New York, April 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “IoT Solutions for Micromobility Market – A Global and Regional Analysis: Focus on Vehicle Type, End Use, Component, and Supply Chain and Country-Wise Analysis – Analysis and Forecast, 2020-2031” – https://www.reportlinker.com/p06251523/?utm_source=GNW
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.
Market Lifecycle Stage
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.
Impact of IoT Solutions for Micromobility Market
• Internet of Things (IoT) has provided opportunities for manufacturers to leverage connectivity with other essential benefits. The number of connected products in different applications has been increasing. The availability of IoT in sectors such as entertainment, security, and environmental benefits is boosting the IoT market substantially. The world is experiencing technological advancements because of IoT success due to its scalability, security, and sustainability, resulting in the successful adoption of IoT solutions by different clients around the globe.
• Public transportation is the primary and most common form of mobility in any economy, which can further facilitate the daily transportation of people and goods at subsidized costs and in a secure manner. Currently, a significant gap in the adoption of public transportation is in last-mile connectivity, from home to station or bus stop, and vice versa. Micromobility has the potential to provide first- and last-mile connectivity for commuters. Micromobility as a service provider has established a strong foundation for the development shared mobility ecosystem, which has the potential to ensure a high resource utilization rate, unlike the conventional method of personal vehicle ownership model. Micromobility as a service came into existence in China, driven by Mobike, a bicycle-based ride-sharing service provider.
• The goal of implementing policies to encourage active mobility is to reduce the use of private cars, mitigate the negative impacts of greenhouse gas emissions, promote healthier lives, and create a compact, highly efficient, and resilient urban design.
Impact of COVID-19
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.
• Segmentation 1: by Vehicle Type
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.
• Segmentation 2: by End Use
o Delivery Services
o Shared Services
o Free-Floating Sharing
o Station-Based Sharing
o Corporate Sharing
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.
• Segmentation 3: by Feature
o Rider and Operator Application
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.
• Segmentation 4: by Component
o IoT Module
o Subscriber Identity Module (SIM)
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.
• Segmentation 5: by Region
o North America – U.S., Canada, and Mexico
o South America
o Europe – Germany, Italy, Netherlands, France, and Rest-of-Europe
o Asia-Pacific and Japan – Japan, South Korea, Australia, and Rest-of-Asia-Pacific
o Middle East
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.
Recent Developments in Global IoT Solutions for Micromobility Market
• In January 2022, Comodule OÜ entered a partnership with Enviolo, a manufacturer of stepless shifting products, to make E-bike riding more comfortable with the Enviolo AUTOMATiQ shifting technology combined with Comodule’s IoT solution and making it available to riders via mobile application.
• In January 2022, Otonomo Technologies Ltd. partnered as a vehicle data platform with Audi AG. Audi’s customers and business partners can create consumer offers that improve the user experience with access to comprehensive actionable vehicle data.
• In October 2021, Twilio Inc. launched Twilio Engage, a growth automation platform that enables marketers to create outstanding multichannel campaigns appropriate for the digital age.
• In May 2021, Joyride Technologies Inc. partnered with Apaya, a mobile payment gateway that offers merchants a fully localized experience for its customers to pave the way for open banking and other non-conventional payment methods.
• In March 2020, the company collaborated with Ambarella, an artificial intelligence (AI) vision silicon company, to create a line of smart and cost-effective computer vision-based advanced driver assistance system (ADAS) products for the mass market.
Demand – Drivers and Limitations
Following are the demand drivers for the global IoT solutions for micromobility market:
• Increasing micromobility sharing services
• Heavy investments in micromobility
• Growing demand for first and last-mile transportation
• Rising demand for optimization in vehicle tracking and improvement in rider safety
Following are the challenges for the global IoT solutions for micromobility market:
• Vandalism, thefts, and improper parking of vehicles
• Non-availability of required infrastructure and lack of legal regulation in developing countries
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.”
How Can This Report Add Value to End Users?
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.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, market penetration.
Some prominent names established in this market are:
• Twilio Inc.
• Joyride Technologies Inc.
• Telenor Connexion
• Comodule OÜ
• INVERS GmbH
• Hangzhou RiDi Technology Co., Ltd
• Voi Technology AB
• LINKA Technologies LLC
• Otonomo Technologies Ltd.
• Drover AI
Companies that are not a part of the above-mentioned pool have been well represented across different sections of the report (wherever applicable).
• North America
• South America
• Middle East
• Asia-Pacific and Japan
• South Korea
Read the full report: https://www.reportlinker.com/p06251523/?utm_source=GNW
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