Global Micro-mobility Market by Vehicle Type (Electric Skateboards, Electric Kick Scooters, Electric Bicycles) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global micro-mobility market was valued at USD 25.42billion in 2020. It is expected to grow at a compound annual rate (CAGR of 13.7%) between 2021 and 2028. Micro-mobility, a new field of transportation, includes the use of a variety of light vehicles, such as motorbikes , scooters and electric bikes. Market growth is expected to be driven by factors such as increased road congestion, rising oil and gas prices, easy parking, and saturation in the automotive sector. In the coming years, micro-mobility will be boosted by factors like the increasing use of electric bikes and electric scooters for renting and sharing.

The pandemic had a devastating impact on the market in 2020. Due to the strict measures taken and the recent lockdown to stop the spread of the coronavirus, the retail activity of micro-mobility vehicles has been severely affected. Manufacturing operations and supply chains have been severely disrupted by the COVID-19 pandemic. This is especially challenging for dealers and manufacturers of micro-mobility vehicles. Despite this, some customers decided to purchase micro-mobility products in 2020-21 because they were afraid of public transport. Expect the post-COVID environment to speed up the transition to more sustainable mobility.

Many initiatives have been implemented to combat climate change. Policymakers are now focusing their attention on electric vehicles because of the rising greenhouse gas emissions. A climate change action plan was created to reduce emissions from transport by adopting sustainable, eco-friendly alternatives like electric vehicles and public transport. The rising investment in clean energy, as well as the government initiatives to reduce CO ₂ emission, will likely increase the demand for electric scooters, electric skateboards and electric bikes.

Many governments have established regulations, goals, and policies to promote micro-mobility. They also encourage OEMs and other stakeholders to participate in the sector. This builds confidence and mobilizes investments. Electric scooters, for example, are legal in Canada. To operate in Canada, they don't need insurance, license or number plates. Similar to the U.S., electric scooters can be used on roads and nonexistent bicycle lanes if they don't exceed 25 mph.

There are different specifications for electric scooters in the United States. Micro-mobility has also become an affordable option for urban commuters. Easy handling and a sleek design help commuters reduce congestion and carbon emissions. These are just a few of the factors driving the rise in micro-mobility vehicle adoption. The shared micro-mobility industry is currently in transition and is undergoing rapid growth. Electric kick scooters sharing companies are also looking to expand their presence in untapped and competitive markets.

Vehicle Type Insights

The micro-mobility market can be divided by vehicle type into three segments: electric kick scooters; electric skateboards; and electric bikes. In 2020, the electric bicycles market dominated and accounted more than 85% for the global revenue. This segment is expected to grow at a CAGR exceeding 14.3% during the forecast period. They are the most convenient and affordable alternative to public transport. Many countries are encouraging the use of electric bikes by making both regulatory and subsidy changes in order to reduce the burden on public transport systems. Electric bicycles can be charged quickly and inexpensively, unlike other transport systems like buses and taxis. They also don't require significant infrastructure investments. Accordingly, electric bikes are seeing an increase in demand around the globe.

Electric kick scooters are expected to see the second highest CAGR, 10.3%, over the forecast period. These scooters have seen a rise in demand since 2017, largely due to the large investments made by players in the electric scooter sharing market, which is still in its transition phase. With global players like Uber Technologies, Inc., Bird, Inc., Lyft; and Lime, the scooter-sharing market is experiencing a dramatic shift.

Battery Insights

The market can be divided into three segments based on battery: sealed lead acid battery (SLA), Nickel-Metal Hydride(NiMH), and Lithium–ion (Li–ion) batteries. In 2020, the sealed lead-acid segment was the dominant market and accounted more than 55.0% global revenue. This segment is expected to grow at a CAGR exceeding 12.6% during the forecast period. Because of their low cost, these batteries are preferred by manufacturers. Their low self-discharging ability and ease of manufacture are driving their adoption of electric cars. The environment is exposed to millions of tons of lead from the high-toxic substances used in the manufacture of these batteries. Manufacturers have found other options to make batteries and this has resulted in a slow growth of the segment over the forecast period.

There is a growing demand for Li-ion lithium batteries due to the increased awareness about eco-friendly batteries and their superior performance over NiMH or sealed-lead acids. These batteries are more expensive than the other types of battery, which has led to an increase in electric vehicle prices in emerging markets. The price of lithium-ion batteries is decreasing due to technological advances and increased demand. Over the next ten years, the cost of lithium-ion battery is expected to fall by 6.5% annually. This will directly affect the price of electric cars. The segment is expected to expand rapidly over the forecast period.

