Global Personal Mobility Vehicle Market Overview:
As per MRFR analysis, the Personal Mobility Vehicle Market Size was estimated at 55.22 (USD Billion) in 2022. The Personal Mobility Vehicle Market Industry is expected to grow from 62.87 (USD Billion) in 2023 to 202.05 (USD Billion) by 2032. The Personal Mobility Vehicle Market CAGR (growth rate) is expected to be around 13.85% during the forecast period (2024 - 2032).
Key Personal Mobility Vehicle Market Trends Highlighted
The Personal Mobility Vehicle Market is projected to witness a period of rapid expansion. Key market drivers include the growing demand for sustainable and convenient transportation, the increasing adoption of electric vehicles, and the rising popularity of shared mobility services. Opportunities abound for manufacturers to capitalize on the expanding market for electric personal mobility vehicles, such as e-scooters and e-bikes.
Recent trends in the market include the integration of advanced technologies, such as AI and IoT, into personal mobility vehicles. These advancements are enhancing safety, performance, and user experience. Additionally, the rise of subscription-based models for vehicle ownership and the proliferation of micromobility initiatives in cities are reshaping the market landscape. By addressing the increasing need for efficient and environmentally friendly transportation solutions, the personal mobility vehicle market is poised for continued growth in the years to come.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Personal Mobility Vehicle Market Drivers
Rising Demand for Sustainable Transportation
In recent years, there has been a growing awareness of the environmental impact of traditional transportation methods, leading to a surge in demand for more sustainable alternatives. Personal mobility vehicles (PMVs), such as electric scooters, e-bikes, and electric skateboards, offer an eco-friendly mode of transportation that produces zero emissions and reduces carbon footprint. Their compact size and maneuverability make them ideal for navigating congested urban areas, further contributing to reduced traffic and improved air quality.
Governments worldwide are implementing policies and incentives to promote the adoption of PMVs, recognizing their potential to mitigate environmental concerns and enhance urban sustainability.
Technological Advancements and Innovation
The Personal Mobility Vehicle Market Industry is experiencing rapid technological advancements, leading to the development of more efficient, user-friendly, and feature-rich PMVs. Manufacturers are incorporating advanced battery technologies, lightweight materials, and sophisticated electronics to enhance performance, range, and durability. The integration of smartphone connectivity, GPS navigation, and IoT capabilities allows for seamless integration with personal devices and provides users with real-time information and control over their vehicles.
Ongoing research and development efforts are focused on improving safety features, such as collision avoidance systems and autonomous driving capabilities, further enhancing the appeal of PMVs.
Growing Adoption in Urban Areas
The increasing urbanization and population density in major cities worldwide are driving the adoption of personal mobility vehicles. PMVs offer a convenient and efficient solution for commuting, running errands, and exploring urban environments. Their compact size and maneuverability make them ideal for navigating congested streets and sidewalks, while their low operating costs and affordability compared to traditional vehicles make them accessible to a wider range of consumers.
As cities continue to expand and traffic congestion worsens, PMVs are expected to gain even greater popularity as a preferred mode of transportation for urban dwellers.
Personal Mobility Vehicle Market Segment Insights:
Personal Mobility Vehicle Market Type Insights
The Personal Mobility Vehicle Market is segmented by type into electric kick scooters, electric bikes, electric skateboards, hoverboards, and segways. Among these, electric bikes held the largest revenue share of over 40% in 2023 and are expected to maintain their dominance throughout the forecast period. The growth of this segment can be attributed to the increasing popularity of electric bikes as a convenient and eco-friendly mode of transportation, especially in urban areas. Electric kick scooters are projected to witness the fastest growth during the forecast period, owing to their affordability, portability, and ease of use.
The demand for electric skateboards is also expected to increase, particularly among younger consumers who are drawn to their stylish designs and recreational appeal. Hoverboards and segways, while having a smaller market share, are expected to find niche applications in tourism, security, and personal transportation. The increasing adoption of personal mobility vehicles across various segments, including commuting, leisure, and tourism, is driving the overall market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Personal Mobility Vehicle Market Usage Insights
The Personal Mobility Vehicle Market segmentation by Usage comprises Mile Commute, Recreational Activities, Short-Distance Travel, and Urban Mobility. Recreational Activities segment held the largest market share in 2023, accounting for over 42.5% of the Personal Mobility Vehicle Market revenue. The growing popularity of personal mobility vehicles for leisure and recreational activities, such as cycling, skating, and scootering, is driving the growth of this segment. The increasing adoption of personal mobility vehicles for short-distance travel, particularly in urban areas, is also contributing to the growth of the market.
