The global transportation market is undergoing a major transformation, driven by the rise of micro-mobility trends. Market research shows that micro-mobility is about to become the preferred mode of transportation in global cities, and will soon surpass cars and motorcycles in distances of up to 25 kilometers.
The global transportation market is undergoing a major transformation, driven by the rise of micro-mobility trends. Market studies show that micro-mobility is set to become the preferred mode of transportation in global cities, soon surpassing cars and motorcycles for trips within 25 kilometers.
Consumer and investor demand ensures that micro-mobility's position in the sharing economy will remain stable in the foreseeable future. Electric bicycles are expected to reach a global compound annual growth rate (CAGR) of 6.39% by 2024, with sales projected to reach $24.3 billion by 2025. The Asia-Pacific region accounts for 67.53% of the global electric bicycle market, with China remaining the largest user and exporter of electric bicycles globally. An increasing number of electric vehicle manufacturers, such as Giant and Trek Bicycles, are expanding production to Europe and the United States. In addition, two electric scooter startups based in the United States, Lime and Bird, are growing at a valuation rate faster than any other company.
Why is micro-mobility a major trend?
The global rise of micro-mobility, especially the use of electric bicycles and electric scooters, began with the increased demand for eco-friendly transportation methods. Consumer research shows that protecting the environment for future generations is crucial to consumers. Electric bicycles and electric scooters offer an exciting alternative to fossil fuel vehicles due to their zero carbon emissions and extremely low noise pollution.
The rapid urbanization in global cities has also led to an increase in pollution and traffic congestion, meaning higher carbon emissions, rising fuel costs, and frequent peak-hour traffic jams. This is a problem for commuters and city governments alike. Smaller electric or pedal-powered vehicles are easy to use and can help alleviate traffic congestion.
Another factor is the shift in the transportation demands of the younger generation to adapt to their active lifestyles. The energy efficiency and cost-effectiveness of riding electric scooters or bicycles for commuting or leisure are popular among millennial and Gen Z consumers. Their focus on fitness is an important reason for the rapid development of micro-mobility. The recent addition of storage features on electric bicycles has made commuting more convenient, especially for urban residents. Electric assist bicycles also provide alternative options for entertainment or commuting for older active consumers, including the baby boomer generation.
What will the future be like?
Although flying bicycles or underwater sleds may be a bit exaggerated, there are many exciting developments ahead in the micro-mobility field. Electric bicycle and skateboard manufacturers are focusing on enhancing user experience by integrating with users' smartphones. This technology will provide users with real-time information such as location, speed, and battery status. Stylish and lightweight bicycle and skateboard designs are influencing manufacturers. And battery life technology, including the main focus on developing inexpensive and recyclable lead-acid batteries to extend the driving time of electric vehicles, will have a significant impact on the market in the coming years. With the development of rideable electric technology, H.B. Fuller continues to provide solutions to meet changing market demands, especially in the design and installation of electric vehicle batteries. Learn about our complete range of lightweight, high thermal conductivity, and high-performance adhesive products.
