NEW YORK, Sept. 15, 2021 /PRNewswire/ -- The value of the Thailand micromobility market will grow from $11.8 million in 2020 to $15,102.1 million by 2030, at a 98.7% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
Key reasons behind the burgeoning demand for such services are:
- Cost-Effectiveness and Convenience: Shared mobility is already known to be more cost-effective than owning and maintaining private vehicles, as the vehicle purchase cost, fuel, servicing, and parking expenses, and insurance premiums are borne by the service providers. Moreover, rides on these two-wheelers are available for between THB 5-10 per 30 minutes after a base fare, which makes them popular among the masses. Further, the rides can be booked 24/7 via service providers' mobile application or website, thus resulting in high convenience.
- Urban Congestion and Air Pollution: The worsening traffic congestion and air pollution in cities also drive the Thai micromobility market, as such services are an effective antidote to these problems. Since most of the vehicles in micromobility fleets are electric, they help curb greenhouse gas emissions. Similarly, their small size and easy maneuverability save space on the roads and at parking stations.
Since the lifting of the COVID-19-related lockdowns, the Thai micromobility market has been booming. The prevailing social distancing norms and fear of infection have forced people to shun conventional mass transit via buses and metros and opt for micromobility.
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The e-mopeds category will dominate the Thai micromobility market in the coming years, on the basis of vehicle type. Young Thais are using e-mopeds increasingly for commuting to work and college, as they are highly internet-savvy and open to experimenting with fun means of everyday travel.
In the past, the first- and last-mile bifurcation held the larger share in the Thai micromobility market, under segmentation by model. Due to the strong government support for such services and concerns for the environment, people are shunning their private vehicles and choosing micromobility for covering the first and last miles. Moreover, micromobility has proved more effective in solving the first- and last-mile connectivity problem than conventional shared mobility services, such as ridesharing and carsharing.
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The faster growth in the Thai micromobility market, based on sharing system, will be witnessed by the docked bifurcation. Though implementing a dockless system is cheaper, it is associated with vandalism and parking chaos, which often prompt governments to fine service providers. Therefore, to avoid such situations and keep the vehicles safe, market players will opt for more docked systems.
Major companies in the Thai micromobility market include Ofo Inc., Innotra Co. Ltd., Go Scoot Bangkok, Haupcar Company Limited, Anywheel Pte. Ltd., E Revolution Co. Ltd., Neuron Mobility Pte. Ltd., Niu Technologies, Grab Holdings Inc., Ningbo MYWAY Intelligent Technology Co. Ltd., Falcon Go, Segway Inc., Yadea Group Holdings Ltd., and Giant Manufacturing Co. Ltd.
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