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Private car ownership has been the most common and preferred way of moving people from point A to point B. But, over the past few years with the rise of Mobility-as-a-service, even car companies want to be a complete Mobility service provider in order to keep pace with changing consumer behaviour.
It first started with Ride hailing taxis in the US in 2009, moved on to the bike sharing boom in 2016 in China and then scooter sharing boom in 2018 in the US, which took everyone by surprise.
We started tracking the micro mobility market in Q1-2018 and in July 2018 when we first launched our Bike and scooter sharing startups report, $5.7 Billion was already invested in 25 startups by 150+ investors.
A year later, the figure stood at $6.8 Billion and by 2020 it stood at $8.4 Billion 2020, refer to the info-graphic at the bottom of page. In 2020, even after the market was hit by Covid $ 1 B was raised raising the overall investment to $8.4 Billion globally mainly out of USA and Europe. Australia and Asia also had e scooter firms who procured investment thereby increasing the market to more cities and regions.
More than 30 bike and scooter sharing startups have cumulatively raised ~$8.5 Billion between 2016 and June 2021. Bike sharing startups raised ~$5.5 Billion whereas the remaining $3 Billion has been raised by various scooter sharing startups between 2015-June 2021.
If ride hailing taxis are meant to fill the gap/white space between car ownership and public transport. Micro mobility can fill a lot of white space between public transport, short haul trips and the most important – Ride hailing taxis.
The micro mobility market is in a very nascent phase at the moment and its evolution or growth will be subject to regulatory clearance, consumer adoption and additional funding from investors.
E-scooters are already facing the brunt of regulators, read our e-scooter sharing market report to know more about E-scooter sharing. Bike sharing was also thought of as the next big thing in 2017 and even in early 2018, when Ofo and Mobike got funding to the tune of Billion dollars but now Ofo is mulling for bankruptcy and Mobike is facing an uncertain future. Read our Bike sharing report to know more
Lime, Tier and VOI have claimed to have profitable months, first 3 in this business. Lime doesn’t plan to fundraise as they are reinvesting their profits to deliver new hardware, new modes and expanding to new cities across Europe and beyond.
Data shows investors have injected $371 million into U.S. micro mobility firms in 2020, while European rivals have raised $687 million. Europe appears to be the target market for micro mobility firms.
In the US and Europe where E-bikes and E-scooters are getting increasingly popular, India is witnessing a dramatic rise of conventional gasoline powered dockless scooters. Europe and USA also saw a new product introduction in the form of mopeds by Lime across various cities though the response is yet to be known.
Voi Technology announced the launch of the City Innovation Fund – a $3-million commitment to expand parking, improve safety, and advance sustainability of micro mobility vehicles and operations.
The fund’s investment priorities include expanded parking options that reduce pavement clutter to ensure cities remain accessible, as well road safety innovations focusing on novel approaches to infrastructure, rider education, and vehicle technology. In addition, the investment will fund projects that improve the sustainability of operations, including support for research and advocacy.
Firms are also looking at providing their own vehicles for private usage and invested into the R&D for these too. App less riding is also a key element various firms are looking to so that they can increase the utility among non app users which improves overall fleet utilisation.
Therefore, one has to read the market needs and growth signs very minutely before making any claim about micro mobility market future growth.
To know more about Global Electric Skateboard Market, read our report
This is the biggest question in every industry stakeholder and observer`s mind. How big is the micro mobility market right now and how much bigger it can get in coming years?
Some market reports claim that the annual micro mobility market size could be worth a few hundred Billion dollars in the US and Europe each by 2030.We believe that`s completely inaccurate.
A simple reason behind our belief is that the annual passenger car market in the US and Europe are worth ~$550 and ~$370 Billion respectively where ~17 Million and ~15 Million passenger cars are sold annually. Even if we assume that in the best possible scenario, the user base is 5 times that of a car buyer as it’s a shared solution, the average revenue per rider per annum will not exceed $500. The total annual revenue will not exceed $50 Billion in respective markets and that is the best possible scenario we are talking about.
To accurately forecast the global micro mobility market, we have analyzed the most popular micro-mobility solutions globally and developed a scenario-based forecast till 2025.
The subscription based business model makes use of higher scale and less than 25% average utilization. A very common example is that of annual gym membership, where only 1 in five members turn up on a regular basis.
A reasonably priced subscription plan and an expensive short term plan can result in lower customer acquisition cost and higher loyalty but it can also push short term customers away.
Uber launched Uber Pass, a $25/month subscription service in the US, which will include free deliveries on Uber Eats, free rides on Uber Jump and discounted rides on Uber and it remains to be seen if other micro mobility operators will go after this model.
Uber offloaded Jump to Lime, but there are multiple firms such as Lyft which will look to integrate all forms of mobility services to increase market share across segments as well increase overall revenue and brand awareness.
Subscription model will also play well for various users who have a fixed route for usage of micro mobility . This will include last mile connectivity to and fro work, and transportation around a college campus. Since the vehicles are based on an electric platform, there will be various features that can be easily implemented as well as decreased running costs.
Segway-Ninebot, the world’s leading micromobility and robotics company, is proud to present its latest advancements to satisfy the changing needs of modern transportation. The new Segway GT and P series, as well as the E110A, combine performance with dependability and sustainability, allowing riders to commute in comfort and style.
Simultaneously, Segway released the Shredder Kit, which allows Ninebot S, Ninebot S Pro, and Ninebot S MAX owners to customise their rides.
The Segway GT-series e-KickScooters are the ideal choice in small, high-performance mobility for commuters and adventurers alike. The GT1 and GT2 are Segway’s supercars, with top speeds of 37.3 mph and 43.5 mph, respectively, making them the fastest in the company’s product line.
The electric motors in the GT-series, like the turbocharged engines in supercars, provide exceptional acceleration. The GT1 takes 7.5 seconds to reach 30 mph from a standstill, while the GT2 takes only 3.9 seconds.
Bird has launched the Bird Bike, an e-bike. The goal of the product is to make environmentally-friendly transportation solutions available to everyone. The Bird Bike will have features like a Bafang electric engine that can travel up to 50 miles (80 kilometers) on a single charge. It has come with a 36v battery that can be easily removed for a charge.
The Gates Carbon Belt Drive is easy to maintain, and no-stretch carbon cable technology will offer efficient power with every pedal. According to local rules, cyclists in the EU and the UK can easily get 250W of continuous rated power, while riders in the US can get 500W of electric assistance.
The competitive landscape in the global micro mobility market is extremely regionalized. There is no clear winner so far but players with bigger scale like Lime have an edge over their peers.
The average age of companies(startups) is less than 3 years. In 2019 alone these companies raised $1.2 Billion in funding and 99% of that was raised by scooter sharing startups.
In 2020 too they raised $1 B for expansion purposes and R&D. VOI raised $160 M, TIER $ 250 M, and Bolt raised $ 180 M in Q4 of 2020 for mainly expansion. IN 2021, ~150 M was raised. $85 Million was raised by Dott to expand beyond e-scooters with a new bike-sharing service.
Lime is present in 56 cities in the USA and 87 cities across the world outside the USA. Bird is present in 54 cities across the USA and 31 cities across the world. Tier is present in 81 cities in Europe and 1 city in Asia. Bolt is present in 74 cities in Africa, 178 cities in Europe and 24 cities in the rest of the world.
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