Revenue Boom Expected in Global Micromobility Telematics Market Between 2021 and 2030

The global micromobility telematics market revenue stood at $957.7 million in 2020, and the market is predicted to advance at a CAGR of 26.7% from 2021 to 2030. Furthermore, the market will reach a value of $13,010.4 million by 2030, as per the forecast of P&S Intelligence, a market research company based in India. The market is being driven by the large-scale adoption of micromobility solutions all over the world. 

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With the increasing adoption of network services, smartphone connectivity, fleet optimization, and locking mechanisms into these services, the market will register rapid expansion in the coming years. Besides these, the burgeoning requirement for first- and last-mile transportation is also fueling the advancement of the micromobility telematics market around the world. Micromobility services provide mobility solutions for shorter distances, which, in turn, bridges the gap existing in first- and last-mile transportation.

These services are generally required for covering a distance of less than 5 km (3.1 miles) per trip. Furthermore, these services are majorly provided via the station-less or dock-less model, that allows users to leave the vehicle after use at any location as per their convenience. This is massively improving first- and last-mile traveling. Another major factor driving the expansion of the micromobility telematics market is the huge investments being made in the industry by top investors across the world. 

Globally, the Asia-Pacific (APAC) region dominated the micromobility telematics market in 2020. This was attributed to the huge investments received by various regional micromobility telematics firms and the emergence of several technology start-ups in the region. Furthermore, the industry players operating in this region are increasingly focusing on offering affordable micromobility solutions in order to gain the first-mover advantage. This is massively propelling the expansion of the market in this region.

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Hence, it is safe to say that the market will exhibit huge expansion in the years to come, primarily because of the surging adoption of micromobility solutions, soaring requirement for first- and last-mile connectivity, and the huge investments being made by various venture capitalists and investors in the industry.