The micromobility market is predicted by Allied Market Research to see a CAGR of 17.4% until 2030.

A rise in trend of on-demand transportation services, favourable government initiatives for smart cities, rapid urbanisation and local commute requirements, and an increase in venture capital and investments are driving the growth of the global micromobility market.

However, an increase in bike vandalism and theft and low rate of internet penetration in developing regions is hampering market growth. On the contrary, smart transportation systems and a rise in government initiatives for the development of bike-sharing infrastructure are expected to open opportunities for the market in the future.

The global micromobility market was valued at $44.1bn in 2020, and is projected to reach $214.6bn by 2030, registering a CAGR of 17.4% from 2021 to 2030.

Micromobility refers to a range of small, lightweight vehicles operating at a speed of not more than 25km/hr and considered suitable for commuting within a 10km range. This includes the use of different types of vehicles such as bicycles, e-bikes, electric scooters, electric skateboards, shared bicycles and electric pedal assisted bicycles.

Continuous developments carried out across the globe towards developing smart cities and vehicle infrastructure have created numerous opportunities for the growth of the global micromobility market. Moreover, the presence of different service provider companies followed by their investments and developmental strategies has attracted numerous small vehicles fleet owners to collaborate to support the concept of micromobility.

The market across Asia-Pacific held the lion’s share in 2020, accounting for more than half of the market. However, the market across LAMEA is anticipated to showcase the highest CAGR of 25.8% during the forecast period.

Based on vehicle type, the bicycles segment held the largest share in 2020, accounting for more than two-thirds of the market, and is anticipated to lead the market by 2030. However, the hoverboard segment is projected to manifest the highest CAGR of 19.0% during the forecast period.

Key players include Beam Mobility, Bird, Dott, Electricfeel, Floatility, Lime, Neuron, Voi, Yulu Bikes and Zagster.

On the basis of propulsion type, the electrically powered segment held the lion’s share in 2020, contributing to around three-quarters of the market, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, this segment is estimated to portray the highest CAGR of 17.9% from 2021 to 2030.

Presently, the global micromobility industry is dominated by Asia-Pacific followed by Europe, North America and LAMEA. Asia-Pacific is expected to maintain its dominance in the global market particularly by China, South Korea and Japan owing to rapid urbanisation and growing demand for on-demand transportation services. A sample of the report can be downloaded at www.alliedmarketresearch.com/request-sample/A11372.