Public transportation is the basic and most common form of mobility in any economy, which can further facilitate transportation of people and goods on a daily basis at subsidized costs and in a secured manner. Currently, a major gap in the adoption of public transportation is in the form of last mile connectivity, that is, from home to station or bus stop, and vice versa. Micro mobility has the potential to provide first- and last-mile connectivity for commuters. Mobility as a service (MaaS) providers have established a strong foundation for the development shared mobility ecosystem, which has the potential to ensure high resource utilization rate unlike the conventional method of personal vehicle ownership model.
The foundation also leads to an essential fact that there are gaps in MaaS and end-to-end connectivity; and here, micro mobility performs as a bridge between shared services and their end-to-end connectivity. Micro mobility service is the efficient use of light, compact, and swift modes of commute majorly powered by human or electric. The micro mobility as a service came into existence in China, driven by Mobike – a bicycle-based ride shares service providers.
The electric powered micro-mobility is one of the options which has witnessed exponential growth in terms of regional expansion and even in commuter’s acceptance. Micro-mobility service can replace majority of the daily trips during peak hours as most of them fall under 5 miles. The cost advantage and high acceptance of commuters has even directed attention of MaaS giants such as Uber Technologies, Lyft Inc. and ANI Technologies (Ola) to develop products for the micro-mobility ecosystem.
At its core, micro mobility focuses on the commuters using ridesharing for their trips under 5 miles or for first- and last-mile connectivity. These trips can be for traveling to work, doing day time household errands or travelling to mass transportation stations for on-ward journey. A commuter can enroll in the service via monthly or annual subscription or use it as and when required by booking via service providers platform. This gives the power of choice to a consumer for selecting a service for travel. The following figure details the market snapshot for micro mobility market by requirement type.
According to the latest report, titled 'Global Micro-Mobility Market - Analysis and Forecast (2019-2029)’, in terms of value, the global micro mobility market is expected to grow at a CAGR of 11.95% during the forecast period 2019-2029.
Companies Mentioned in the Report: