DUBLIN--(BUSINESS WIRE)--The "IoT Solutions for Micromobility Market - A Global and Regional Analysis: Focus on Vehicle Type, End Use, Component, and Supply Chain and Country-Wise Analysis - Analysis and Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The global IoT solutions for micromobility market was estimated to be at $3.4 billion in 2020, which is expected to grow with a CAGR of 17.39% and reach $26.3 billion by 2031.
The growth in the global IoT solutions for micromobility market is expected to be driven by increasing micromobility sharing services, heavy investments in micromobility, and growing demand for first and last-mile transportation, increasing road congestion, ease of parking, and saturation within the automotive sector.
Micromobility vehicle manufacturers collaborate with IoT solution companies to upgrade their vehicles with IoT-based hardware and software. The growth of global IoT solutions for micromobility market is due to the rapidly rising demand for first and last-mile delivery markets and kick scooter-sharing.
Investment from manufacturers in research and development activities in IoT solutions for micromobility is expected to push the market substantially. Rapid population growth and urbanization worldwide are forcing governments and consumers to switch to micromobility vehicles from conventional vehicles.
Further, this will propel the global IoT solutions for micromobility market significantly in the years ahead. Though there are some challenges in the market, such as vandalism, thefts, improper parking of vehicles, and non-availability of required infrastructure, the ongoing vital developments in the market are expected to overcome them in the forecast period.
Impact of IoT Solutions for Micromobility Market
- Internet of Things (IoT) has provided opportunities for manufacturers to leverage connectivity with other essential benefits. The number of connected products in different applications has been increasing. The availability of IoT in sectors such as entertainment, security, and environmental benefits is boosting the IoT market substantially. The world is experiencing technological advancements because of IoT success due to its scalability, security, and sustainability, resulting in the successful adoption of IoT solutions by different clients around the globe.
- Public transportation is the primary and most common form of mobility in any economy, which can further facilitate the daily transportation of people and goods at subsidized costs and in a secure manner. Currently, a significant gap in the adoption of public transportation is in last-mile connectivity, from home to station or bus stop, and vice versa. Micromobility has the potential to provide first- and last-mile connectivity for commuters. Micromobility as a service provider has established a strong foundation for the development shared mobility ecosystem, which has the potential to ensure a high resource utilization rate, unlike the conventional method of personal vehicle ownership model. Micromobility as a service came into existence in China, driven by Mobike, a bicycle-based ride-sharing service provider.
- The goal of implementing policies to encourage active mobility is to reduce the use of private cars, mitigate the negative impacts of greenhouse gas emissions, promote healthier lives, and create a compact, highly efficient, and resilient urban design.
Impact of COVID-19
The COVID-19 pandemic caused havoc on global businesses. Global industries are currently facing challenges from the economic side of the market. The market is in a slump, making trade activities difficult during this time. The pandemic has disrupted the market's supply chain.
Market Dynamics
Drivers
- Increasing Micromobility Sharing Services
- Rising Bike-Sharing Services
- Increasing Demand for Kick Scooter-Sharing
- Upsurging Scooter-Sharing Fleet
- Incoming of Heavy Investments in Micromobility
- Growing Demand for First and Last-Mile Transportation
- Rising Demand for Optimization in Vehicle Tracking and Improvement in Rider Safety
Challenges
- Vandalism, Thefts, and Improper Parking of Vehicles
- Non-Availability of Required Infrastructure and Lack of Legal Regulation in Developing Countries
Opportunities
- Emergence of An Integrated System
- Future of Micromobility: 5G and Autonomous Technology
- Transition from Vehicle Ownership to MaaS
Companies Mentioned
- Twilio Inc.
- Joyride Technologies Inc.
- Telenor Connexion
- Brodmann17
- Mobilogix
- Teltonika
- Omni-ID
- Comodule OU
- INVERS GmbH
- Hangzhou RiDi Technology Co., Ltd
- Voi Technology AB
- LINKA Technologies LLC
- Otonomo Technologies Ltd.
- Taoglas
- Drover AI
For more information about this report visit https://www.researchandmarkets.com/r/jnnecp
