Micro-mobility Market Analysis Report By Vehicle Type, By Battery, By Voltage, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global micro-mobility market was prized by USD 25.42 billion in 2020. It is estimated to witness 13.7% CAGR from 2021 to 2028.

Drivers

Micro-mobility is a developing area of transport. It comprises travel, carried out by means of a variety of light vehicles for example electric bicycles, electric kick scooters and electric skateboards.

The issues like saturation in the automobile sector, easiness of parking, increasing prices of oil & gas, and rising road overcrowding are anticipated to steer the enlargement of the market for micro-mobility, throughout the forecast period.

Besides, the things like the increasing renting as well as sharing services of electric kick scooter and electric bicycles, through the world, are projected to generate fresh openings for micro-mobility, during the near future.

The increasing funds for clean energy, in addition to the lead taken on by the governments intended for restricting CO₂ release, are projected to increase demand for the electric bicycles, electric kick scooters, and electric skateboards.

Effect of Covid-19

The micro-mobility marketwitnessed a harmful effect due to the Covid-19 pandemic, in 2020. The latest lockdowns and strict actions taken to control the corona virus have stalled the global activities of micro-mobility retail business. The pandemic has severely disturbed the supply chains and production procedure. This condition is largely difficult for the dealers and manufacturing companies of micro-mobility vehicle. On the other hand, the concern regarding the public transportation promoted several clients to carry out the buying of micro-mobility vehicles, throughout 2020-21. The post-Covid situation is likely to speed up the changeover to extra sustainable mobility.

Battery Insight

On the basis of battery, the market is subdivided into Lithium-ion (Li-ion) battery, sealed lead acid battery, and Nickel-Metal Hydride (NiMH) battery. In 2020; the sealed lead-acid battery section held above 55.0% revenue share and led the global micro-mobility market. The section is estimated to record more than 12.6% CAGR, during the forecast period.

But, the raw materials utilized for the production of these batteries comprise highly poisonous materials, which discharge millions of loads of lead into the surroundings. This harmful influence on the surroundings has directed manufacturing companies to take on another selection for the batteries, in this manner causing a moderately sluggish development of the section, during the forecast period.

The rising alertness regarding taking on the biodegradable batteries for their enhanced functioning above NiMH and sealed-lead acid batteries, has increased the demand for Li-ion batteries.

As contrast to the further two battery categories, Li-ion batteries are having greater prices. Hence, their acceptance has given rise to the augmented prices of electric vehicles, within the rising markets. But, by increasing demand for these batteries as well as rising progressions in technology, the price of Li-ion batteries is dropping.

Vehicle Type Insight

The market is subdivided into electric bicycles, electric kick scooters and skateboards, on the basis of vehicle type. The electric bicycles section held above 85.0% revenue share and led the global micro-mobility market, in 2020. The section is estimated to record a more than 14.3% CAGR, during the forecast period, because mainly they are the reasonably priced and suitable options for the public transport.

The electric kick scooters section is likely to witness the subsequent maximum, 10.3% CAGR during the forecast period. As a result of the huge investments by the companies within the market for electric scooter sharing because it is in the evolution stage, yet, the requirement for these scooters has augmented ever since 2017.

Voltage Insight

The market is subdivided into greater than 48V, 48V, 36V and below 24V, on the basis of the voltage. The below 24V sector held above 75.0% revenue share and led the global market for micro-mobility, in 2020. It is projected to carry on dominating the market, during the forecast period.

The 36V sector is likely to record the maximum 14.0% CAGR, during the forecast period. The addition of 36V structure in electric vehicles not only augments the distance span but makes better the functioning of the vehicle, also.

The application of 36V batteries is largely furnished by means of Li-ion and NiMH batteries because they are compacted in size; as contrast to sealed lead-acid these batteries do not discharge injurious chemicals, and present superior charging time.

Regional Insight

In 2020, Asia Pacific held more than 45.0% revenue share and led the global micro mobility market. The majority of the companies, making micro-mobility vehicles, function in North America, Europe and Asia Pacific regions. These companies create revenue by means of globally promoting their products, either via their delivery network or over the OEM means.

The governments of the nations like Japan, India, and China, are creating systems and standards, designed for the vehicle charging infrastructure. This is projected to contain an optimistic effect on the expansion of the local market. Moreover, Asia Pacific is likely to come forward as the highest rising local market, during the forecast period.

The customer demographic features differ between dissimilar regions. The drivers of electric kick scooter from Europe and North America are inclined to recognize these scooters more like an everyday life. Whereas the drivers from Asia Pacific, Latin America and Middle East & Africa makes use of the electric kick scooters like a useful transport method.

The customer fulfillment that can be gauged by means of diverse factors like durability, performance, and repairs expenditure, is an important aspect in favor of the companies struggling to maintain presented clients or to fascinate fresh customers. On the other hand, companies attempting to magnetize clients, for the duration of the presentation of some vehicle, concentrate on two major issues that is specifications and style or design.

Companies

The main companies are incessantly taking up a variety of plans, for example new product presentation, planned joint ventures and mergers & acquisitions. These companies possess knowledge in the micro-mobility business and contain intentional footsteps extended through diverse portions of the world. Therefore, these companies are competent to effectively protect their place within the market.

Simultaneously, minor as well as niche companies are, moreover, launching micro-mobility means of transportation through an extensive variety. Consequently, the contest is slowly increasing and encouraging companies to follow a variety of programs, together with the introduction of new product, intentional collaboration and mergers & acquisitions to strengthen their place, within the market.

Some of the companies for micro-mobility market are:

• Accell Group
• Airwheel Holding Limited
• SWAGTRON
• Xiaomi
• Yadea Technology Group Co., Ltd.
• Derby Cycle
• YAMAHA MOTOR CO., LTD.
• Boosted USA
• SEGWAY INC.
• JIANGSU XINRI E-VEHICLE CO., LTD.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Million Insights has segmented the global micro-mobility market report based on vehicle type, battery, voltage, and region:

• Vehicle Type Outlook (Revenue, USD Million, 2018 - 2028)
    • Electric Kick Scooters
    • Electric Skateboards
    • Electric Bicycles

• Battery Outlook (Revenue, USD Million, 2018 - 2028)
    • Sealed Lead Acid
    • NiMH
    • Li-ion

• Voltage Outlook (Revenue, USD Million, 2018 - 2028)
    • Below 24V
    • 36V
    • 48V
    • Greater than 48V

• Regional Outlook (Revenue, USD Million, 2018 - 2028)
    • North America
        • U.S.
       • Canada
    • Europe
       • U.K.
       • Germany
       • France
    • Asia Pacific
       • China
       • India
       • Japan
    • Latin America
       • Brazil
       • Mexico
    • Middle East & Africa