IoT Solutions for Micromobility Market is expected to grow 2031
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.
Read Report Overview: IoT Solutions for Micromobility Market
Market Lifecycle Stage
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 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.
In addition, the overall demand for micromobility is declining. The automotive sector is suffering as a result of global mobility constraints. Micromobility vehicles, on the other hand, are becoming more popular in some areas. Short-distance travel is common during pandemics. Furthermore, the global IoT solutions for micromobility market is expected to grow post the pandemic, owing to rising sales of new energy vehicles and focusing on trends such as connected cars, telematics, and internet connectivity.
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.
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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.