IoT Solutions for Micromobility Market is Expected to Grow with a CAGR of 17.39% Between 2020-2031

FREMONT, Calif. - Aug. 31, 2022 - PRLog -- 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 the form of 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.

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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. The foundation also leads to the essential fact that there are gaps in Mobility as a Service (MaaS) and end-to-end connectivity. Here, micromobility is a bridge between shared services and their end-to-end connectivity. Micromobility service is the efficient use of light, compact, and swift modes of commute, majorly powered by humans or electric. Micromobility as a service came into existence in China, driven by Mobike, a bicycle-based ride-sharing service provider.

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.

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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.

Europe is dominating the market for IoT solutions for micromobility in 2020 and is expected to grow in the estimated forecast period of 2021-2031 due to various advantages, including the freeing up of parking spots, government regulations, the reduction of urban congestion, the reduction of air pollution, among others. The IoT solutions for the micromobility market in the U.K. are also extensive in volume in 2020 and are expected to increase exponentially over the forecast period. Therefore, IoT solutions for micromobility use in the U.K. are also growing.