Micro-mobility Market Size Worth $69.32 Billion By 2028 | CAGR: 13.7%

Micro-mobility Market Growth & Trends

The global micro-mobility market size is expected to reach USD 69.32 billion by 2028, registering a CAGR of 13.7%, from 2021 to 2028, according to a study conducted by Grand View Research, Inc. The growing carbon emission by traditional fuel-based vehicles has been a key concern for government authorities. The sustainability move toward smart cities is one of the key factors responsible for the adoption of eco-friendly and cost-effective transportation. Since the electric kick scooters, electric bicycles, and electric skateboards run on batteries, there are no carbon or gaseous emissions from these vehicles. This mode of transportation is gaining popularity amongst environmentally conscious commuters. Adopting such eco-friendly vehicles not only reduces the carbon and sulfur emissions in the atmosphere but also decreases fuel consumption. Furthermore, these vehicles use ultra-quiet chains for operating the electric motor, thereby facilitating noise-free rides.

The market growth can be attributed to the growth of the shared micro-mobility service industry across the world, which has spurred the demand for electric kick scooters, electric bicycles, and electric skateboards. Companies such as Bird Rides, Inc.; Lime; Spin; and Uber Technologies Inc. offering electric scooter-sharing services, are procuring electric kick scooters mainly from manufacturers such as Ninebot-Segway, Yadea Technology Group Co., Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., and Xiaomi.

Furthermore, the penetration of electric kick scooter-sharing services is witnessing an exponential adoption rate since 2016. Companies such as YoBike and Pony Bikes; Urbo Solutions and Bleeper Bikes; and Bykeare offering electric bicycle-sharing services across Europe. The growth of the market can be attributed to the increasing adoption of scooters and bicycles as the preferred mode of transportation, especially from the time when electric kick scooters and electric bicycles entered this market space.

The Asia Pacific region is expected to emerge as the prominent region with China as the largest electric kick scooters market owing to the presence of several electric kick scooter manufacturers such as JIANGSU XINRI E-VEHICLE CO., Air wheel Holding Limited, Yadea Technology Group Co., Ltd., LTD., and Xiaomi in China. The country accounted for the largest share of the market in 2020. Moreover, the regional market growth can be attributed to the increasing need for reducing carbon emissions and developing technologically advanced and fast-charging stations.

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Micro-mobility Market Report Highlights

• The electric bicycle segment dominated the market in 2020 and is expected to reach USD 62.52 billion by 2028

• The sealed lead-acid battery segment dominated the market in 2020 and is expected to reach USD 36.68 billion by 2028

• Asia Pacific is projected to account for the largest market share and is expected to reach USD 32.01 billion by 2028

• Some of the prominent participants in the industry are 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; and Derby Cycle

Micro-mobility Market Segmentation

Grand View Research has segmented the global micro-mobility market based on vehicle type, battery, voltage, and region:

Micro-mobility Vehicle Type Outlook (Revenue, USD Million, 2018 - 2028)

• Electric Kick Scooters

• Electric Skateboards

• Electric Bicycles

Micro-mobility Battery Outlook (Revenue, USD Million, 2018 - 2028)

• Sealed Lead Acid

• NiMH

• Li-Ion

Micro-mobility Voltage Outlook (Revenue, USD Million, 2018 - 2028)

• Below 24V

• 36V

• 48V

• Greater than 48V

Micro-mobility Regional Outlook (Revenue, USD Million, 2018 - 2028)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

List of Key Players of the Micro-mobility Market

• 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