Micromobility Market Projected to Reach $520 Billion by 2035
The micromobility sector is looking toward significant growth, with projections indicating a potential market worth of $520 billion by 2035, according to new insights from McKinsey shared with Zag Daily. This substantial increase includes a jump of $360 billion from its current valuation and an additional $180 billion since McKinsey's 2030 forecast.
These projections come just ahead of McKinsey Associate Partner Anja Huber and Mobility Expert Darius Scurtu's upcoming discussion at the Micromobility Europe expo in Amsterdam. Their session titled "McKinsey’s Latest Micromobility Market Sizing and Consumer Insights" aims to delve into these numbers further.
Darius Scurtu of the McKinsey Center for Future Mobility explains, "Regulatory support and evolving consumer preferences are key to our optimistic outlook for micromobility. As more cities and nations prioritize sustainable transport to achieve climate goals, we anticipate increased investments in micromobility infrastructure, incentives for purchases, and collaborations with private sector operators."
Consumer interest is also on the rise as micromobility options, like e-bikes, offer a viable alternative for longer urban trips, potentially outpacing private cars in convenience and cost. Currently, the leading five European countries represent nearly half of the continent's micromobility market, with Germany, France, and the UK at the forefront, collectively amassing a market worth $29 billion.
The definition of value pools in this context includes initial vehicle sales and all subsequent revenues from services such as maintenance and connectivity. McKinsey notes, "The robust market in these countries is driven by their larger populations, the high cost of micromobility vehicles, and a dense saturation of bicycles per capita."
However, a slight market slowdown is anticipated in the next three years due to a temporary dip in consumer demand, even as the long-term outlook remains strong.
E-bikes are a standout in the European micromobility landscape, making up nearly 40% of the market with a current value of approximately $22 billion. Expected to grow by 13% annually, they are projected to reach a staggering $110 billion by 2035. The rising appeal of e-bikes, driven by their versatility and increasing affordability, is evident as consumers are prepared to spend about 9% more on future bicycle purchases.
"In our 2024 Mobility Consumer Survey, we discovered that 52% of e-bike owners globally utilize their bikes daily, compared to 34% who use them for exercise. This makes e-bikes the most favored mode of micromobility among consumers," explains Scurtu.
Darius and Anja will provide further analysis on these trends and insights into consumer behavior during their presentation at the Micromobility Europe event.
These projections come just ahead of McKinsey Associate Partner Anja Huber and Mobility Expert Darius Scurtu's upcoming discussion at the Micromobility Europe expo in Amsterdam. Their session titled "McKinsey’s Latest Micromobility Market Sizing and Consumer Insights" aims to delve into these numbers further.
Darius Scurtu of the McKinsey Center for Future Mobility explains, "Regulatory support and evolving consumer preferences are key to our optimistic outlook for micromobility. As more cities and nations prioritize sustainable transport to achieve climate goals, we anticipate increased investments in micromobility infrastructure, incentives for purchases, and collaborations with private sector operators."
Consumer interest is also on the rise as micromobility options, like e-bikes, offer a viable alternative for longer urban trips, potentially outpacing private cars in convenience and cost. Currently, the leading five European countries represent nearly half of the continent's micromobility market, with Germany, France, and the UK at the forefront, collectively amassing a market worth $29 billion.
The definition of value pools in this context includes initial vehicle sales and all subsequent revenues from services such as maintenance and connectivity. McKinsey notes, "The robust market in these countries is driven by their larger populations, the high cost of micromobility vehicles, and a dense saturation of bicycles per capita."
However, a slight market slowdown is anticipated in the next three years due to a temporary dip in consumer demand, even as the long-term outlook remains strong.
E-bikes are a standout in the European micromobility landscape, making up nearly 40% of the market with a current value of approximately $22 billion. Expected to grow by 13% annually, they are projected to reach a staggering $110 billion by 2035. The rising appeal of e-bikes, driven by their versatility and increasing affordability, is evident as consumers are prepared to spend about 9% more on future bicycle purchases.
"In our 2024 Mobility Consumer Survey, we discovered that 52% of e-bike owners globally utilize their bikes daily, compared to 34% who use them for exercise. This makes e-bikes the most favored mode of micromobility among consumers," explains Scurtu.
Darius and Anja will provide further analysis on these trends and insights into consumer behavior during their presentation at the Micromobility Europe event.
