As of 2022, more than two-thirds of U.S. American consumers have heard from the e-scooter brand Lyft. Lyft operates one of the largest micromobility networks in the U.S., including crucial bike-share systems like Citi Bike in New York and Jersey City and Capital Bikeshare in the Washington, D.C. Metro Area, among others. The second most popular e-scooter brand in the U.S. was Lime, with almost a quarter of the consumers acknowledging that they have heard of it.

According to Cognitive Market Research, the global Shared Micromobility market size will be USD 2154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 11.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 861.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 646.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 495.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 107.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 43.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031.
The ?2? category is the fastest growing segment of the Shared Micromobility industry

Market Dynamics of Shared Micromobility Market

Key Drivers for Shared Micromobility Market

The demand for on-demand public transportation systems in smart cities is on the rise to Boost Market Growth

The demand for on-demand public transportation is further exacerbated by the growing urban population and the development of smart cities. Regulations and a growing emphasis on smart city initiatives are also contributing to the implementation of micro-mobility. Additionally, the necessity for improved mobility services will be elevated by the growing urbanization. By investing in urban mobility solutions, cities will continue to undergo transformative changes that enhance the quality of life. This would lead to the continuous evolution of transportation policies, resulting in improved transportation systems. The demand for micro-mobility services is further bolstered by the increasing number of smart cities and government initiatives to establish essential cycle and e-kick scooter lanes. The municipalities are actively encouraging OEMs to participate in micro-mobility services and are establishing policies and objectives. For instance, the World Government Summit has reported that New York City has experienced unprecedented levels of cycling activity. New York's Citi Bike sharing system experienced a 67% increase in usage in May 2021, while cycling experienced a 50% increase over the same period last year, according to the city's Department of Transport.

Advancements in telematics and connected technologies to Drive Market Growth

Micro-mobility service providers encounter challenges pertaining to connectivity infrastructure, cloud-based platforms, advanced driver assistance systems (ADAS), bicycle theft and vandalism, and machine learning capabilities. Data monetization, artificial intelligence, and a connected ecosystem present opportunity for these providers. They seek connectivity solutions, international fleet management, vehicle tracking and tracing, telematics solutions, and rapid deployment infrastructure. Connected e-bikes are emerging in the market, equipped with a SIM module that facilitates data transmission to and from the cloud without the need for a smartphone. Notable features of connected e-bikes include automatic emergency calls, incorporated navigation, social media connectivity, an anti-theft system, and remote diagnostics.

Restraint Factor for the Shared Micromobility Market

Low internet penetration rates in remote or developing regions, will limit market growth

Technological improvements and operational efficiency are essential for the effective operation of micro-mobility platforms. Robust telecommunications infrastructure is essential for activities like navigation, barcode scanning, payment services, and parking systems. Service providers would struggle to provide micro-mobility services without improved connection. Developing nations in Asia, Oceania, the Middle East, Africa, and Latin America lack fundamental technology, including telecommunications and networking infrastructure, hindering the implementation of smart projects owing to constrained budgets and low literacy levels.

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