Micromobility Market Size to Grow by USD 118.38 billion, Increasing Traffic Congestion to Boost Market Growth – Technavio – QNT Press Release

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NEW YORK, Aug. 8, 2022 /PRNewswire/ — Micromobility is the use of small and lightweight vehicles to commute from one place to another within cities by individuals. The use of micromobility has created a significant impact on traffic congestion situations in metropolitan cities by reducing on-road traffic to a greater extent.

The “Micromobility Market by Type (Docked and Dock-less) and Geography (APAC, Europe, North America, Middle East and Africaand South America) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. The potential growth difference for the micromobility market size between 2021 and 2026 is USD 118.38 billion. To get the exact CAGR and the YOY growth rate, Request a FREE PDF Sample Report

• Market Driver: The increasing traffic congestion is driving the growth of the market. This is fueled by factors such as a growing population, increasing GDP per capita, a surge in the number of working women, and rapid growth in urbanization. In addition, the rise in the number of affordable entry -level cars and motor/electric vehicles, along with low-interest loans by financial institutions, is also leading to traffic congestion. Micromobility is a transport option that is hassle-free, eco-friendly, cost-effective, and can be an ideal solution for the growing issue of traffic congestion on roads. Such factors will drive the growth of the market during the forecast period.
• Market Challenge: The risk of theft and the need for frequent maintenance are challenging the market. Widespread theft of bicycles is leading to their scarcity. In addition, customers are dissatisfied due to a shortage in the number of bicycles available when compared to the actual count displayed in apps. Moreover, bicycles are being sent for maintenance frequently due to careless and improper riding practices and frequent falls. Such factors may impede the market growth during the forecast period.

Technavio offers information about other trends, challenges, and drivers that will shape the future of the market. View a FREE PDF Sample Report

By geography, APAC will be the leading region with 45% of the market’s growth during the forecast period. China and Japan are the key markets for micromobility in APAC.

By type, the docked segment will contribute the highest market share growth during the forecast period. In a fixed docking system, the docking station locks or unlocks the bike based on the fare paid and distance traveled. It also records the number of miles, time, and trips traveled. Thus , the rise in the number of docking stations will drive the demand for docked bikes during the forecast period.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

Accell Group NV, Airwheel Holding Ltd., Bird Global Inc., CaliRides LLC, China State Shipbuilding Corp. Ltd., Derby Cycle Holding GmbH, GOTRAX, GOVECS AG, iconBIT Ltd., Mellow Boards GmbH, Micro Mobility Systems AG, Neutron Holdings Inc., ofo Inc., OKAI Inc., Segway Inc., SWAGTRON, Swiftmile, Voi Technology AB, Xiaomi Inc., and Yadea Group Holdings Ltd, among others, are the main players in the market.

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