DUBLIN--(BUSINESS WIRE)--The "Australia Micromobility Market Research Report - Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Australian micromobility market revenue stood at $16.9 million in 2020, and it is set to surge to $19,185.6 million by 2030, at a CAGR of 89.5% from 2021 to 2030. The major growth drivers for the market are the convenience and low price of micromobility services and burgeoning need for better first- and last-mile connectivity.
Additionally, the increasing road congestion in urban areas is positively impacting the Australian micromobility market. Due to the mushrooming population, the number of daily commuters is surging rapidly, which is causing road congestion, particularly during the peak hours. As per the World Bank, Australia's urban population soared to 22.1 million in 2020 from 20.4 million in 2015. This has augmented the burden on conventional transportation systems and pushed up the requirement for more-convenient and -efficient mobility options, such as micromobility.
E-scooters dominated the Australian micromobility market in the past, within the vehicle type segment. The soaring popularity of these vehicles, especially for recreational and short-distance traveling, has propelled the category's revenue.
The first- and last-mile category contributed the higher revenue to the Australian micromobility market in the years gone by, under the model segment. This was because of the surging requirement for better first- and last-mile connectivity.
The battery swapping technology is trending in the Australian micromobility space as it reduces the vehicle purchase costs and, ultimately, makes the services cheaper for consumers.
An investment of $12.0 million was raised by Neuron Mobility Pte. Ltd. from GSR Ventures and Square Peg Capital Pty. Ltd. in its series A funding round in September 2020, for operational expansion in New Zealand and Australia.
Beam Mobility Holdings Pte. Ltd. raised $26.0 million from Hana Ventures and Sequoia India in a new financing round in June 2020, to provide diversified services in various Asia-Pacific (APAC) nations, such as Australia, New Zealand, Taiwan, and South Korea.
The COVID-19 pandemic has created immense growth opportunities for the players operating in the Australian micromobility market, owing to the growing public preference for micromobility over crowded public transit systems, such as buses and metro trains. Additionally, the government is providing strong support to micromobility by launching initiatives aimed at developing dedicated parking areas even in the cities' busiest parts.
Market Dynamics
Trends
- Investments In Micromobility Firms
- Use of Battery Swapping Technology
Drivers
- Low Price and Convenience of Services
- Rising Demand For First- and Last-Mile Connectivity
- Need For Reducing Traffic Congestion In Urban Areas
- Impact Analysis of Drivers On Market Forecast
Restraints
- Fleet Management Challenges and Limitations
- Impact Analysis of Restraints On Market Forecast
Opportunities
- Transition From Vehicle Ownership To Maas
Impact of COVID-19
Policy and Regulatory Landscape
Some of the major Australian micromobility market players
- Lime
- Neuron Mobility Pte. Ltd.
- Flamingo Technologies Limited
- Beam Mobility Holdings Pte. Ltd.
- Airbike
- Spinway WA
- Kwang Yang Motor Co. Ltd.
- Segway Inc.
- Vmoto Limited
- Giant Manufacturing Co. Ltd.
- Localift Services Pty. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/iadmn3
