PUBLISHER: BIS Research | PRODUCT CODE: 1068422
PUBLISHER: BIS Research | PRODUCT CODE: 1068422
“Global IoT Solutions for Micromobility Market to Reach $26,264.8 Million by 2031.”
The global IoT solutions for micromobility market was estimated to be at $3.4 billion in 2020, which is expected to grow with a CAGR of 17.39% and reach $26.3 billion by 2031. The growth in the global IoT solutions for micromobility market is expected to be driven by increasing micromobility sharing services, heavy investments in micromobility, and growing demand for first and last-mile transportation, increasing road congestion, ease of parking, and saturation within the automotive sector.
Micromobility vehicle manufacturers collaborate with IoT solution companies to upgrade their vehicles with IoT-based hardware and software. The growth of global IoT solutions for micromobility market is due to the rapidly rising demand for first and last-mile delivery markets and kick scooter-sharing.
Investment from manufacturers in research and development activities in IoT solutions for micromobility is expected to push the market substantially. Rapid population growth and urbanization worldwide are forcing governments and consumers to switch to micromobility vehicles from conventional vehicles.
Further, this will propel the global IoT solutions for micromobility market significantly in the years ahead. Though there are some challenges in the market, such as vandalism, thefts, improper parking of vehicles, and non-availability of required infrastructure, the ongoing vital developments in the market are expected to overcome them in the forecast period.
The COVID-19 pandemic caused havoc on global businesses. Global industries are currently facing challenges from the economic side of the market. The market is in a slump, making trade activities difficult during this time. The pandemic has disrupted the market's supply chain.
In addition, the overall demand for micromobility is declining. The automotive sector is suffering as a result of global mobility constraints. Micromobility vehicles, on the other hand, are becoming more popular in some areas. Short-distance travel is common during pandemics. Furthermore, the global IoT solutions for micromobility market is expected to grow post the pandemic, owing to rising sales of new energy vehicles and focusing on trends such as connected cars, telematics, and internet connectivity.
The global IoT solutions for micromobility market is slightly more dominated by E-bike. E-bikes are reliable, easy to ride, reasonable, and help people live and move more sustainably, because of which they are gaining popularity in several countries. They are replacing conventional bicycles while they have already replaced fossil fuel-powered moped and small motorbikes in countries such as China. In 2021, Comodule, an E-bike connectivity pioneer, released a new product driven by the rise of the micromobility and connectivity industries. Some global E-bike manufacturers are Giant Bicycles, Aventon, Buzz Bikes, Lectric eBikes, and GT Bicycles.
The global IoT solutions for micromobility market are slightly more dominated by shared services vehicles. It can be directly attributed to those consumers who use a vehicle collectively for transportation without owning it. Yulu is a shared micromobility business that uses electric two-wheelers to help cities in India reduce traffic congestion and pollution.
The global IoT solutions for micromobility market is slightly more dominated by telematics. Onboard telematics adoption is critical for connected micromobility vehicles, with direct and indirect benefits in various areas, including cost control and integrated vehicle management. Furthermore, the growing need for first- and last-mile mobility solutions has fueled the popularity of bike-sharing solutions, leading to the integration of telematics systems.
Major companies in the global micromobility telematics market include Conneqtech B.V., INVERS GmbH, Bewegen Technologies Inc., SharingOS Holdings Limited, and Comodule OU, among others.
The global IoT solutions for micromobility market is dominated by hardware. An IoT device can be easily installed to remotely control and monitor an E-scooter, E-bike, moped, or any other vehicle that allows the user to send commands to the vehicle and have them implemented and monitor its location in real-time and track any errors. The world's top shared mobility companies utilize Teltonika IoT devices.
Europe dominated the market for IoT solutions for micromobility in 2020. It is expected to grow in the estimated forecast period 2021-2031 due to various government regulations to reduce urban congestion and air pollution.
Following are the demand drivers for the global IoT solutions for micromobility market:
Following are the challenges for the global IoT solutions for micromobility market:
According to Dhrubajyoti Narayan, Lead Analyst, BIS Research, "Internet of Things (IoT) has provided opportunities for manufacturers to leverage connectivity with other essential benefits. The world is experiencing a vast uprising by IoT success due to its scalability, security, and sustainability, resulting in the successful adoption of IoT solutions by different clients around the globe. With the increasing popularity of micromobility vehicles, the global market for IoT solutions for micromobility is also witnessing a boom. Micromobility has the potential to provide first- and last-mile connectivity for commuters."
Product/Innovation Strategy: To create winning products, choose the right unmet needs, target the right customer group, and compete with the substitute products.
The product segment helps the readers understand the different types of IoT solutions used in micromobility vehicles. Also, the study provides the readers with a detailed understanding of the global IoT solutions for micromobility market by application and product.
Growth/Marketing Strategy: To overcome current and future challenges, ensure market expansion and diversification by attracting, engaging, and retaining customers.
To improve the capabilities of their product offerings, players in the global IoT solutions for micromobility market are developing unique products. The readers will be able to comprehend the revenue-generating tactics used by players in the global IoT solutions for micromobility market by looking at the growth/marketing strategies. Other market participants' tactics, such as go-to-market plans, will also assist readers in making strategic judgments.
Competitive Strategy: To gain a competitive advantage over the competitors, form a defensive strategy, and generate a significant return on investment.
Players analyzed and profiled in the study include global IoT solutions for micromobility manufacturers and solution providers that capture the maximum share in the IoT solutions for the micromobility market. Moreover, a detailed competitive benchmarking of the players operating in the global IoT solutions for micromobility market has been done to help the readers understand how players compete against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements and collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, market penetration.
|
|
Companies that are not a part of the above-mentioned pool have been well represented across different sections of the report (wherever applicable).