Kick Scooter Sharing: Future of Urban Road Transportation?
The soaring demand for last- and first-mile transportation is one of the major factors fueling the popularity of kick scooter sharing services across the world. The mobility and transportation services provided by carsharing and ride hailing have been hugely unsuccessful in catering to the public demand for last- and first-mile transportation. Moreover, kick scooter sharing services provide mobility services for short distance traveling, that is traveling a distance of less than 3.1 miles or 5 km per trip.
These services are provided via the station-less or dock-less models that allow the riders to drop off the used kick scooters at any location according to their convenience, thereby helping them in last- and first-mile traveling. Apart from this, the rising incorporation of kick scooter sharing as a recreation and fun traveling option is also propelling the demand for kick scooter sharing services across the world. Millennials are the biggest end users of kick scooter sharing services.
Besides the aforementioned factors, the burgeoning requirement for kick scooter sharing services among solo travelers is also pushing up their demand. Solo travelers are increasingly using these services for sightseeing and exploring new places, on account of their affordable rates and the higher convenience associated with these services in comparison to ride hailing and carsharing services, cabs, and personal vehicle ownership. Due to these factors, the popularity of kick scooter sharing services is growing rapidly across the globe.
This is subsequently propelling the expansion of the global kick scooter sharing market. As a result, the market valuation is predicted to surge from $143.4 million in 2018 to more than $4,090.5 million by 2025. Furthermore, the market will advance at a CAGR of 51.3% between 2019 and 2025. Depending on model, the market is classified into first and last-mile and multimodal. Between these, the first and last-mile category recorded higher growth in the market in the past years.
In the coming years, the popularity of these services will surge in Europe, as per the forecast of P&S Intelligence, a market research company based in India. This will be because of the entry of various established industry players and leading automobile manufacturers in the region. Furthermore, many venture capitalists are making huge investments in scooter sharing services in the regional countries, which is further bolstering the advancement of the kick scooter sharing market in the region.
Hence, it can be said with full confidence that the demand for kick scooter sharing services will soar all over the world in the coming years, mainly because of the greater mobility convenience provided by them and their ability to bridge first and last-mile connectivity in urban areas.
Source: P&S Intelligence