Can IoT Help Advance the Micromobility Market
Can IoT Help Advance the Micromobility Market? IoT is no longer just a buzzword. There are countless solutions built around it. One of the most common solutions is your virtual assistant, “Alexa.” The way that device manages other internet-connected devices in your home is almost priceless. But, this is not all IoT is good for. IoT has been heavily leveraged in industries like manufacturing, logistics, industrial automation, and more. Moreover, IoT is also being used in the micromobility sector. What is Micromobility? The term micromobility refers to lightweight transportation for individuals. It covers various types of transportation options that weigh less than 500kg (1200 lbs). Some examples are bicycles, e-bikes, electric scooters, segways, electric skateboards, and hoverboards. Unlike vehicles that can be used to travel long distances, the micromobility market focuses on short distances, usually less than five miles. There are many benefits to the micromobility market, which is why tech giants are heavily investing in it. In 2020, investment in the micromobility market was $800 million. It soon skyrocketed after the lockdown restrictions were lifted. The micromobility brands attracted close to $2.9 billion in 2021. Benefits of the Micromobility Market Let’s take a look at three specific benefits of the micromobility market that justify these high investments: #1: Convenience One of the best benefits is convenience. Transportation options can help users reach their destination quickly and with ease. #2: No Parking Issues Parking is a huge problem when it comes to personal vehicles. Here, micromobility can be of great use. With micromobility transportation options like segways and hoverboards, you will never again face parking issues. #3: Cost-Effective As the concept of micromobility includes ride-sharing, it will naturally become cost-effective; you can rent, and there is no need for any type of license for e-bikes or hoverboards. Challenges Faced by the Micromobility Sector The...
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