April 21, 2024

Increasing adoption of Micro Mobility to boost the growth of Micro Mobility Charging Infrastructure Market

The Global Micro Mobility Charging Infrastructure Market is estimated to be valued at US$ 5160.99885 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Micro Mobility Charging Infrastructure market includes products and infrastructure related to electric vehicles such as electric bikes, scooters used for short distance mobility needs within cities. The key products in the market include electric-vehicle (EV) charging stations, portable chargers and battery swapping stations. These charging solutions enable convenient and fast charging of micro mobility vehicles anywhere and anytime. Moreover, countries globally are promoting adoption of micro mobility solutions for first and last mile connectivity to reduce traffic congestion and carbon emissions, which is expected to drive significant demand for associated charging infrastructure over the coming years.

Market key trends:

One of the key trends in the market is growing investments by governments and OEMs to develop public fast charging networks. For example, in 2021, IONITY, a joint venture between BMW Group, Daimler AG, Ford Motor Company and Volkswagen Group with Porsche AG, increased the number of high-powered charging stations (HPCs) across Europe. Another trend is development of innovative smart charging solutions integrating load management and renewable energy. For example, companies are focusing on developing vehicle-to-grid (V2G) compatible charging stations that enable two-way energy exchange between EVs and smart grids. This is expected to boost adoption of renewable energy while offering revenue generation opportunities for EV owners.

Porter’s Analysis

Threat of new entrants: The micro mobility charging infrastructure market requires high initial investments which acts as a barrier for new entrants. The established players also have advantages of economies of scale.

Bargaining power of buyers: The buyers have moderate bargaining power as there are number of players providing micro mobility charging infrastructure solutions. However, switching costs for buyers are relatively low.

Bargaining power of suppliers: The suppliers have low bargaining power due to presence of multiple component suppliers and low differentiation in components.

Threat of new substitutes: There is low threat from substitutes as micro mobility charging infrastructure caters to a distinct need of charging solutions for electric scooters, bikes, and other last mile vehicles.

Competitive rivalry: The micro mobility charging infrastructure market experiences high competitive rivalry due to presence of numerous international and regional players focusing on new product launches and partnerships.

Key Takeaways

The Global Micro Mobility Charging Infrastructure Market is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing investments by governments and OEMs towards developing charging infrastructure for micro mobility vehicles.

Regional analysis: North America dominated the market in 2022 and is expected to maintain its leading position during the forecast period. However, Asia Pacific market is anticipated to grow at the fastest rate during 2023-2030 due to rising electric vehicle adoption in China and initiatives by Indian government towards developing charging infrastructure.

Key players: Key players operating in the micro mobility charging infrastructure market are Ather Energy, bike-energy, Bikeep, Flower Turbines, Get Charged, Inc., Giulio Barbieri SRL, Ground Control Systems, Magment GmbH, Perch Mobility, Robert Bosch GmbH, Solum PV, SWIFTMILE, and the Mobility House GmbH. Robert Bosch GmbH and Magment GmbH command major market share due to their widespread product portfolio and partnerships with OEMs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it