Singapore Micromobility Market To Exhibit Over 60.0% CAGR during 2021–2030

The Singapore micromobility market reached a revenue of $15.8 million in 2020, and it is predicted to demonstrate a CAGR of 64.2% from 2021 to 2030 (forecast period). Furthermore, the market will attain a value of $1,817.9 million by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the burgeoning requirement for efficient transportation systems for short-distance commute, unfavorable automobile ownership regulations in several countries, and increasing road congestion, especially in urban areas. 

Singapore Micromobility Market - P&S Intelligence 

Singapore is a tiny country, with an area of only 728.6-square-km. As a result, the booming population and the surging number of vehicles are causing road congestion, especially in the major cities. Owing to this reason, the government is using the policy of bidding via which citizens are being granted a certificate of entitlement, which permits them to own a vehicle for only 10 years. Moreover, the cost of buying a personal vehicle is quite high in the country, because of the high import charges and the existence of the bidding process. 

Depending on vehicle type, the market is divided into e-bikes, e-pods, e-mopeds, e-scooters, scooters, and bikes. Amongst these, the e-scooters category is predicted to hold the largest share in the Singapore micromobility market during the forecast period. This will be because of the ability of e-scooter sharing services to solve the issue of first- and last-mile connectivity, unlike the other public transportation services in the country. When model is taken into consideration, the micromobility market is classified into multimodal and first- and last-mile. 

Of these, the dockless sharing system category is predicted to exhibit faster growth in the market in the coming years. The implementation of favorable government policies, soaring popularity of bikes, and the greater convenience provided by the vehicles under this sharing system in comparison to the vehicles under the docked system, are driving the advancement of this category in the market. The players operating in the industry are focusing on partnerships and collaborations in order to remain competitive and gain an edge over their rivals. 

Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, mainly because of the surging requirement for improved first- and last-mile connectivity, increasing road congestion, and unfavorable automobile ownership laws in the country.