Singapore Micromobility Market
The Singaporean micromobility market size is set to witness a 64.2% CAGR during 2021–2030, to reach $1,817.9 million by 2030 from $15.8 million in 2020. The demand for these services is growing in the country because of:
• Stringent Vehicle Ownership Regulations: Singapore is a small and densely population city–state, which is why the government strongly regulates the number of vehicles on the roads. For a population of 5.6 million, Singapore has only 509,000 cars. The government only allows people to own a car for 10 years, after placing successful bids, which can be as high as $40,000. This offers a vast growth potential to micromobility service providers, who can leverage the unmet need for public transit.
• Need for Efficient Short-Distance Transport: The Singaporean micromobility market is also being driven by the rising need for first- and last-mile transportation, which is not provided by conventional mass transit. This issue is graver here because of the low number of private vehicles allowed, exorbitant automobile prices, and availability of less parking space. Therefore, to travel from the home/office to bus stops and metro stations and vice versa, people here are using micromobility.
Since traditional mass transit means, such as buses and metros, are overcrowded, they have raised a serious threat of infection during the pandemic. Hence, the Singaporean micromobility market has been impacted positively as people are using these services to maintain social distancing. Further, bus and metro services were curtailed during the lockdowns, which further drove the popularity of such shared mobility services.
The bikes category will grow the fastest in the Singaporean micromobility market in the coming years, based on vehicle type. These vehicles are environment-friendly and cost-effective for usage. Moreover, due to the presence of numerous service providers, Singapore is one of the biggest bike sharing markets in Asia-Pacific (APAC).
Key Findings of Singapore Micromobility Market Report
• Unfavorable vehicle ownership laws boosting micromobility demand
• More people availing of services since COVID-19 outbreak
• E-scooters to be preferred micromobility vehicle in coming years
• Dockless sharing systems preferred by commuters and service providers
• Micromobility effective in bridging first- and last-mile gap
• 5G technology to strengthen micromobility landscape in Singapore
In the past, the first- and last-mile bifurcation dominated the Singaporean micromobility market, on the basis of model. The high population and restrictions on personal vehicles have created a vast unmet need for first- and last-mile transportation, where micromobility has emerged as an efficient solution.
The dockless bifurcation is predicted to generate the highest revenue in the Singaporean micromobility market, under segmentation by sharing system, in the near future. As such systems eliminate the need for docking stations, they offer commuters the convenience of picking up and dropping off the two-wheeler wherever they want and help market players save on the initial investment.
The biggest Singaporean micromobility market players are SG Bike Pte Ltd., Beam Mobility Holdings Pte. Ltd., Moov Technology (S) Pte. Ltd., Grab Holdings Inc., Ningbo MYWAY Intelligent Technology Co. Ltd., Niu Technologies, and Segway Inc.