The market for global micro-mobility charging infrastructure is estimated to reach $14. 1 billion by 2027, growing at a CAGR of 21.7% over the forecast period. As cities throughout the world work to solve their transportation problems, micro-mobility is developing as a viable option to public transportation, despite growing worries about gas-powered pollution.
Over the forecast years, the increased adoption of e-scooters and e-bikes to minimise environmental effect and improve mode of transportation is likely to boost market expansion. Many companies have raised venture money around the world, indicating that this sector has the potential to grow even more.
Over the forecast period, the market is expected to grow due to the fast expanding need for mobility solutions. Riders nowadays have a myriad of convenient and cost-effective transportation options. As a result of micromobility, consumer preferences have shifted quickly away from car ownership and toward more convenient and alternative modes of transportation. Vendors of micro-mobility charging infrastructure are focusing their efforts on monetizing the micro-mobility market.
Impact of COVID-19
The COVID-19 outbreak is expected to have a negative influence on market growth. Demand for public transit fell as companies closed and individuals stayed at home more because to the Covid-19 epidemic. The profitability of the corporations have suffered significantly as a result of this. Throughout the projection period, market expansion is expected to be hampered by a lack of a sound policy framework and a low level of public awareness.
The COVID-19 pandemic, which has bankrupted corporations and plunged the world economy into shambles, has affected millions of people. Lockdowns and stay-at-home orders have helped to contain the coronavirus, but they have put a strain on the economy. As a result of a new reality of working from home, cancelling excursions, and even outings to restaurants and grocery shops, the micro-mobility business, which comprises a spectrum of lightweight vehicles such as bicycles, e-scooters, and mopeds, is experiencing disastrous decreases in ridership and revenue.
Coronavirus’ Impact on the Global Micro-mobility Charging Infrastructure Market (Covid-19) Pandemic
The worldwide micro-mobility charging infrastructure sector is projected to suffer as a result of the COVID-19 epidemic. As the worldwide supply chain was affected by lockdown orders and bike retailers were forced to close during the epidemic, few companies saw decreased sales of e-scooters and e-bikes. The companies’ profits have suffered as a result of this. Over the projection period, a lack of a solid policy framework and public awareness is also expected to stymie market expansion.
In terms of value, Asia Pacific dominated the global micro-mobility charging infrastructure market in 2020, with a 40.96 percent share, followed by Europe and North America.
The COVID-19 pandemic is predicted to have a negative influence on the market. Since the start of the COVID-19 epidemic, the number of passengers and kilometres toured has dropped by 50 percent to 60 percent over the world, and the use of Micro-mobility charging infrastructure has dropped considerably. However, due to increased awareness of social alienation and the ease of access provided by Micro-mobility, the market is likely to make a robust post-pandemic rebound.
Highlights of the Micro-mobility Charging Infrastructure Market Report
Several micromobility startups are concentrating on developing dockless systems for e-scooters in parking lots. As a result, the e-scooters segment is predicted to rise over the projection period.
Over the projection period, the wireless segment is expected to increase significantly. Coil technology and magnetic concrete are used to create the wireless charging stations, allowing for greater alignment tolerance and longer vertical wireless power transmission distances.
Users of e-scooters and e-bikes are concentrating on solar-powered charging stations. Furthermore, vehicle charging equipment are easier to integrate with these stations. These stations can charge the vehicle’s batteries from a variety of buildings with solar panels.
Micro-mobility clients are projected to become more aware of smart cities and smart workplace efforts around the world. As a result, the residential category is likely to experience increase during the projection period.
Bicycles are used by around 50 million people in the United States on a regular basis. This, in turn, is predicted to boost the regional market’s growth.