This segment is expected to maintain its dominance over the forecast period. Last Mile Commute segment is expected to witness significant growth over the forecast period due to the increasing demand for convenient and time-saving transportation solutions for commuting the last mile from public transport stations or parking areas to final destinations.
Personal Mobility Vehicle Market Battery Capacity Insights
The Battery Capacity segment is a key factor in determining the performance and cost of Personal Mobility Vehicles. The segment is divided into four sub-segments: Below 100 Wh, 100-250 Wh, 250-500 Wh, and 500 Wh and above. The Below 100 Wh segment accounted for the largest share of the Personal Mobility Vehicle Market revenue in 2023 and is expected to continue to register a CAGR of 12.5% from 2023 to 2032. The 100-250 Wh segment is expected to register a CAGR of 13.2% over the same period. The 250-500 Wh segment is expected to register a CAGR of 14.1%. The 500 Wh and above segment is expected to register a CAGR of 15.5% from 2023 to 2032.
The growth of the Battery Capacity segment is being driven by the increasing popularity of Personal Mobility Vehicles. As Personal Mobility Vehicles become more affordable and accessible, more and more people are choosing to use them for transportation. The growth of the segment is also being driven by the development of new battery technologies that are making Personal Mobility Vehicles more efficient and powerful.
Personal Mobility Vehicle Market Speed Range Insights
The Speed Range segment is a crucial factor in the Personal Mobility Vehicle Market segmentation. In 2023, the 'Below 15 km/h' speed range segment held the largest revenue share due to its affordability and ease of use for short-distance commuting. However, the '15-25 km/h' segment is projected to witness the highest growth rate during the forecast period from 2023 to 2032, driven by increasing demand for personal mobility vehicles with higher speeds and extended range. The 'Above 35 km/h' segment is expected to gain traction in the coming years as consumers seek high-performance vehicles for longer commutes and recreational activities.
Personal Mobility Vehicle Market Regional Insights
The regional segmentation of the Personal Mobility Vehicle Market offers insights into the market's growth dynamics across key geographic regions. North America holds a significant market share, driven by factors such as high adoption rates of advanced technologies and supportive government regulations. Europe follows closely, with a mature market characterized by a strong presence of established manufacturers. The APAC region is expected to witness robust growth, fueled by increasing urbanization and rising disposable income levels. South America and MEA offer promising growth opportunities, with emerging markets presenting favorable conditions for market expansion.
In 2024, the Personal Mobility Vehicle Market revenue is projected to reach $74.56 billion, with a CAGR of 14.2% during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Personal Mobility Vehicle Market Key Players And Competitive Insights:
Major players in the Personal Mobility Vehicle Market are continuously striving to gain competitive advantage through innovation and product differentiation. The industry is characterized by a high level of competition, with leading players such as Bird, Lime, Uber, and Lyft vying for market share. These companies are investing heavily in research and development (R&D) to enhance the safety, efficiency, and user experience of their vehicles. The competitive landscape is expected to remain intense in the coming years as new entrants and established players alike seek to capitalize on the growing demand for personal mobility vehicles.
In the Personal Mobility Vehicle Market Industry, Bird Rides, Inc. is a leading provider of electric scooters and e-bikes. The company operates in over 100 cities worldwide and has a fleet of over 100,000 vehicles. Bird is known for its innovative technology, including its proprietary app that allows users to locate, unlock, and pay for rides. The company has also partnered with various cities and universities to promote the use of its vehicles as a sustainable transportation option.
Another key player in the Personal Mobility Vehicle Market is Lime. The company operates in over 120 cities worldwide and has a fleet of over 100,000 electric scooters, e-bikes, and pedal bikes. Lime is known for its commitment to sustainability and has partnered with various organizations to reduce its carbon footprint. The company is also investing heavily in new technologies, such as autonomous vehicles, to further enhance the safety and convenience of its services.
