Philippines Micromobility Market to Witness Robust Expansion by 2030
The Philippines micromobility market value stood at $1.9 million in 2020, and it is predicted to surge to $13,899.7 million by 2030, exhibiting a CAGR of 158.6% from 2021 to 2030.
The market for micromobility in Philippines is driven by:
Rising Demand for Mitigating Pollution: With the extensive use of fossil-fuel-powered automobiles, air pollution levels are rising at an alarming pace in the Philippines, which is subsequently causing a sharp rise in the prevalence of various lung diseases. As micromobility reduces the requirement for personal vehicle ownership, its increasing adoption is expected to reduce the number of vehicles on the country’s roads, thereby mitigating air pollution.
Falling Prices of Electric Vehicle Batteries: With the declining prices of the batteries used in electric vehicles, the latter’s adoption is surging in the country. Moreover, this is encouraging many Philippines micromobility market players to adopt electric vehicles. Additionally, several market players are incorporating new-age lithium-ion batteries on account of their greater eco-friendliness, increased running economy, and reduced charging time.
The COVID-19 pandemic has positively impacted the Philippines micromobility market. Owing to the pandemic, people are preferring micromobility over conventional shared mobility, as it will allow them to maintain social distancing. For example, when the stay-at-home orders were lifted in Manila, a large number of people began cycling or walking to work, instead of using public transportation services, such as buses.
The e-mopeds category contributed the highest revenue to the Philippines micromobility market in the past, under the vehicle type segment. This category will also exhibit the fastest growth in the coming years owing to the economical nature of e-moped sharing services.
The dockless category dominated the Philippines micromobility market during the last few years, and it is predicted to demonstrate the faster growth in the forthcoming years as well, within the sharing system segment. The dockless sharing system is being increasingly adopted by market players on account of the rising preference of customers for it over the docked system. This is because the vehicles deployed via such systems can be picked up and dropped off anywhere.