Dublin, Nov. 10, 2021 (GLOBE NEWSWIRE) -- The "South Korea Micromobility Market Research Report: By Type, Model, Sharing System - Revenue Estimation and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The South Korean micromobility market value is predicted to increase to $11,178.5 million by 2030 from $120.3 million in 2020, at a 52.2% CAGR between 2021 and 2030.
The key reasons behind the rising demand for such services are:
Worsening Air Quality: South Korea has the second-worst air quality among the developed Organisation for Economic Co-operation and Development (OECD) member countries. Hence, the focus on taking as many private vehicles off the roads as possible is rising. This, combined with the fact that much of the micromobility fleet is made up of electric vehicles, is boosting the demand for such shared mobility services in the country.
Need to Reduce Traffic Congestion: The South Korean micromobility market is also driven by the rising need to reduce urban traffic congestion. As one of the most-urbanized countries in the world, South Korea grapples with way more vehicles than its roads can handle. In this regard, the two-wheelers deployed in micromobility fleets provide a solution as they take less space on the roads and parking spaces.
The South Korean micromobility market has seen a positive impact of the COVID-19 pandemic as the lockdowns implemented to check the spread of the infection led to curtailed public transport services.
Further, buses and metro trains are overcrowded, therefore a potential source of infection spread. As a result, people are now preferring micromobility, wherein they drive the two-wheeler themselves, which cuts down the chances of contracting the infection massively.
In the past, the South Korean micromobility market, on the basis of vehicle type, was led by the e-scooters category. Shared e-scooters are a good way to travel the first and last miles because of their affordability. Moreover, they do not release any operational emission, which is important to clean the country's air.
The first- and last-mile bifurcation is predicted to witness the faster advance in the South Korean micromobility market in the coming years, based on model. As conventional shared mobility services, such as ride hailing and carsharing, are expensive when commuting between the office/home to bus stops and metro stations or the other way round, Koreans are utilizing micromobility for such purposes.
In the near future, the dockless bifurcation will dominate the South Korean micromobility market, under segmentation by sharing system. Such a system saves market players the trouble of establishing dedicated vehicle pickup and drop-off stations, which also makes the ride experience better for commuters.
Key Topics Covered:
Chapter 1. Research Scope
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
5.1 Total Population
5.2 Passenger Car - Vehicle in Use
Chapter 6. Definition of Market Segments
6.1 By Vehicle Type
6.2 By Model
6.2.1 First- and last-mile
6.3 By Sharing System
Chapter 7. Industry Outlook
7.1 Market Dynamics
22.214.171.124 Advent of battery swapping technology
126.96.36.199 Growing investments in micromobility market
188.8.131.52 Need for decreasing air pollution and transportation cost
184.108.40.206 Increasing need for efficient first- and last-mile connectivity
220.127.116.11 Growing focus on reducing traffic congestion in urban areas
18.104.22.168 Impact analysis of drivers on market forecast
22.214.171.124 Fleet management challenges and limitations
126.96.36.199 Impact analysis of restraints on market forecast
188.8.131.52 Transition from vehicle ownership to mobility-as-a-service (MaaS)
7.2 Impact of COVID-19
7.3 Policy and Regulatory Landscape
Chapter 8. South Korea Market Size and Forecast
8.1 Market Size and Forecast
8.1.1 By Vehicle Type
8.1.2 By Model
8.1.3 By Sharing System
8.2 Micromobility TAM
8.2.1 By Vehicle Type
8.2.2 By Model
8.2.3 By Sharing System
Chapter 9. Key Recommendations
9.1 Key Recommendations for Micromobility Service Providers
Chapter 10. Competitive Landscape
10.1 List of Market Players and Their Offerings
10.2 Key Micromobility Players and Funding Status
10.3 Major Manufacturers and Their Product Offerings
10.4 Recent Strategic Developments
10.4.2 Collaborations and Partnerships
10.4.3 Other Developments
Chapter 11. Company Profiles
Kakao Mobility Co. Ltd.
WIND Mobility Ltd.
Dart Sharing Co. Ltd.
Dash Company Co. Ltd.
Beam Mobility Holdings Pte. Ltd.
Neuron Mobility Pte. Ltd.
Olulo Co. Ltd.
G Bike Co. Ltd.
PUMP Co. Ltd.
Ningbo MYWAY Intelligent Technology Co. Ltd.
Kwang Yang Motor Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/3j6nxu
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