Malaysia Micromobility Market To Reach USD 4,549.8 Million by 2030
Malaysia Micromobility Market To Reach USD 4,549.8 Million by 2030
Blog Article
The Malaysia micromobility market will grow at a gigantic rate of 99.9% by the end of this decade to reach USD 4,549.8 million by 2030.
The growth of the industry is primarily driven due to the increasing demand for micromobility services for first and last mile connectivity, convenient mobility, and cost effectiveness and because of the growing need to reduce urban traffic congestion.
The Covid-19 pandemic had made a significant impact on the industry, i.e., after 2020 the market is experiencing a surge in digital and technological advancements in the micromobility industry and it is because of some effective steps taken like effective control measures, financial management, contingency planning and consumer demand, the market will stabilize over the forecast period.
The e-mopeds category, is the fastest growing in the industry primarily due to the rapidly use of e-mopeds in the country mainly due to its more convenient mode of transportation and also because to its cost-effectiveness. These were the major factors which contributed to the rapid adoption of e-mopeds by commuters in their day-to-day travelling.
One of the key drivers for powering the industry are technological advancements, which plays a significant role in the growth of the industry as the market relies heavily on mobile applications for ride bookings & payments which is establishing connection between users and service providers.
Cloud sharing platform has evolved due to continuous innovation in technology that will simplify access to micromobility services which offers computing services like network, software, analytics, storage, and databases with cost-effective options. In addition, the IoT optimizes the operations by offering efficient tracking and monitoring of vehicles, route management and remote analysis of potential issues.
The first- and last-mile category holds the larger share of the Malaysia micromobility market and it is because of the rapid growth of micromobility service for the first- and last-mile travelling. The customers of services including bike sharing, ride hailing does not use them to travel for shorter distances, as they prove to be expensive.
Thus, the micromobility services can also be used as a cost-effective and convenient option for short-distance travel.
Micromobility services providers offers the benefits to its users of use the vehicles for taking a drop of to their destinations without actually owning the vehicle, which needs heavy investment.
In addition, service providers cover additional expenses including fuel, maintenance, insurance and parking costs and also the users can make payments based on their usage. This service provides a cost-effective and hassle-free alternative to owing a private vehicle.
It is because of being a convenient and cost-effective mobility services without owing a private vehicle, technological advancements and also for a need to reduce traffic congestion, the demand for micromobility in Malaysia will continue to grow in the future.
Source: P&S Intelligence