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Micro Mobility Industry Gains Steam from Rising Demand for Electric Bicycles and Scooters - Grand View Research, Inc.
The rising footprint of e-scooters, electric-assisted bicycles and electric- or human-powered transportation devices has augured growth. Prominently, electric bicycles have received an impetus to create an accessible, convenient and diverse transportation network. It can offer more transportation options, enhance the quality of life and minimize congestion. Global push to reduce emissions and pollution will gain traction from the product demand. The electric bicycles market size amassed USD 17.83 billion in 2021 and will witness approximately 5% CAGR between 2023 and 2030.
Access the Global Micro Mobility Industry Data Book, 2023 - 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Electric kick scooters have gained steam with the growing trend for shared scooters across emerging and advanced economies. The demand for increased safety, durability and environmentally friendly solution to car congestion have investors and other stakeholders banking on micro mobility offerings. For instance, in October 2022 , NIU announced the rollout of a kick scooter to offer urban commuters sustainable mobility solutions. It will enable riders to customize their speed and check riding statistics. In the wake of the prevailing trends, the electric kick scooters market size reached USD 2.61 billion in 2021 and will witness around 11.5% CAGR during the assessment period. The growth is mainly attributed to surging demand for lightweight vehicles and robust expansion initiatives. For instance, in November 2022 , Pure Electric secured roughly £2.3 million (around USD 2.7 million ) to boost expansion plans for electric scooters in regions, including the European and the U.S. market.
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Some dynamics which are expected to have an overarching influence on the global landscape are elucidated below:
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The North America micro mobility industry forecast will be strong in the wake of bullish government policies and expanding footfall of the transportation option. For instance, the U.S. Federal Highway Administration noted that there were over 260 shared micro mobility systems as of
August 2020 in the U.S. Notably, the deployment of shared fleets will open avenues of growth for short trips. These devices may offer a convenient, diverse and accessible transportation network to bolster sustainability. Furthermore, urban communities envisage micromobiltiy as a quieter, low-carbon and cheaper means of transportation. Communities are emphasizing safety through rider training and micro mobility ambassador programs to foster transportation during festivals and events.
Organic and inorganic growth strategies will be pronounced as micro mobility operators are expected to inject funds into technology advancements, mergers & acquisitions, product rollouts, R&D activities and collaborations. To illustrate, in September 2022 , Magna announced pouring USD 77 million into Yulu, India's EV startup, to foray into the micro mobility market. Meanwhile, in March 2021 , Lime contemplated infusing USD 50 million into e-bikes to expand its footfall in the U.S. and the global market.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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