DUBLIN–(BUSINESS WIRE)–The “Micromobility Telematics Market Research Report: By Service Type, Offering, Technology, Sharing Type – Global Industry Trends Analysis and Revenue Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
With the increasing demand for cost-effective first- and last-mile connectivity, the concept of micromobility is becoming popular. As a result, the global micromobility telematics market value is set to increase from $957.7 million in 2020 to $13,010.4 million by 2030, at a 26.7% CAGR between 2021 and 2030. For instance, bike sharing is becoming a popular means of short-distance commute, as it is cheaper than conventional means, such as cabs.
For similar reasons, coupled with the increasing environmental awareness, people are shifting from using their personal vehicles to availing scooter and kick scooter sharing services. As a result, such service providers are receiving huge investments, a large part of which they are spending on procuring telematics solutions. In essence, since the entire concept of micromobility is based on technology, the micromobility telematics market is growing with the rising demand for cost-effective urban transportation.
The COVID-19 pandemic has almost stopped the growth of micromobility companies and, in turn, the expansion of telematics solutions providers, in its tracks. Due to the nationwide lockdowns implemented around the world, the production of conventional and electric two-wheelers, as well as the telematics hardware, has stopped. Moreover, movement restrictions have drastically reduced the demand for shared mobility, which has further hurt the revenue streams of micromobility company, thereby limiting their capacity to spend on telematics solutions. However, in the long run, with the continued awareness on hygiene and cleanliness and the resulting apprehensions regarding the conventional, crowded means of public transport, the micromobility telematics market is expected to revive.
The global positioning system (GPS) category held the largest share in the micromobility telematics market in the past, based on offering. GPS is an important tool as it allows users to see the exact location of the vehicle, before booking, and, in the same way, allows micromobility companies to track their assets. This offers immense convenience, since most of the micromobility services are being offered via the dock-less model.
Till now, Asia-Pacific (APAC) has generated the highest revenue for micromobility telematics market players on account of the heavy investments being received by regional technology start-ups and micromobility companies. Moreover, many businesses have emerged in the region to offer low-cost urban transportation services and get the first-mover advantage.
In the near future, the micromobility telematics market revenue growth will likely be the most rapid in the Middle East and Africa (MEA). The changing customer behavior, increasing usage of connected technologies, and shifting focus of regional governments on eco-friendly means of travel are propelling the adoption of micromobility services, which, in turn, is driving the demand for telematics solutions.
Market Dynamics
Trends
Funding raised by telematics service providers Drivers
Increasing demand for micromobility services Rise of bike sharing services Increasing demand for kick scooter sharing services Expanding scooter sharing fleet Heavy investments in micromobility Growing demand for first- and last-mile transportation Impact analysis of drivers on market forecast Restraints
Vandalism, thefts, and improper parking of vehicles Regulatory hurdles for micromobility service providers Impact analysis of restraints on market forecast Opportunities
Emergence of an integrated system Companies Mentioned
Conneqtech B.V. VULOG SA INVERS GmbH PBSC Urban Solutions Inc. Bewegen Technologies Inc. Smoove SAS SharingOS Holdings Limited Comodule OU e-motionlabs NV E-pire limited (Luna Systems) For more information about this report visit https://www.researchandmarkets.com/r/z1cyf0