South Korea Micromobility Market was Led by E-Scooters
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.
South Korea Micromobility Market Research Report@ https://www.psmarketresearch.com/market-analysis/south-korea-micromobility-market
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.
It will generally be because of a surge in the count of companies choosing for the dockless concept over the docked system since the former requires less capital and has lower cost of operations.
Also, users favor dockless sharing to docked sharing due to its cost-efficiency and expedient features, for example better parking flexibility.
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.
Furthermore, e-scooters are reasonable and available, and they are ecologically beneficial since they don’t make use of gasoline or other fuels. These scooters can fit in a small space, and they can be put to use for accessing public transportation, for example trains and buses.
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.