Increasing Use Cases of Micro Mobility Services is Expected to Augment the Growth of the Market
The concept of employing portable transportation for travel short distance is known as micro-mobility. These modes include scooters, autonomous shuttles, bicycles, and bikes, among others. Today, several commercial companies are also utilizing the modes of micro mobility for delivering goods on-demand. The vehicles used in micro mobility are not just fuel-efficient but are also eco-friendly in nature.
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There are various use cases of micro mobility services. Every type of vehicle has varied usage, based on its application and the user’s demands. Some of the use cases of micro mobility services, include first and last mile, recreational, short distance, and deliveries. Vehicles such as kick scooters, e-scooters, e-bikes, bicycles, and autonomous shuttles are used for commuting the first and last mile distances. These modes of transportation are portable, fuel efficient, and accessible. Micro mobility vehicles such as pedal bikes, e-scooters, e-bikes, and segways for recreational and leisure purpose.
In addition, consumers can utilize ride-hailing services offered by several mobility-as-a-service companies to avail micro mobility ride options such as bikes, scooters, autos, and electric rickshaws, among others for travelling short distances. These modes of transportations are cost-effective, easily available, and can be faster in urban traffic. On-demand delivery companies are utilizing micro mobility vehicles such as bikes, scooters, autonomous delivery pods, and drones for delivering goods to their customers.
According to market study published by BIS Research, titled “Global Micro-Mobility Market — Analysis and Forecast, 2019–2029”, the micro mobility market is expected to reach $31.93 billion by 2029 at a CAGR of 11.95% by value, during the forecast period 2019–2029. The growth of the market is supported by the need of reducing travel cost and environmental degradation and need for efficient transportation system for short distances, among others.
Based on the BIS Research report, the market has evolved over the years owing to the growing developmental trends of shared services. The micro mobility market players focusing on penetrating the share of ride-share (car-based) market. Micro mobility market players contribute in bridging the last-mile connectivity gap, further intending to enter the short distance trips market which is currently abounds in either private vehicles or Mobility-as-a-Service (MaaS). Key developments and strategic activities for over 70 companies for the period of 2016–2019, have been tracked in the report. In total, 158 developments are recorded for market analysis. At present, among all the developments business expansion accounts for 35.52% of the market share, which is the highest among all.