NEW YORK, Sept. 21, 2020 /PRNewswire/ -- Global micromobility market revenue is predicted to cross $9.8 billion by 2025, according to the market research report published by P&S Intelligence.
In the coming years, the kick scooter sharing category is predicted to exhibit the highest growth rate in the market. This would be a result of the huge investments being made in this category from well-established investors all over the world. In addition to this, the growing adoption of kick scooter sharing services in the North American countries is massively boosting the advancement of the category in the market.
One of the major trends currently being witnessed in the micromobility industry is the inflow of huge investments from various investors. The major players and the several start-ups operating in the market are receiving huge investments from many venture capitalists across the world. For example, European investors— Atomico and Index Ventures made hefty investments in the top two micromobility companies in the U.S. namely Bird and Lime respectively in 2018. Index Ventures made an investment worth $100 million in Bird's Series B round.
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Based on service type, the bike sharing category recorded the highest revenue growth in the micromobility market in 2018. This is because the bike sharing services are more affordable and offer more convenience in commuting from one place to another in comparison to the other micromobility services. Bike sharing services are available in more than 800 municipalities in 56 countries. These services are very popular in APAC (Asia-Pacific), especially in Singapore, Thailand, and China. Dockless e-bikes are increasingly becoming the preferred choice for riders looking for affordable and convenient micromobility services in large towns and cities.
However, despite the above-mentioned factors, the kick scooter sharing category is predicted to exhibit the highest growth rate in the micromobility market in the future years. Kick-scooter sharing services recorded a 3.6 times faster growth in adoption than the other traditionally used ridesharing services provided by Lyft and Uber in less than a year. These services began gaining traction in the U.S. at the end of 2017 and in less than two years, many micromobility start-up companies in the country recorded valuations of over $1 billion. The established automotive and ridesharing companies observed this and quickly started their operations in the country. For instance, Ford bought Spin for around $100 million in November 2018. Similarly, Uber also acquired Jump, which is a kick scooter and bike company, in April 2018.
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Currently, the bike sharing market is recording the highest growth in the Asia-Pacific (APAC) region. At present, there are over 10 million bicycles and nearly 1,250 bike sharing systems in this region. The exponential growth in bike sharing schemes, led by two of the leading operators in China— Mobike and Ofo and the entry of new bike sharing service providers are propelling the expansion of the bike sharing industry in the country. Moreover, with the expansion of Mobike and Ofo in several U.S. and European cities, the U.S. and European bike sharing markets are also growing rapidly.
On the other hand, the North American kick scooter sharing market is presently the most lucrative one in the entire world. Many kick scooter sharing service providers entered the U.S. market in late 2017. The first company to set up their operations in the U.S. was Bird, which was launched in September 2017, and it was quickly followed by Lime, Spin, and Skip.
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The scooter sharing industry is very prosperous in Europe and this trend is likely to continue in the coming years. This would be because of the growing road congestion in urban areas, the increasing concerns being raised in several European countries over the soaring greenhouse gas emissions, and the greater convenience offered by scooter sharing services in comparison to other vehicles.
The global micromobility market is slightly fragmented. The highest market share is being held by several start-ups. The market is receiving huge investments from various investors and it is also observing numerous partnerships and collaborations among major manufacturers and service providing companies.
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APAC is expected to continue holding the largest share in the global carsharing market, with estimated revenue of over 40% in 2018. Of all countries around the world, China continues to remain the largest market for carsharing services.
Bike Sharing Market
The global bike sharing market was valued at $2.7 billion in 2018 and is projected to surpass $5.0 billion by 2025, progressing at a CAGR of 10.2% during the forecast period (2019–2025).
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SOURCE P&S Intelligence