The micro-mobility market is expected to register 31.9 million vehicles by the end of 2025, finds Frost & Sullivan
Santa Clara, Calif. – July 1, 2021–Frost & Sullivan’s recent analysis on the micro-mobility industry finds that, globally, it is set to become one of the most attractive forms of sustainable mobility thanks to its convenience, affordability and safety. Comprising bike-sharing, kick scooter sharing, and scooter sharing, the global micro-mobility market is estimated to register 31.9 million vehicles by 2025, up from 20.5 million in 2020 at a compound annual growth rate (CAGR) of 9.2%. Bike-sharing currently accounts for almost 98% of the micro-mobility market’s fleet size but kick scooter sharing and scooter sharing are gaining traction in several countries around the world. Despite COVID-19 significantly affecting the market, the easing of lockdowns and post-pandemic shift in commuting habits have increased demand for micro-mobility options.
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“One of the key disruptive trends in the growth of micro-mobility services can be attributed to technology advancements,” said Chanchal Jetha, Mobility Research Analyst at Frost & Sullivan. “Technology providers will offer a host of solutions for fleet operations and management, including infrastructure solutions such as smart docking stations and solar-powered charging stations and hardware solutions including smart locks and sensors. Advanced technologies like artificial intelligence (AI), intelligent fleet management systems and navigational systems will drive growth for the micro-mobility market.”
Jetha added: “On a macro level, a trend which is already happening is the integration of micro-mobility with mobility-as-a-service (MaaS) platforms. This convergence will enable first- and last-mile connectivity for better journeys as well as managing and catering to evolving demand-and-supply requirements more effectively.”
To tap into the lucrative growth prospects created by the rising demand for micro-mobility, market participants should focus on the following:
- Sustainability: With increased support from governments and city authorities to promote sustainable mobility, OEMs and other allied manufacturing industries should consider designing vehicles that seamlessly transport people and focus on sustainability.
- Explore Business Model Diversification: The COVID-19 pandemic has highlighted the importance of service diversification for micro-mobility providers. Operators should move toward models that provide all types of micro-mobility options under one app, thus serving customers’ multimodal needs.
- Leverage Technology Innovation: In addition to solving key challenges such as vandalism and vehicle range, participants can explore new areas with high potential, such as self-cleaning handlebars, children’s bikes, and cargo bikes.
- Develop Industry Partnerships: Public-private partnerships between technology companies, manufacturers, and public agencies will result in the joint development of strategies for developing and deploying autonomous mobility services.
Micro-mobility Sharing Underpinning City Mobility Networks is the latest addition to Frost & Sullivan’s Mobility research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Micro-mobility Sharing Underpinning City Mobility Networks
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