Micro-mobility Market Size, Share & Trends Analysis Report By Vehicle Type (Electric Kick Scooters, Electric Skateboards, Electric Bicycles), By Battery, By Voltage, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global micro-mobility market size was exhibited at USD 3.50 billion in 2023 and is projected to hit around USD 11.47 billion by 2033, growing at a CAGR of 12.6% during the forecast period of 2024 to 2033.

Key Takeaways:

• The Asia-Pacific region dominated the market in 2023 and accounted for over 46.0% of global revenue.
• The electric bicycle segment dominated the market in 2023 and accounted for more than 85% of the global revenue. 
• The sealed lead-acid battery segment dominated the market in 2023 and accounted for more than 55.0% of the global revenue.
• The below-24V segment dominated the market in 2023 and accounted for more than 75.0% of the global revenue.

Micro-mobility Market: Overview 

The micro-mobility market has emerged as a disruptive force, revolutionizing urban transportation and redefining the concept of last-mile connectivity. With the rise of urbanization, growing environmental concerns, and the need for efficient transportation solutions, micro-mobility has garnered significant attention as a sustainable and convenient alternative.

Micro-mobility Market Growth

The growth of the micro-mobility market is propelled by several key factors.Firstly, increasing urbanization and congestion in cities worldwide have spurred the demand for flexible and efficient transportation options. Additionally, heightened awareness about environmental sustainability has led to a shift towards eco-friendly modes of transportation, driving the adoption of micro-mobility solutions. Furthermore, technological advancements, such as IoT integration and mobile applications, have enhanced the user experience and operational efficiency of micro-mobility services, contributing to market growth. Moreover, the rise of shared mobility solutions and the implementation of supportive government policies and incentives further stimulate the expansion of the micro-mobility market. These combined factors create a conducive environment for the continued growth and evolution of micro-mobility as a sustainable and convenient urban transportation solution.

Micro-mobility Market Report Scope

Micro-mobility Market Dynamics

• Growth Drivers:

The micromobility market is underpinned by several key growth drivers. Firstly, the rise of urbanization and congestion in cities worldwide has amplified the demand for flexible and sustainable transportation options. As cities become more densely populated, the need for efficient last-mile connectivity solutions has become increasingly apparent. Secondly, heightened awareness surrounding environmental sustainability has catalyzed the adoption of micro-mobility services. E-scooters, electric bikes, and shared bicycles offer emission-free alternatives to traditional modes of transportation, aligning with the growing emphasis on reducing carbon footprints. Moreover, technological advancements, including IoT integration and mobile applications, have significantly improved the accessibility and user experience of micro-mobility solutions. 

• Challenges:

Despite its promising growth prospects, the micro-mobility market faces several challenges that warrant consideration. Regulatory challenges and compliance issues pose significant hurdles for micro-mobility operators, as varying regulations across different jurisdictions can hinder expansion efforts and increase operational costs. Safety concerns also remain a prominent challenge, with reports of accidents involving e-scooters and other micro-mobility vehicles raising questions about rider and pedestrian safety. Additionally, infrastructure limitations, such as inadequate bike lanes and parking facilities, can impede the seamless integration of micro-mobility services into urban environments. Furthermore, market saturation and heightened competition present challenges for new entrants seeking to establish a foothold in the industry.

Micro-mobility Market Restraint

• Regulatory Challenges and Compliance Issues:

Regulatory hurdles and compliance issues pose significant restraints on the expansion of the micro-mobility market. With the rapid proliferation of e-scooters, electric bikes, and other micro-mobility solutions in urban areas, authorities are faced with the challenge of establishing clear guidelines and regulations to ensure safe and responsible operation. However, regulatory frameworks vary widely across different regions, leading to inconsistencies and uncertainties for micro-mobility operators. Navigating complex regulatory landscapes increases operational costs and administrative burdens, thereby hindering market growth. Additionally, concerns regarding rider safety, liability, and insurance further complicate regulatory compliance efforts.

• Safety Concerns and Accidents:

Safety concerns and the occurrence of accidents represent significant restraints for the micro-mobility market. Despite offering convenient and eco-friendly transportation options, e-scooters, electric bikes, and other micro-mobility vehicles have been associated with a rising number of accidents and injuries. Factors contributing to safety risks include inadequate infrastructure, such as poorly maintained roads and limited designated lanes for micro-mobility vehicles, as well as user behavior, such as reckless riding and non-compliance with traffic rules. Moreover, the absence of standardized safety measures and training programs for riders exacerbates safety concerns. Public perception of safety risks associated with micro-mobility services can undermine consumer confidence and deter adoption, thereby impeding market growth.

