The Taiwanese micromobility market is expected to advance at an exceptional CAGR of 61.3% during the forecast period (2021â€“2030), due to the increasing need to reduce traffic congestion and air pollution, mounting public focus on curtailing transportation costs, and burgeoning demand for efficient transportation systems for short distance commute in the country. According to P&S Intelligence, the market was valued at $47.3 million in 2020, and it is expected to generate $5,981.6 million revenue by 2030.
At present, the people of Taiwan are constantly searching for efficient transportation systems for commuting short distances, owing to which, the market is growing at a considerable pace. City dwellers are consistently adopting transportation systems that bridge the surging gap between first- and last-mile connectivity, owing to the vast population, excessive traffic congestion, high vehicle cost, and scarce parking space in the country. To cater to this need, micromobility service providers are providing e-rickshaws, bikes, cycles, e-scooters, shared pods, and skates for the Taiwanese population. Currently, dockless bike sharing is one of the most preferred last-mile transit modes in the nation.
Moreover, the increasing requirement to control air pollution and reduce transportation costs will also support the Taiwanese micromobility market growth in the foreseeable future. The adoption of micromobility services can significantly reduce daily fuel consumption, owing to which, market players and the government are focusing on creating a micromobility ecosystem that thrives on electric vehicles (EVs). Additionally, the cost-effective travel option offered by these services has also encouraged more people to complete their walking phase with shared micromobility options.
In recent years, the surging interest of automotive original equipment manufacturers (OEMs) on introducing micromobility services and concept vehicles has become a prominent trend in the Taiwanese micromobility market. Several OEMs are partnering and collaborating with the existing mobility as a service (MaaS) startups to reach out to the customers of micromobility services. Over the last few years, there has been a significant surge in the number of micromobility startups in the country, due to the soaring need for last-mile connectivity, primarily in urban centers.
The vehicle type segment of the Taiwanese micromobility market is categorized into scooters, e-scooters, e-mopeds, bikes, e-bikes, and e-pods. Under this segment, the e-mopeds category generated the highest revenue in 2020, because the people of Taiwan prefer two-wheelers, such as motorcycles and mopeds, over any other transportation mode. As e-mopeds have higher ride costs per minute than bikes, the e-mopeds category is generating the highest revenue in this segment in the market.
At present, the companies operating in the Taiwanese micromobility market are expanding their facilities to stay ahead of their competitors. For instance, in October 2019, WeMo Technology Co. Ltd., an e-moped rental share service providing company, expanded its reach in Kaohsiung city in Taiwan. In the initial phase, the player introduced 300 e-mopeds in the highly populous areas of Kaohsiung, such as Cianjhen, Nanzih, and Zuoying districts. Additionally, the company also plans to expand its fleet to 5,000 vehicles by 2022.
Thus, the burgeoning demand for efficient mobility options for first- and last-mile connectivity and soaring need to curtail air pollution and decrease transportation costs will augment the demand for micromobility services in Taiwan in the years to come.