The Micro Mobility Charging Infrastructure Market is Estimated To Witness High Growth Owing To Trends in Electric Vehicles
The micro mobility charging infrastructure market is estimated to be valued at US$ 5160.99885 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The micro mobility charging infrastructure market consists of products and systems that are used for charging electric micro mobility vehicles including electric bikes, electric scooters and other last mile transportation vehicles. These electric vehicles use lithium-ion batteries that require regular recharging. Micro mobility charging infrastructure products include individual and distributed chargers as well as battery swapping stations that enable quick replacing of depleted batteries.
Market key trends:
One of the key trends driving growth in the micro mobility charging infrastructure market is the rise in adoption of electric vehicles. With growing concerns regarding environmental pollution and depleting fossil fuel resources, many countries are promoting use of electric vehicles through supportive policies and subsidies. Electric bikes and scooters are increasingly being used for last mile commute and connectivity to public transportation systems due to their low-cost and eco-friendly nature. This in turn is fueling demand for micro mobility charging infrastructure for convenient and rapid charging of these electric vehicles. For example, several cities are installing public EV charging stations as well as allowing installation of individual chargers in apartments and office buildings to encourage e-mobility adoption.
Porter’s Analysis:
Threat of new entrants: The micro mobility charging infrastructure market poses low threat of new entrants due to high capital requirements and the presence of established players. However, increasing demand is opening opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have several choices for charging infrastructure solutions. However, buyers prefer standardized technology and solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of many component suppliers. However, industry concentration is increasing as large players acquire smaller ones.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives that can replace micro mobility charging infrastructure. However, wireless charging offers a potential alternative.
Competitive rivalry: The market has high competitive rivalry due to competition between established players providing customized solutions.
SWOT Analysis:
Strengths: Wide product portfolio, geographical presence, technical expertise.
Weaknesses: High R&D costs, fluctuating raw material prices, vulnerability to regulations.
Opportunities: Rising demand in developing nations, growing fleet electrification, collaborative initiatives.
Threats: Trade barriers, slower than expected EV adoption, intense competition.
Key Takeaways:
The Global Micro Mobility Charging Infrastructure Market is expected to witness high growth at a CAGR of 20% over the forecast period due to increasing demand for shared mobility and electrification of fleets. The market size is projected to reach US$ XX Mn by 2030 from US$ 5.16 Bn in 2023.
Regionally, Asia Pacific dominates the global market and is expected to exhibit the fastest growth due growing shared mobility adoption and supportive policies. China dominates the region led by strong government support and presence of leading players.
Key players operating in the micro mobility charging infrastructure market are Ather Energy, bike-energy, Bikeep, Flower Turbines, Get Charged, Inc., Giulio Barbieri SRL, Ground Control Systems, Magment GmbH, Perch Mobility, Robert Bosch GmbH, Solum PV, SWIFTMILE, and the Mobility House GmbH. Players are focusing on partnerships, new product launches and geographical expansion to strengthen their market position.