Micro-mobility Market Opportunity

• Urbanization and Last-Mile Connectivity:

The rapid pace of urbanization presents a significant opportunity for micro-mobility solutions to address the growing demand for last-mile connectivity in urban areas. As cities become more densely populated, traditional modes of transportation often struggle to provide efficient and convenient mobility solutions for short-distance trips. Micro-mobility options such as e-scooters, electric bikes, and shared bicycles offer a flexible and cost-effective alternative for covering short distances within urban environments. By providing convenient access to transportation hubs, commercial centers, and residential areas, micro-mobility services can complement existing public transit systems and alleviate congestion on roads.

• Environmental Sustainability and Green Mobility:

The increasing emphasis on environmental sustainability presents a significant opportunity for the micro-mobility market to position itself as a viable and eco-friendly transportation solution. With growing concerns about climate change and air pollution, there is a growing demand for alternative modes of transportation that minimize carbon emissions and reduce environmental impact. Micro-mobility options powered by electric propulsion systems offer emission-free alternatives to traditional gasoline-powered vehicles, making them an attractive option for environmentally conscious consumers. Additionally, the shared mobility model employed by many micro-mobility operators promotes resource efficiency and reduces the overall number of vehicles on the road, further contributing to environmental sustainability.

Micro-mobility Market Challenges

• Infrastructure Limitations:

One of the foremost challenges hindering the growth of the micro-mobility market is the lack of adequate infrastructure to support these innovative transportation solutions. Micro-mobility vehicles such as e-scooters, electric bikes, and shared bicycles require designated lanes, parking facilities, and charging stations to operate efficiently and safely within urban environments. However, many cities lack sufficient infrastructure tailored to the needs of micro-mobility users, resulting in issues such as sidewalk clutter, parking congestion, and inadequate bike lanes. Additionally, the absence of standardized infrastructure specifications and regulations further complicates the integration of micro-mobility services into existing urban landscapes.

• Safety Concerns and Regulatory Challenges:

Safety concerns and regulatory challenges represent significant hurdles for micro-mobility operators and users alike. Despite offering convenient and eco-friendly transportation options, micro-mobility vehicles have been associated with a rising number of accidents and injuries. Factors contributing to safety risks include inadequate rider education, non-compliance with traffic rules, and conflicts with pedestrians and other road users. Moreover, navigating complex regulatory frameworks and compliance requirements across different jurisdictions poses challenges for micro-mobility operators, leading to uncertainties and operational inefficiencies. Achieving a balance between promoting innovation and ensuring safety standards is essential for fostering consumer trust and regulatory compliance within the micro-mobility market.

Segments Insights:

Micro-mobility Market Trends

The element driving the expansion of ride-sharing and ride-hailing services is due to the huge increase in the choice of bike pool and carpool services among office-goers. Furthermore, the expansion of services provided by key market players such as Ola and Uber and the ability to select convenient pick-up and drop-off locations are pushing customers to use ride-sharing and ride-hailing services. Additionally, the expansion of micro-mobility industry is fuelled by a considerable increase in the number of the various ride-sharing and ride-hailing services such as auto-sharing and bike-sharing even for short-distance travel.

The demand for micro-mobility systems is increasing as a result of the rise in value of gas and oil due to economic and geo-political concerns. These automobiles are eco-friendly and affordable. People all around the world are looking for a low-cost, clean substitute for conventional fuel. These are some of the key market drivers driving the market. Moreover, the usage of micro-mobility cars to travel saves both money and time. The demand for these vehicles is increasing in the urban areas which is anticipated to bolster the market growth.

However, the low internet penetration in developing countries and an increase in bike stealing or damage are limiting the worldwide micro-mobility market's growth. Furthermore, the most frequent form of micro-mobility is carpooling, which burdens passengers with their privacy when traveling. As a result, many customers feel insecure about ridesharing services. Some countries throughout the world, including Germany and Japan, have banned ridesharing services because of significant resistance from local taxi businesses.

Furthermore, advanced transportation systems and rising government initiatives to create bike-sharing infrastructure is expected to provide many opportunities for the global market to grow throughout the forecast period.

Vehicle Type Insights

Based on vehicle type, the market is segmented into electric kick scooters, electric skateboards, and electric bicycles. The electric bicycles segment dominated the market in 2023 and accounted for more than 85% of the global revenue. The segment is projected to register a CAGR of over 14.3% over the forecast period as they are the most affordable and convenient alternatives to public transportation. Several countries are working toward boosting the use of electric bicycles using both regulatory and subsidies changes to decrease the stress on public transportation systems. Furthermore, compared to other transportation systems such as buses and cabs, electric bicycles are easy to charge, inexpensive, and do not require large investments in supportive infrastructure. Hence, an increase in the demand for electric bicycles across the world is being observed.

