The global IoT solutions for micromobility market size was valued at USD 3.5 billion in 2021. It is projected to reach USD 14.6 billion by 2030, growing at a CAGR of 17.20% during the forecast period (2022–2030). The Internet of Things (IoT) has given manufacturers opportunities to leverage connectivity for other crucial benefits. IoT's increasing applications in entertainment, security, and the environment substantially increase its demand. Scalability, security, and long-term viability are among the primary reasons for the global acceptance of IoT by end-users from various industry segments. Micromobility is one industry that has witnessed rapid IoT application adoption in recent years. Globally, nations are embracing micro mobility to reduce traffic congestion and pollution.
Micro mobility refers to a group of small, lightweight vehicles that travel at speeds of less than 25 kilometers per hour (15 miles per hour) and are operated by individuals. Examples of such vehicles include:
E-scooters are appropriate for traveling short distances in urban areas. E-bikes are ideal for longer, quicker journeys. Typically, they include a satellite-based location receiver, a cellular transmitter for cloud communication, and a Bluetooth or internet connection for local functions, such as user access control and setup, as well as operator servicing and repair.
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Massive IoT Penetration to Boost Market Progress
The availability of IoT in industries including entertainment, security, and environmental benefits is substantially boosting the IoT market. Due to IoT's scalability, security, and sustainability, the world is experiencing technological advancements, which have led to various clients' successful adoption of IoT solutions worldwide. Micro mobility as a service provider has laid a solid foundation for developing a shared mobility ecosystem. It has the potential to ensure a high resource utilization rate in contrast to the conventional model of personal vehicle ownership. These advantages are resulting in substantial growth of the market.
Compliance With Updated Governmental Norms to Favor Market Growth
The deployment of the micro-mobility fleet is no longer simply due to the escalating population and fiercer competition amongst players. Specific rules differ globally from country to country or even state to state. These rules have also been tightened due to the failure of some well-run transportation businesses. Therefore, complying with these regulations and then adhering to them is a significant obstacle for businesses. The fundamental city ordinances are speed limits, parking regulations, vehicle caps, etc.
To address this problem, businesses must monitor vehicle metrics, such as speed, time to destination, the route is taken, parking location, etc. This is accomplished by equipping vehicles with IoT devices, such as GPS trackers and sensors. The vehicle can be wirelessly controlled to comply with city regulations using these technologies. In the case of electric scooters and charging stations, these solutions also aid users in locating the closest dock or charging station. In the event of improper parking, IoT devices are now intelligent enough to alert the rider about the correct parking space. This could lead to market expansion in the future.
Safety Issues to Hinder Market Growth
When you see it, you acknowledge unsafe riding, including riding on sidewalks and double riding. Few factors have been as influential in driving innovation within the category as the pursuit of safer service. Micro mobility operators are limited only by their imagination when equipped with the superior speed of cellular IoT and an expanding array of sensors. Recent innovations include low-speed zones, audible alarms, and vehicle visibility indicators.
A stable internet connection between the connected e-scooter and the rider's mobile app is required for increased security. Instead of installing expensive hardware like touch screens on the e-scooters to collect information, the rider's phone can serve as an interaction layer to send and receive real-time data with the scooter. The app can be used to provide the rider with security instructions, including soft limiters such as testing for intoxication, age, and knowledge of traffic laws, as well as other crucial gatekeeping parameters. In addition, the app can capture and share vehicle images before and after a ride, allowing operators to incentivize safer parking.
The global IoT solutions for micromobility market are segmented by vehicle type, end-user, feature, and component.
Based on vehicle type, the market is segmented into E-Bike, E-Scooter, E-Moped, and Bike.
E-bikes dominate the global IoT solutions for micromobility market. E-bikes are gaining popularity in some countries because they are dependable, simple to ride, affordable, and help people live and travel more sustainably. They are replacing conventional bicycles and have already replaced mopeds and small motorbikes powered by fossil fuels in countries such as China.
Based on end-user, the market is segmented into Delivery Services and Shared Services.
The global IoT solutions for micromobility market are currently being led by shared services vehicles to a slightly greater extent. It can be directly attributed to customers who share the use of a vehicle for transportation purposes rather than owning their vehicle. Yulu is a company that provides shared micro mobility through electric two-wheelers. The company's goal is to assist cities in India in reducing pollution and traffic congestion.
Based on the feature, the market is divided into Rider and Operator Application, Dashboard, Telematics, Security, and Analytics.
The global IoT solutions for micromobility market are dominated by telematics. Adoption of onboard telematics is crucial for connected micro mobility vehicles, with direct and indirect benefits in multiple areas, such as cost management and integrated vehicle management. Moreover, the increasing demand for first and last-mile mobility solutions has boosted the popularity of bike-sharing solutions, resulting in the integration of telematics systems.
Based on components, the market is bifurcated into Hardware and Software.
Hardware dominates the global IoT solutions for micromobility market. An IoT device can easily be installed to control and monitor an E-scooter, E-bike, moped remotely, or any other vehicle, allowing the user to send commands to the vehicle and have them implemented, as well as monitor its location in real-time and track any errors.
The global IoT solutions for micromobility market are regionally segmented into North America, South America, Europe, Asia-Pacific, and the Middle East, and Africa.
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Europe dominated the market for Internet of Things (IoT) solutions for micromobility. It is anticipated that it will expand during the estimated period of the forecast due to the various regulations that the government has enacted to reduce urban congestion and air pollution.
The global IoT solutions for micromobility market major key players are: