Uber Technologies, Bird Inc., and Ola Scooters.
Sealed lead acid battery segment dominated the global market in 2022
High preferences for these batteries among various large manufacturers owing to its cost-effectiveness, low self-discharging capability, and ease of manufacturing as compared to others are prominent factors driving the growth and adoption of the segment exponentially. The reliability and sustainability of these batteries make it suitable of numerous consumers and industrial applications along with the rise in use of electrical equipment like mobile phones, laptops, and electronic gadgets, which is likely to have a positive impact on the segment growth.
However, the NiMH battery segment is likely to register significant market growth over the anticipated period. Increasing advancements in the technology and growing awareness towards the adoption of eco-friendly batteries for their increased performance, over sealed-lead acid batteries are major factors propelling the growth of the market exponentially.
36V segment is expected to witness highest growth
The 36V segment is projected to expand at fastest growth rate throughout the forecast period owing to the increased integration of 36V systems in variety of electric vehicles to not only increase the distance range but further improve the overall performance of the vehicles. 36V batteries are mainly catered through the NiMH and Li-ion batteries due to their high compactness, offering improved charging time, and do not release any kind of harmful chemicals or substances into the environment.
The below 24V segment dominated the global market for mobile-mobility in 2022, which is mainly attributed to its high deployment into low range electric vehicles for providing enough power for their motors while consuming less energy and takes up lesser space, that results in overall vehicle weight reduction compared to high voltage batteries.
The demand in Asia Pacific is expected to witness significant growth
Furthermore, the Asia Pacific region is expected to emerge as fastest growing region during the projected period on account of the robust presence of world’s largest micro-mobility manufacturers and their growing efforts on the promotion and encouraging consumers towards electric vehicles through various campaigns and programs along with the large population base in countries like India and China. Governments of several emerging economies are significantly setting up numerous standards and regulations for vehicle charging infrastructure, which is further likely to have positive impact on the market growth in the region.
For instance, sales of electric scooter and bikes in India is growing significantly with a total retail sale in August 2022 stood at 50,475 units with a massive increase of nearly 238 percent from the same period of previous year and its growing at 13 percent month-on-month over the sales of July 2022 at 44,595 units.
North America region accounted for the highest market revenue share in 2022, and is expected to maintain its dominance over the study period owing to increased public awareness regarding the availability of micro-mobility systems, implementation on the environmentally sustainable mode of transport, and continuously growing technological advancements in the micro-mobility sector in countries like US, Canada, and Mexico.
Competitive Insight
Key players include Yadea Technology Group., JIANGHU XINRI E-VEHICLE, Xiaomi, SEGWAY., Boosted USA, YAMAHA MOTOR., Accell Group, Derby Cycle, Bird Global, Motherson Sumi Systems, Central Glass., TIER, Fuyao Glass Industry, Raine Scooters, Skip Transportation, Unagi Scooters, and Easymile.
Recent Developments
- In December 2022, McLaren’s Micro Mobility Brand announced the launch of its series 1 EV scooter, which is designed using supercar & global racing excellence. The series 1 scooters are patented with one-touch Flowfold system combining company’s heritage in premium automotive & motorsport with their expertise in the field of science & engineering.
- In October 2022, Neuron, announced about its extension of micro-mobility programme in Vernon, Canada to 2024. The company said that their distinctive or age e-scooters an e-bikes will remain through a contract extension form Vernon. Neuron’s micro-mobility vehicles gained huge popularity since it launching by providing a safe and convenient way for tourists and locals to travel around the city.
Micro-Mobility Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 4.35 billion |
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Revenue forecast in 2032 |
USD 11.26 billion |
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CAGR |
12.6% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Vehicle Type, By Battery, By Voltage, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Yadea Technology Group Co. Ltd., JIANGHU XINRI E-VEHICLE Co. Ltd., Xiaomi, SEGWAY INC., Boosted USA, YAMAHA MOTOR Co. LTD., Accell Group, Derby Cycle, Bird Global Inc., Motherson Sumi Systems Limited, Central Glass Co. Ltd., TIER, Fuyao Glass Industry Group, Raine Scooters, Skip Transportation, Unagi Scooters, and Easymile SAS. |
FAQ's
The global micro-mobility market size is expected to reach USD 11.26 billion by 2032.
Key players in the micro-mobility market are Yadea Technology Group., JIANGHU XINRI E-VEHICLE, Xiaomi, SEGWAY., Boosted USA, YAMAHA MOTOR., Accell Group, Derby Cycle, Bird Global.
Asia Pacific contribute notably towards the global micro-mobility market.
The global micro-mobility market expected to grow at a CAGR of 12.6% during the forecast period.
The micro-mobility market report covering key segments are vehicle type, battery, voltage, and region.
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