Singapore Micromobility Market Will Reach USD 1,817.9 Million by 2030

The Singapore micromobility market is projected to be worth USD 1,817.9 million by 2030, rising at a CAGR of 64.2%, according to P&S Intelligence. This growth can be credited to the small country's size, supportive vehicle ownership guidelines, and requirement for a well-organized transportation system for short distances.

The dockless bifurcation is projected to experience faster development in the Singapore micromobility industry in the coming few years, on the basis-sharing system. This can be credited to the mounting popularity of dockless bike-sharing systems between travelers, and also service providers, as it is less costly than a docked system.

There has been a rapid surge in the count of micromobility startups because of the growing requirement for last-mile connectivity. Several prominent venture capitalists and automotive original equipment manufacturers have invested in developing businesses in the micromobility industry.

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Singapore is a compact nation with only a 728.6-square-km area; thus, in order to decrease traffic congestion, the government utilizes a technique of bidding via which people get a certificate of entitlement, which permits them to own a vehicle for 10 years only.

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Moreover, the price of buying a personal car in the nation is high because of the requirement to import the vehicles and the existence of the bidding procedure. Consequently, a huge share of the populace favors traveling by public transport.

Micromobility services offer a well-organized transport system that can be utilized for both first- and last-mile travel, and also multimodal travel. This permits people to reach their last stop on time, without shelling out much. All of these reasons are the key contributors to the Singapore micromobility industry development.

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