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 proliferating. The availability of IoT in sectors such as entertainment, security, and environmental benefits is boosting the IoT market substantially.
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. This research study focuses on putting forward IoT solutions' current and future potential for the micromobility market. The report includes an exhaustive analysis of different manufacturers in the market, market dynamics, and regional studies. To reduce traffic congestion and environmental pollution, countries worldwide are supporting micromobility to overcome these issues, which will boost the global IoT solutions for micromobility market.
E-bike will Be the Fastest Growing Vehicle Type
E-bikes are battery-powered versions of paddle bikes, traveling up to 16 to 20 mph. E-bikes are reliable, easy to ride, reasonable, and help people live and move more sustainably. They are gaining popularity in countries such as Germany. They are replacing conventional bicycles, while in others, such as China, they replace fossil fuel-powered mopeds and small motorbikes. In 2021, Comodule, an E-bike connectivity pioneer, released a new product driven by the rise of the micromobility and connectivity industries. Some key electric bike manufacturers are Giant Bicycles, Aventon, Buzz Bikes, Lectric eBikes, and GT Bicycles, among others.
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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.
Shared Services will Be the Most Popular End-Use
Shared Services Vehicles are dominating the market. It can be directly attributed to those consumers who use a vehicle collectively for transportation without owning it. Yulu is a shared micromobility business that uses electric two-wheelers to help cities in India reduce traffic congestion and pollution.
Free-Floating Sharing Services will Dominate the Sharing Services Category
Free-floating services occupied the largest share in the market in 2020 due to their ease of implementation. Free-floating is a service for sharing vehicles without fixed stations to make public transportation options available across a city without needing a central hub. The mopeds or kick scooters can be strategically positioned in hotspot regions with high demand as long as it follows the city's micromobility regulations from where users can reserve and utilize a vehicle and park it wherever they want.\
IoT Module Will Be the Most Preferred Hardware Type
IoT Module is dominating the hardware in IoT solutions for the micromobility market. An IoT module is an electronic device installed in micromobility vehicles connected to wireless networks. It is an integral component of IoT solutions for micromobility vehicles. It is built to be durable to operate seamlessly in extreme conditions, including high levels of vibration, extreme temperature, and humidity.
Europe Will Be the Most Lucrative Market
Europe is dominating the market for IoT solutions for micromobility in 2020 and is expected to grow in the estimated forecast period of 2021-2031 due to various advantages, including the freeing up of parking spots, government regulations, the reduction of urban congestion, the reduction of air pollution, among others. The IoT solutions for the micromobility market in the U.K. are also extensive in volume in 2020 and are expected to increase exponentially over the forecast period. Therefore, IoT solutions for micromobility use in the U.K. are also growing.
Competitive Landscape
Major global IoT solutions for micromobility companies are making various kinds of strategic moves to gain market share. Some key highlights from the research involving manufacturers are:
- Twilio Inc., Teltonika, Omni-ID, Joyride, and Taoglas, amongst others, are some leading players globally.
- Voi Technology AB, Drover AI, and Brodmann17, among others, are some emerging private companies.
- New product launches are the most preferred strategy.
- Apart from product launches, expanding business activities and sealing new partnerships and collaborations are some other strategies.
- Most players have tie-ups with various micromobility manufacturers and Tier 1 suppliers.