The electric kick scooters segment is anticipated to record the second-highest CAGR of 10.3% over the forecast period. The demand for these scooters has increased since 2021 owing to large investments by players in the electric scooter-sharing market as it is still in the transition phase. The scooter-sharing market is currently witnessing a dynamic shift with the entry of global players such as Uber Technologies, Inc.; Bird, Inc.; Lyft; and Lime operating in the on-demand transportation industry.

Battery Insights

Based on battery, the market is segmented into sealed lead-acid batteries, Nickel-Metal Hydride (NiMH) batteries, and Lithium-ion (Li-ion) batteries. The sealed lead-acid battery segment dominated the market in 2023 and accounted for more than 55.0% of the global revenue. The segment is projected to register a CAGR of over 12.6% over the forecast period. These batteries are the preferred alternatives for manufacturers due to their cost-effectiveness. Additionally, their low self-discharging capability and ease of manufacturing are fueling their adoption of electric vehicles. However, the raw materials used for manufacturing these batteries include high toxic substances that release millions of tons of lead into the environment. This negative impact on the environment has led manufacturers to adopt alternative options for batteries, thereby leading to a comparatively slow segment growth over the forecast period.

The growing awareness of adopting eco-friendly batteries for their better performance, over sealed-lead acid and NiMH batteries has boosted the demand for Li-ion batteries. Since these batteries are high priced compared to the other two battery types, their adoption has resulted in an increased price of electric vehicles in the emerging markets. However, with increasing advancements in technology and growing demand for these batteries, the price of Li-ion batteries is reducing. The cost of lithium-ion batteries is expected to reduce annually by 6.5% over the next decade, thus directly impacting the price of electric vehicles. Therefore, the segment is expected to grow swiftly over the forecast period.

Voltage Insights

Based on voltage, the market is segmented into below 24V, 36V, 48V, and greater than 48V. The below 24V segment dominated the market in 2023 and accounted for more than 75.0% of the global revenue. It is anticipated to continue to dominate the market over the forecast period. Micro-mobility vehicles such as skateboards, scooters, and bicycles usually use less than 24V batteries, such as 12V or 18V rechargeable batteries, which provide enough power required for their motors and a low range of electric vehicles compared to other vehicle types. Electric vehicle manufacturers use sets of 12V or 18V lithium-ion batteries instead of sealed lead-acid batteries to reduce the weight of the vehicle and improve its overall efficiency.

The 36V segment is anticipated to register the highest CAGR of 14.0% over the forecast period. The integration of 36V systems in electric vehicles not only increases the distance range but also improves the performance of the vehicle. The use of 36 V batteries is mainly catered through NiMH and Li-ion batteries as they are compact, offer better charging time, and do not release harmful chemicals compared to sealed lead-acid batteries.

Regional Insights

The Asia Pacific region dominated the market in 2023 and accounted for over 46.0% share of the global revenue. Most players manufacturing micro-mobility vehicles operate in Asia Pacific, Europe, and North America regions. These players generate revenue by selling their products internationally, either through their distribution channels or through the OEM channel. The governments of economies such as India, China, and Japan are setting up standards and regulations for vehicle charging infrastructure and this is expected to have a positive impact on the regional market growth. Additionally, Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period.

Consumer demographic features vary among different regions. Electric kick scooter drivers from North America and Europe tend to perceive electric kick scooters more as a lifestyle while those from Latin America, the Middle East and Africa, and the Asia Pacific use electric kick scooters more as practical transportation means. Consumer satisfaction, which can be measured with various parameters such as performance, maintenance expense, and durability, is an essential factor for the vendors trying to retain existing customers or to attract new customers. However, vendors trying to attract consumers during the launch of any vehicle focus on two main factors, namely design/style and specifications.

Recent Developments

• In March 2023, Segway-Ninebot launched the new Segway GT-series, P-series, and E110A. The product helped to satisfy the changing needs of modern transportation., with reliability and sustainability by  allowing riders to travel in comfort and style.
• In June 2023, Porsche expanded its electric bike business by purchasing new models from the manufacturer of electric bicycles in Germany. The joint venture focuses on the development, production, and distribution of a new generation of high-quality Porsche e-bikes
• In May 2023, Nashville's transit gaps are be filled via public transportation and micro-mobility integration. As a mobility coordinator, the company sees collaborations with micro-mobility providers like Bird as possibilities to broaden its function from just a transit provider to a mobility coordinator

Some of the prominent players in the Micro-mobility market include:

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

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 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global micro-mobility market.

Vehicle Type

• Electric Kick Scooters
• Electric Skateboards
• Electric Bicycles

Battery

• Sealed Lead Acid
• NiMH
• Li-ion

Voltage

• Below 24V
• 36V
• 48V
• Greater than 48V

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)