Voltage Insights

The market can be divided into four segments based on voltage: below 24V (36V), 48V (48V), and above 48V (48V). In 2020, the market was dominated by the below 24V segment which accounted for over 75.0% of global revenue. The market is expected to remain dominant over the forecast period. The majority of micro-mobility vehicles, including skateboards, scooters, bikes, and motorbikes, use less than 24V batteries. These batteries are 12V or 18V rechargeable batteries. They provide sufficient power for the motors and offer a lower range than other types of electric vehicles. To reduce vehicle weight and increase efficiency, electric vehicle manufacturers use 12V or 18V lithiumion batteries in place of sealed lead acid batteries.

For the forecast period, the 36V segment will experience the highest CAGR at 14.0%. Integration of 36V systems into electric vehicles increases the range and improves vehicle performance. Because they are smaller than sealed lead-acid batteries and don't release harmful chemicals, 36V batteries are mainly used through NiMH or Li-ion batteries.

Regional Insights

In 2020, the Asia Pacific region was the dominant market and accounted for more than 45.0% of global revenue. The majority of micro-mobility vehicle manufacturers are located in North America, Europe, Asia Pacific and Asia Pacific. These players make revenue by selling their products worldwide through their distribution channels and through the OEM channel. Japan, China, India and China have established standards and regulations to ensure vehicle charging infrastructure is safe and reliable. This will be a positive factor in the region's market growth. Asia Pacific will be the fastest-growing region market during the forecast period.

There are many differences in the consumer demographics of different regions. North American and European electric scooter riders tend to view electric scooters as a way of life, while Latin America, Africa, the Middle East, and Africa use them more as transportation tools. Vendors looking to retain customers or attract new customers must consider consumer satisfaction. This can be measured using a variety of parameters, including performance, maintenance cost, durability, and longevity. Vendors trying to attract customers during vehicle launches should focus on two key factors: design/style, and specifications.

Market Share Insights & Key Companies

Key market players like Yadea Technology Group Co., Ltd., JIANGSU XINRI E-VEHICLE CO., LTD., Xiaomi; SEGWAY INC., SWAGTRON, Boosted USA, Air wheel Holding Limited, YAMAHA MOTOR CO., LTD., Accell Group, and Derby Cycle continue to pursue various initiatives, including strategic partnerships, mergers, acquisitions, product launches, and other business opportunities. These vendors are experts in micro-mobility and have global strategic footprints. These companies have been able successfully to defend their market position. Smaller and niche vendors are also offering micro-mobility vehicles that have a wider range. To maintain their market position, market players are taking various steps to increase competition, such as strategic partnerships and mergers and acquisitions or new product launches.

In recent years, the market has seen many new product launches. In China, Xiaomi introduced the Ninebot C30 electric scooter in July 2020. It is small and compact, with a range up to 35km and a top speed 25 km/h. In April 2020, Xiaomi also launched the Mi Electric Scooter 1S. It was available on all Chinese e-commerce platforms. International shipping options were also offered. The scooter can travel 30km on a single charge and can reach a maximum speed 25 km/h. The following are some of the major players in the global micro-mobility industry:

• Yadea Technology Group Co., Ltd.

• JIANGSU XINRI E.VEHICLE CO. LTD.

• Xiaomi

• SEGWAY INC.

• SWAGTRON

• USA Boosted

• Airwheel Holding Limited

• YAMAHA MOTOR CO. LTD.

• Accell Group

• Derby Cycle

Up Market Research published a new report titled “Micro-mobility Market research report which is segmented by Vehicle Type (Electric Skateboards, Electric Kick Scooters, Electric Bicycles), By Players/Companies SWAGTRON, Airwheel Holding Limited, Accell Group, Derby Cycle, Yadea Technology Group Co Ltd, Xiaomi, SEGWAY INC, Boosted USA, JIANGSU XINRI E-VEHICLE CO LTD, YAMAHA MOTOR CO LTD”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Micro-mobility Market Report Segments:

The market is segmented by Vehicle Type (Electric Skateboards, Electric Kick Scooters, Electric Bicycles).

Micro-mobility Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Micro-mobility Market

Overview of the regional outlook of the Micro-mobility Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Micro-mobility Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Micro-mobility Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Electric Skateboards

                2. Electric Kick Scooters

                3. Electric Bicycles

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Micro-mobility Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Micro-mobility Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.