Key Companies in the Personal Mobility Vehicle Market Include:
- Xiaomi
- Bird
- Voi
- Lime
- Dott
- Helbiz
- Ninebot
- Razor
- Wind
- Link
- Segway
- TIER Mobility
- Okai
- Bolt
Personal Mobility Vehicle Market Industry Developments
The Personal Mobility Vehicle Market is projected to reach USD 202.05 billion by 2032, exhibiting a CAGR of 13.85% during the forecast period (2024-2032). The market growth is attributed to increasing urbanization, rising disposable income, and growing awareness about environmental sustainability. Key industry participants are focusing on developing innovative and eco-friendly personal mobility solutions, such as electric scooters, e-bikes, and hoverboards. Strategic partnerships and collaborations are also shaping the market landscape, with companies seeking to expand their product offerings and geographical reach. Recent developments include the launch of advanced personal mobility vehicles with features such as self-balancing, GPS tracking, and smartphone connectivity. Furthermore, government initiatives promoting sustainable transportation are expected to drive market growth in the coming years.
Personal Mobility Vehicle Market Segmentation Insights
-
Personal Mobility Vehicle Market Type Outlook
- Electric Kick Scooters
- Electric Bikes
- Electric Skateboards
- Hoverboards
- Segways
-
Personal Mobility Vehicle Market Usage Outlook
- Last Mile Commute
- Recreational Activities
- Short-Distance Travel
- Urban Mobility
-
Personal Mobility Vehicle Market Battery Capacity Outlook
- Below 100 Wh
- 100-250 Wh
- 250-500 Wh
- 500 Wh and above
-
Personal Mobility Vehicle Market Speed Range Outlook
- Below 15 km/h
- 15-25 km/h
- 25-35 km/h
- Above 35 km/h
-
Personal Mobility Vehicle Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
55.22(USD Billion) |
| Market Size 2023 |
62.87(USD Billion) |
| Market Size 2032 |
202.05(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
13.85% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Xiaomi ,Bird ,Voi ,Lime ,dott ,Helbiz ,Ninebot ,Razor ,Wind ,Link ,Segway ,TIER Mobility ,Okai ,Bolt |
| Segments Covered |
Type, Usage, Battery Capacity, Speed Range, Regional |
| Key Market Opportunities |
Growing demand for last-mile connectivity Increasing urbanization and population density Technological advancements in electric and autonomous vehicles Rising environmental concerns and government regulations Expanding sharing and rental services |
| Key Market Dynamics |
Key Market DynamicsRising urbanization and congestion Increasing environmental concerns Technological advancements Government initiatives Changing consumer preferences |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Personal Mobility Vehicle Market is expected to reach a valuation of USD 62.87 Billion by 2023, growing at a CAGR of 13.85% to reach USD 202.05 Billion by 2032.
The Asia-Pacific region is expected to dominate the Personal Mobility Vehicle Market, accounting for over 50% of the market share in 2023. Other key regions include North America and Europe.
Personal Mobility Vehicles are primarily used for commuting and leisure activities. They are also gaining popularity in shared mobility services, such as ride-sharing and bike-sharing.
Key players in the Personal Mobility Vehicle Market include Segway-Ninebot, Xiaomi, Bird, Lime, and Uber.
Key trends shaping the Personal Mobility Vehicle Market include the rising demand for sustainable transportation, the increasing adoption of electric vehicles, and the growing popularity of shared mobility services.
Challenges facing the Personal Mobility Vehicle Market include safety concerns, regulatory hurdles, and the lack of adequate infrastructure.
The Personal Mobility Vehicle Market is expected to continue growing at a steady pace in the coming years, driven by the increasing demand for sustainable and convenient transportation solutions.
The Personal Mobility Vehicle Market is valued at USD 62.87 Billion in 2023.
The Personal Mobility Vehicle Market is projected to grow at a CAGR of 13.85% from 2023 to 2032.
The Personal Mobility Vehicle Market is expected to reach a valuation of USD 202.05 Billion by 2032.
