Turkey Micromobility Market To Register 64.5% CAGR during 2021–2030

A number of factors, such as the rising need for maintaining a green environment, surging requirement for minimizing traffic congestion, and increasing demand for effective transportation systems for short-distance traveling, are projected to drive the growth of the Turkish micromobility market at a robust CAGR of 64.5% during the forecast period (2021–2030). According to P&S Intelligence, the market generated revenue of $92.8 million in 2020, and it is expected to reach $14,711.1 million by 2030. Moreover, the market is witnessing a trend of surging adoption of e-scooters in the country.

One of the prime factors aiding the Turkish micromobility industry is the rising need for maintaining a green environment. Environmental pollution is one of the major issues in the country. Air pollution level is above the guidelines of the World Health Organization (WHO), which leads to deadly diseases. Micromobility is helping in minimizing pollution levels, and thus, the micromobility ecosystem is expanding significantly, owing to its high availability, ease of functioning, low pricing, and environment-friendly. Moreover, the micromobility services are expected to replace cars being used for short distances in the long run, and they help in reducing emission levels.

The vehicle type segment of the Turkish micromobility industry is classified into e-scooters, e-bikes, e-pods, e-mopeds, bikes, and scooters. Among these, the e-scooters category accounted for the largest market share in 2020, and it is also expected to witness the fastest growth in the coming years. This is attributed to the rising fleet size of e-scooters. This leads to the high availability of e-scooters for micromobility services in the country, as compared to other vehicle types.

The key players operating in the Turkish micromobility market include Marti Technologies Inc., Inveo Yatirim Holding A.S., Hop Teknoloji A.S., Fenix Technologies Ltd., Bizero Robotics, Segway Inc., Kwang Yang Motor Co. Ltd., Niu Technologies, and Bisim Smart Bicycle Rental System. These players have been involved in investments and funding activities to gain a competitive advantage. For example, Inveo Yatirim Holding A.S. invested $2.8 million (TL 24.2 million) in Hop Teknoloji A.S. in May 2021. This is projected to elevate the growth of the latter company in order to buy new electric scooters and augment its business operations. 

Thus, the surging need for maintaining a green environment and the rising requirement for minimizing traffic congestion are expected to propel the market growth during the forecast period.