NEW YORK, Sept. 15, 2021 /PRNewswire/ — The value of the Thailand micromobility market will grow from $11.8 million in 2020 to $15,102.1 million by 2030, at a 98.7% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
Key reasons behind the burgeoning demand for such services are:
- Cost-Effectiveness and Convenience: Shared mobility is already known to be more cost-effective than owning and maintaining private vehicles, as the vehicle purchase cost, fuel, servicing, and parking expenses, and insurance premiums are borne by the service providers. Moreover, rides on these two-wheelers are available for between THB 5-10 per 30 minutes after a base fare, which makes them popular among the masses. Further, the rides can be booked 24/7 via service providers’ mobile application or website, thus resulting in high convenience.
- Urban Congestion and Air Pollution: The worsening traffic congestion and air pollution in cities also drive the Thai micromobility market, as such services are an effective antidote to these problems. They help reduce greenhouse gas emissions, as most of the micromobility fleets include electric vehicles. Their small size and maneuverability make them easy to park at parking lots and on roads.
Since the lifting of the COVID-19-related lockdowns, the Thai micromobility market has been booming. People have opted for micromobility over traditional mass transit such as buses and metros due to social distancing and fear of infection.
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The e-mopeds category will dominate the Thai micromobility market in the coming years, on the basis of vehicle type. E-mopeds are becoming more popular among young Thais for their commute to college and work.
In the past, the market share for Thai micromobility was larger than it is today, according to segmentation by model. People are choosing to use micromobility instead of their personal vehicles due to strong government support and environmental concerns. Micromobility is more efficient than traditional shared mobility services like ridesharing or carsharing in solving last- and first-mile connectivity problems.
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The faster growth in the Thai micromobility market, based on sharing system, will be witnessed by the docked bifurcation. Although dockless systems are cheaper than traditional ones, they can be vandalized and cause chaos in parking lots, which can lead to government fines. Market players will choose to have more docked systems in order to avoid these situations and ensure that the vehicles are safe.
Major companies in Thailand’s micromobility market are Ofo Inc. and Innotra Co. Ltd.. Go Scoot Bangkok. Haupcar Company Limited., Anywheel Pte. Ltd., Neuron mobility Pte., E Revolution Co. Ltd. Ltd., Niu Technologies, Grab Holdings Inc., Ningbo MYWAY Intelligent Technology Co. Ltd., Falcon Go, Segway Inc., Yadea Group Holdings Ltd., and Giant Manufacturing Co. Ltd.
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E-Mobility Services Market Report – Asia-Pacific has been the largest e-mobility services market till now, because of the wide popularity of these services, especially bike sharing, in China. The country, along with Japan and India, is infamous for its soaring air pollution levels, which is why governments here have implemented stringent emission-control policies and are offering support to EV manufacturers and users and e-mobility service companies.
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