The South Korea micromobility market will grow at a rate of 5.2% by the end of this decade to reach USD 11.178.5 million by 2030. The important factors behind the development of the industry are the increasing emphasis on plummeting traffic congestion in urban areas, necessity for declining air pollution and transport cost, and snowballing requirement for efficient first- and last-mile connectivity.
The dockless system led the industry in the past, on the basis of sharing system, and it will have a faster growth in the years to come.
South Korea Micromobility Market
As a result of the increasing requirement for last-mile connectivity, chiefly in metropolitan areas, the count of micromobility companies has augmented recently. Numerous renowned venture investors and automakers have backed the micromobility startups, has supported service providers increase their operations.
Some of the important startups that have raised hefty funding are Lime, Beam Mobility, wind Mobility while some of the important venture capitalists invested in micromobility startups are SoftBank Vision Fund, Sequoia Capital, and DST Global.
The largest share in the South Korea micromobility market was held by the e-scooters, based on vehicle type. This is because of the fact that e-scooter sharing services can contribute significantly in tackling the problem of first and last mile commuting, where the prevailing public transit choices are not as lucrative.
The micromobility ecosystem has grown considerably because of the wide obtainability, affordability, and user-friendliness of the services. Environmental pollution is a major concern, and South Korea was among the most-polluted countries.
South Korea had the second-worst air quality of all the developed economies that are members OECD, as per a study. Sustainable energy and the increasing use of shared mobility services can bring about a considerable decrease in the everyday fuel consumption, driving the use of micromobility.
Due to the need for decreasing the cost of transportation, as well as air pollution, the demand for micromobility services in South Korea is on the rise. This trend will also continue in the years to come as well.