Philippines Micromobility Market to Generate $13,899.7 Million Revenue by 2030

A number of factors such as the rising need to curtail transportation costs and mitigate air pollution, plunging cost of batteries, and burgeoning demand for efficient transportation services to bridge the gap between first- and last-mile connectivity are expected to propel the Philippines micromobility market at an exceptional CAGR of 158.6% during the forecast period (2021–2030). According to P&S Intelligence, the market revenue will surge from $1.9 million in 2020 to $13,899.7 million by 2030. 

Philippines Micromobility Market - P&S Intelligence 

The surging public and government focus on reducing air pollution, traffic congestion, and transportation costs is expected to drive the demand for micromobility services in the Philippines. For instance, in 2020, the Philippines had an average US air quality index (USAQI) reading of 52 ³. Additionally, the abundant availability of micromobility services and their ability to provide greater convenience than conventional transportation systems are also driving their popularity in the country.  

Moreover, the plunging battery cost is also a key contributor to the Philippines micromobility market growth. The reduction in battery price causes the upfront cost of electric personal mobility devices (PMDs) to fall, which, in turn, accelerates the inclusion rate of such automobiles in micromobility fleets. Nowadays, market players are opting for lithium-ion (Li-ion) batteries, as they offer increased running economy and reduced charging time than lead-acid batteries. Additionally, the availability of government incentives and tax credits on the usage of Li-ion batteries also fuels the adoption of Li-ion-powered electric vehicles (EVs) in vehicle sharing fleets.  

Presently, the players in the Philippines micromobility market are engaging in service expansions to gain a competitive edge. For instance, in December 2020, Moovr PH introduced its e-scooter and bike sharing services in Bonifacio Global City (BGC), the Philippines, with a fleet of 20 Segway Ninebot Pro Max e-scooters and 200 single-speed bikes and 14 hubs. Companies such as Segway Inc., StreetWheels Philippines, Grab Holdings Inc., Ningbo Kaabo Technology Co. Ltd., Niu Technologies, Kwang Yang Motor Co. Ltd., Merida & Centurion Germany GmbH, and Vmoto Limited are also expanding their services in the country to consolidate their position.

Thus, the escalating need to curtail air pollution levels and declining battery costs will augment the demand for micromobility services in the Philippines.