In nearly any heavily trafficked areas – urban settings, university campuses, corporate properties, and many other locations – shared, connected scooters and bikes can be seen. They are a convenient and clean alternative to sitting in traffic. Thgese alternatives to cars and traditoinal public transportation are making their way into a growing number of use cases.
IoT companies and micromobility vehicle manufacturers, collaborating to upgrade micromobility vehicles with IoT hardware and software, are seeing a rise in the IoT solutions for micromobility market. BIS Research's premium market intelligence study revealed that the IoT solutions for micromobility market is projected to reach $26.26 billion in terms of revenue by 2031, at a compound annual growth rate of 17.39%.
Micromobility is viewed as an innovative transportation strategy that has demonstrated potential for congestion mitigation. Americans lose 99 hours a year, on average, due to traffic congestion. Population growth and urbanization are continuing to increase, and governments and consumers are switching to micromobility vehicles – such as e-bikes, e-scooters and e-mopeds – from conventional vehicles, as micromobility startups emerge as an alternative for reducing traffic congestion.
" IoT, has provided opportunities for manufacturers to leverage connectivity with other essential benefits,” said Dhrubajyoti Narayan, lead analyst, BIS Research. “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."
Investment from manufacturers in research and development activities in IoT solutions for micromobility is expected to push the market further.
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