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Japan Micromobility Market Set To Hit $11,663 Million Revenue By 2030, Says P&S Intelligence

NEW YORK, Sept. 21, 2021 /PRNewswire/ -- From $39.

NEW YORK, Sept. 21, 2021 /PRNewswire/ -- From $39.4 million in 2020, the Japanese micromobility market revenue is expected to witness a 78.7% CAGR during 2021-2030, to reach $11,663.0 million by 2030, says P&S Intelligence.

The COVID-19 crisis has affected the Japanese micromobility market positively, especially after the lifting of the lockdown. The fear of infection has forced people to shun mass transit means, such as buses and metros, and opt for shared two-wheelers instead. Moreover, the policies being implemented by the government and initiatives being taken by the market players to increase the significance of shared mobility during these times are driving the demand for micromobility services in this island nation.

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The Japanese micromobility market, based on vehicle type, was led by the e-bikes category in the past. These are some of the cleanest and cost-efficient modes of transport, and they are also widely popular among the youth.

In the coming years, the larger share within the model segment of the Japanese micromobility market will be held by the first- and last-mile bifurcation. To travel between the home or office to mass transit hubs, such as bus stops and metro stations, people either walk or take their personal vehicles. Some even avail of conventional shared mobility, such as carsharing and ride hailing, which is costly for such short distances. Thus, the rising need for a cheap means of transport for the first and last miles is propelling the demand for micromobility.

Browse detailed report on Japan Micromobility Market Size, Key Players and Industry Growth Forecast to 2030

The dockless bifurcation is predicted to witness the faster growth in the Japanese micromobility market in the years to come, under segmentation by sharing system. Customers prefer these systems as the latter do not require the two-wheeler to be picked up and dropped off at a particular point. Similarly, market players save money as they are not required to set up dedicated docking stations.

The key drivers for the Japanese market:

  • Alarming Air Pollution Levels: Due to the rampant pace of industrialization and urbanization and the burgeoning number of vehicles, air pollution in Japan is increasing rapidly. This is encouraging the government to promote micromobility schemes as most of the vehicles deployed in these services run on electricity. Moreover, shared mobility can help reduce the number of vehicles on the roads, thereby further driving down emission levels.
  • Need for Efficient Short-Distance Transportation: Another major driver for the Japanese micromobility market is the vast unmet need for an efficient means of short-distance transport. Traditionally, short distances in the country have been covered via personal vehicles or walking. Moreover, conventional means of mass transit are not economical when it comes to traveling the first and last miles, which is driving the usage of shared two-wheelers for this purpose.

Key companies in the Japanese micromobility market are Mobby ride Co. Ltd., Open Street Inc., EXx Co. Ltd., Docomo Bike Share Co. Ltd., Hasegawa Kogyo Co. Ltd., Meituan Bike (Mobike), Luup Co. Ltd., Kwang Yang Motor Co. Ltd., Ningbo MYWAY Intelligent Technology Co. Ltd., and Segway Inc.

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Micromobility Market  -Across the globe, the micromobility market is currently registering the highest growth in the Asia-Pacific (APAC) region. In this region, China is witnessing the highest demand for bike sharing services.

Micromobility Telematics Market  -Globally, the Asia-Pacific region dominated the micromobility telematics market in 2020. This was attributed to the huge investments received by various regional micromobility telematics firms and the emergence of several technology start-ups in the region.

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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SOURCE P&S Intelligence