Micromobility vehicle manufacturers collaborate with IoT solution companies to upgrade their vehicles with IoT-based hardware and software. This research study focuses on putting forward IoT solutions' current and future potential for the micromobility market. The report includes an exhaustive analysis of different manufacturers in the market, market dynamics, and regional studies. To reduce traffic congestion and environmental pollution, countries worldwide are supporting micromobility to overcome these issues, which will boost the global IoT solutions for micromobility market.
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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 to switch into micromobility. 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.
E-bikes are battery-powered versions of paddle bikes, traveling up to 16 to 20 mph. E-bikes are reliable, easy to ride, reasonable, and help people live and move more sustainably. They are gaining popularity in countries such as Germany. They are replacing conventional bicycles, while in others, such as China, they replace fossil fuel-powered mopeds and small motorbikes. In 2021, Comodule, an E-bike connectivity pioneer, released a new product driven by the rise of the micromobility and connectivity industries. Some key electric bike manufacturers are Giant Bicycles, Aventon, Buzz Bikes, Lectric eBikes, and GT Bicycles, among others.
Free-floating services occupied the largest share in the market in 2020 due to their ease of implementation. Free-floating is a service for sharing vehicles without fixed stations to make public transportation options available across a city without needing a central hub. The mopeds or kick scooters can be strategically positioned in hotspot regions with high demand as long as it follows the city's micromobility regulations from where users can reserve and utilize a vehicle and park it wherever they want.
The business dynamics section of the report examines the diverse factors that govern the global IoT solutions for micromobility market. This analysis provides an in-depth understanding of the present and the future directions in which the market is headed and the impact of various factors on the same. This chapter covers the major market dynamics, namely, drivers, challenges, business strategies, corporate strategies, and opportunities, analyzing several factors that positively and negatively affect the global IoT solutions for micromobility market.
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North America is a core region for micromobility IoT solutions for micromobility market. The leading country in this region is the U.S. in terms of research and development, service availability, market penetration of IoT solutions, and total number of start-ups, among others. North America is one of the major markets for micromobility, driven by last mile connectivity and public transportation. Public transportation is expected to accelerate and drive micromobility options, as it has the potential to provide cost-effective end-to-end connectivity. The growth in market penetration of advanced communication technology enables consumers to utilize app-based services. Other factors, such as availability of funding, high economy, digitalization, and favorable market conditions, have also acted as drivers for the IoT solutions for micromobility market in North America. The growth in programs and mobility fleet size indicated a high growth in the adaption of micromobility for the purpose of last-mile connectivity.
