Micro-mobility Industry Overview
The global micro-mobility market size is expected to reach USD 69.32 billion by 2028, registering a CAGR of 13.7%, from 2021 to 2028, according to a study conducted by Grand View Research, Inc. The growing carbon emission by traditional fuel-based vehicles has been a key concern for government authorities. The sustainability move toward smart cities is one of the key factors responsible for the adoption of eco-friendly and cost-effective transportation. Since the electric kick scooters, electric bicycles, and electric skateboards run on batteries, there are no carbon or gaseous emissions from these vehicles. This mode of transportation is gaining popularity amongst environmentally conscious commuters. Adopting such eco-friendly vehicles not only reduces the carbon and sulfur emissions in the atmosphere but also decreases fuel consumption. Furthermore, these vehicles use ultra-quiet chains for operating the electric motor, thereby facilitating noise-free rides.
Micro-mobility Market Segmentation
Grand View Research has segmented the global micro-mobility market based on vehicle type, battery, voltage, and region:
Based on the Vehicle Type Insights, the market is segmented into Electric Kick Scooters, Electric Skateboards, Electric Bicycles.
- The electric bicycles segment dominated the market in 2020 and accounted for more than 85% of the global revenue. The segment is projected to register a CAGR of over 14.3% over the forecast period as they are the most affordable and convenient alternatives to public transportation.
- Several countries are working toward boosting the use of electric bicycles using both regulatory and subsidies changes to decrease the stress on public transportation systems. Furthermore, compared to other transportation systems such as buses and cabs, electric bicycles are easy to charge, inexpensive, and do not require large investments in supportive infrastructure.
- The electric kick scooters segment is anticipated to record the second-highest CAGR of 10.3% over the forecast period. The demand for these scooters has increased since 2017 owing to large investments by players in the electric scooter-sharing market as it is still in the transition phase.
Based on the Battery Insights, the market is segmented into Sealed Lead Acid, NiMH, Li-Ion.
- The sealed lead-acid battery segment dominated the market in 2020 and accounted for more than 55.0% of the global revenue. The segment is projected to register a CAGR of over 12.6% over the forecast period.
- These batteries are the preferred alternatives for manufacturers due to their cost-effectiveness. Additionally, their low self-discharging capability and ease of manufacturing are fueling their adoption of electric vehicles.
- The growing awareness of adopting eco-friendly batteries for their better performance, over sealed-lead acid and NiMH batteries has boosted the demand for Li-ion batteries. Since these batteries are high priced compared to the other two battery types, their adoption has resulted in an increased price of electric vehicles in the emerging markets.
Based on the Voltage Insights, the market is segmented into Below 24V, 36V, 48V, Greater than 48V.
- The market is segmented into below 24V, 36V, 48V, and greater than 48V. The below 24V segment dominated the market in 2020 and accounted for more than 75.0% of the global revenue. It is anticipated to continue to dominate the market over the forecast period.
- Micro-mobility vehicles such as skateboards, scooters, and bicycles usually use less than 24V batteries, such as 12V or 18V rechargeable batteries, which provide enough power required for their motors and a low range of electric vehicles compared to other vehicle types. Electric vehicle manufacturers use sets of 12V or 18V lithium-ion batteries instead of sealed lead-acid batteries to reduce the weight of the vehicle and improve its overall efficiency.
- The 36V segment is anticipated to register the highest CAGR of 14.0% over the forecast period. The integration of 36V systems in electric vehicles not only increases the distance range but also improves the performance of the vehicle.
Micro-mobility Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The vendors hold expertise in the micro-mobility industry and have strategic footprints spread across various parts of the world. Hence, these companies have been able to successfully defend their position in the market.
Some prominent players in the global micro-mobility market include
- Yadea Technology Group Co., Ltd.
- JIANGSU XINRI E-VEHICLE CO., LTD.
- Xiaomi
- SEGWAY INC.
- SWAGTRON
- Boosted USA
- Airwheel Holding Limited
- YAMAHA MOTOR CO., LTD.
- Accell Group
- Derby Cycle
Order a free sample PDF of the Micro-mobility Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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