Micromobility Telematics Market Forecasted to Cross $13,010.4 Million Revenue by 2030 says P&S Intelligence
NEW YORK, April 19, 2021 /PRNewswire/ -- With the increasing demand for cost-effective first- and last-mile connectivity, the concept of micromobility is becoming popular. As a result, the global micromobility telematics market value is set to increase from $957.7 million in 2020 to $13,010.4 million by 2030, at a 26.7% CAGR between 2021 and 2030. For instance, bike sharing is becoming a popular means of short-distance commute, as it is cheaper than conventional means, such as cabs.
For similar reasons, coupled with the increasing environmental awareness, people are shifting from using their personal vehicles to availing scooter and kick scooter sharing services. As a result, such service providers are receiving huge investments, a large part of which they are spending on procuring telematics solutions. In essence, since the entire concept of micromobility is based on technology, the micromobility telematics market is growing with the rising demand for cost-effective urban transportation.
Key Findings of Global Micromobility Telematics Market
- Micromobility telematics solutions to be procured most widely by bike sharing firms
- Demand for associated software rising fastest among end users
- APAC to continue to be largest user of micromobility services and associated technology
- Telematics solution providers receiving strong funding boost
- Established shared mobility companies potential opportunity for market players
- Telematics solution providers engaging in mergers, acquisitions, and partnerships
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The COVID-19 pandemic has almost stopped the growth of micromobility companies and, in turn, the expansion of telematics solutions providers, in its tracks. Due to the nationwide lockdowns implemented around the world, the production of conventional and electric two-wheelers, as well as the telematics hardware, has stopped. Moreover, movement restrictions have drastically reduced the demand for shared mobility, which has further hurt the revenue streams of micromobility company, thereby limiting their capacity to spend on telematics solutions. However, in the long run, with the continued awareness on hygiene and cleanliness and the resulting apprehensions regarding the conventional, crowded means of public transport, the micromobility telematics market is expected to revive.