NEW YORK, April 19, 2021 /PRNewswire/ -- 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.
Key Findings of Global Micromobility Telematics Market
- Micromobility telematics solutions to be procured most widely by bike sharing firms
- Demand for associated software rising fastest among end users
- APAC to continue to be largest user of micromobility services and associated technology
- Telematics solution providers receiving strong funding boost
- Established shared mobility companies potential opportunity for market players
- Telematics solution providers engaging in mergers, acquisitions, and partnerships
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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.
Browse detailed report with COVID-19 impact analysis on Micromobility Telematics Market Research Report: By Service Type (Bike Sharing, Kick Scooter Sharing, Scooter/Motorcycle Sharing), Offering (GPS, Fleet Optimization, Software), Technology (Embedded, Tethered, Integrated), Sharing Type (Dock-Less, Station-Based, Hybrid) - Global Industry Trends Analysis and Revenue Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/micromobility-telematics-market
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.
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Major companies in the global micromobility telematics market include Conneqtech B.V., INVERS GmbH, VULOG SA, PBSC Urban Solutions Inc., Smoove SAS, Bewegen Technologies Inc., SharingOS Holdings Limited, e-motionlabs NV, Comodule OÜ, and E-pire Limited.
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