Micromobility is gaining immense traction in various countries across the globe, owing to persistent technological advancements and developments and initiatives taken by the governments toward smart cities. The urban transportation has gone through revolutionary changes over the last couple of years due to the inclination toward overall sustainability among people. This has enabled prominent micromobility manufacturers across the globe to build a sustainable vehicle infrastructure. Micromobility is gaining huge momentum among generation Z and millennials around the world.
Micromobility is extensively adopted by school and college students in universities and all sorts of academic institutions so as to drive sustainability. Thus, it is rapidly changing with the changing transportation landscape in various countries across the globe. Governments are taking intensive initiatives to make electric mobility more and more prevalent across their respective countries. Hence, they are widely adopted in campuses, commercial buildings, residential complexes, and others to significantly reduce carbon footprint. Numerous governments and organizations across the globe are devising pertinent initiatives to minimize carbon footprints and maximize electric mobility so as to attain zero emissions by 2030. This has enabled micromobility players to effectively launch new products to subsequently become a part of a sustainable and secure future.
Besides, the inflow of colossal investments towards electric mobility and the immaculate need for providing necessary mircomobility solutions is one of the vital trends that is being witnessed in the global micromobility market. Micromobility has essentially emerged as an ideal potential solution for urban transportation on a global scale. Conversely, growing internet penetration among users across the globe and remarkable advancements in GPS tracking and connectivity is expected to increase the demand for micromobility in the coming years. In addition, the computing cost related to micromobility sharing services is much lower compared to the other conventional modes of transportation. This is one of the most important drivers of the surge in the micromobility market.
Furthermore, the large presence of various service provider companies across the globe, growing trend of on-demand transportation services, and the availability of intelligent transportation system are expected to create ample opportunities for the growth of the global micromobility market in the forthcoming years. According to the report published by Allied Market Research, the global micromobility market is expected to reach $214.57 billion by 2030, registering a CAGR of 17.4% from 2021 to 2030. The emergence of this untapped, enormous market has initiated a hysteria of investments into the micromobility industry with the clash to dominate the market share.
Numerous players in the market across the globe are launching innovative products and services to cater to the intrinsic needs and demands of the people. Popular automotive manufacturers and service providers envision offering a great deal of affordability and sustainability at the same time to the millennials living in urban areas. For instance, Yulu, an Indian micromobility platform engaged in providing solutions to traffic congestion and alarming air pollution in the country, launched dockless bicycles and electric vehicles to straighten out and solve first and last-mile connectivity hassles in the country. The company is powered by Vodafone, and they have further planned to enlarge the fleet to nearly 100,000 EVs in India.
The Yulu app makes use of machine learning algorithms to seamlessly supervise the demand and supply of the vehicle. The two-wheeler electric vehicles offered by the Indian start-up are impressively powered by innovative technologies such as the internet of things (IoT), artificial intelligence (AI), and machine learning (ML). Yulu offers its two micromobility options namely, Yulu Miracle and Yulu Move. Yulu Miracle is a smart dockless electrical vehicle that is specifically designed for adverse urban traffic conditions. It is lighter than a scooter and way faster than a bicycle. It has a maximum speed of 25km/hr.
The bike is unisex and extremely comfortable for people irrespective of their weight and height. Yulu Move has also a virtually dockless smart lock-enabled bicycle that is powered by the global positioning system (GPS), Bluetooth technologies, and general packet radio service (GPRS) to provide a seamless, safe, and a unique experience for customers in the urban areas.
The trend of launching innovative products and services by eminent players in the market continues to gain massive momentum in the mobility sector to better offer customers more advanced options. For instance, Raine, an Australia-based electric scooters company, launched a new electric scooter called Raine One. The electric scooter is built with aircraft-grade materials, has a lightweight design, and provides poly-shock suspension.
In addition, the scooter has a high-powered motor that makes it ideal to climb across hills and can run on different types of road conditions. Thus, it provides maximum power giving a top speed of up to 45kmph/28mph and uphill power. Raine One gives a minimum of 20km range with a recharge speed of about two hours, and up to 45kms or 25 miles with only a charge time of five hours. It also has an in-built GPS that not only helps to guide riders to their destination but also to locate the scooter at any intervals. Furthermore, the integrated locking system in the scooter gives a heads-up to customers against thefts.