The global micro-mobility market is anticipated to grow at an 18% CAGR during the forecast period 2021-2027. Micro-mobility is an evolution in the field of transportation that includes trips on electric kick scooters, electric skateboards, and electric bicycles, among other light vehicles. Micro-mobility vehicles are defined by their small size, lightweight, low payload capacity, electric or human-powered motor, and limited number of passengers. The mounting traffic congestion, increased prices of oil & gas, convenience in parking, and saturation in the automotive sector will propel the growth of the market. The rising number of renting and sharing services for electric bicycles and electric kick scooters will further accelerate the demand for the micro-mobility market. Nevertheless, several prominent firms and governments throughout the world are investing in micro-mobility as a means of transportation, which is expected to boost the micro-mobility market's growth.

The COVID-19 pandemic has created an adverse impact on the micro-mobility market owing to strict measures a lockdown during the pandemic. It has disrupted manufacturing and supply chain operations. Moreover, it is challenging for micro-mobility vehicle manufacturers and dealers but due to social distancing norms, people are not opting for public transportation and are committed to purchasing micro-mobility devices during 2020-21.

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Based on application, commercial application is growing significantly owing to its ubiquity and combines electric tractions with the dock-less operation. Moreover, the adoption of AI in vehicles will significantly lead to the growth of the micro-mobility market.

Asia-Pacific is anticipated to grow significantly in the micro-mobility market during the forecast period owing to rapid urbanization and increased urban population requiring energy0-efficient transport. Moreover, the market is driven by China, where the rate of usage of micro-mobility services is accelerating due to the legality of ride-sharing services, mounting fuel prices, and increased vehicular emission.

In June 2021, Spin, Ford's micromobility division, has unveiled its first custom-built electric scooter. The S-100T scooters, according to the business, are its safest and longest-lasting, two traits that it believes will capture cities' attention as it pursues exclusive agreements.

The prominent players in the micro-mobility industry include Bird Rides Inc., LimeBike, Scoot Network, Beijing Mobike Technology Co. Ltd., Sway Mobility, Easymile SAS, Floatility GmbH, Skip Transportation, Spin Scooters, and Zagster.

Source: VynZ Research