FOR URBAN MILLENNIALS, MICROMOBILITY WILL BE THE KEY TRANSIT CHOICE OF THE FUTURE
Gen Y has been pivotal in the trend of resurgence in America’s urban areas. Not only do they have a significant preference for city living, they are also 21% more likely to buy their homes near city centers than Gen Xers. For the cohorts aged 25-34 and 35-44, the critical factor in that decision is access to transit, according to a Journal of Regional Science study.
Given that millennials make up America’s largest-ever generation, that is positive news for the sector of the transportation industry most primed to capture the future urban market: micromobility.
Micromobility services — including ride-hailing platforms like Uber and Lyft, bike-share programs like New York City’s Citi Bike, and electric-scooter rental services like Bird and Lime — have grown rapidly in recent years. Today, there are more than 85,000 e-scooters available for rent in 100 cities across the US, with more than 38.5M trips made in 2018 alone. As a whole, the micromobility sector is expected to be worth up to $300B by 2030.