Bike-sharing - Armenia | Statista Market Forecast

Armenia is projected to witness a revenue of US$202.70k in the Bike-sharing market by 2024.
The revenue is expected to grow at an annual rate of 9.01% between 2024 and 2029, leading to a projected market volume of US$312.00k by 2029.
It is anticipated that the number of users in the Bike-sharing market will reach 34.21k users by 2029.
The user penetration is predicted to rise from 0.9% in 2024 to 1.2% by 2029.
The average revenue per user (ARPU) is expected to be US$7.84.
By 2029, 88% of the total revenue in the Bike-sharing market will be generated through online sales.
In comparison to other countries, China is expected to generate the highest revenue of US$6bn in 2024.
Despite a small market size, bike-sharing initiatives in Armenia have been gaining popularity among locals and tourists alike, promoting sustainable transportation options.

Definition:

The Bike-sharing market includes short-term bike-sharing services. In bike-sharing services, bicycles are generally owned by a bike-sharing provider and are independently reserved by customers around the clock. Customers are required to open an account with the bike-sharing provider and can then reserve bicycles. This is usually done with a smartphone app, but there are also service providers that allow reservations to be made via the provider's website, by telephone, or at a terminal.

The two most frequently used bike-sharing varieties are the following: station-based (e.g., Stadtrad and Citi Bike New York) and free-floating (such as nextbike and ofo). With station-based bike-sharing, a bicycle is retrieved from a bike-sharing station and returned to either the same station or dropped off at another station. With free-floating bike-sharing, it is possible to find bicycles everywhere within the service provider's business zone and leave the bicycle anywhere in accordance with traffic regulations. Peer-to-peer bike-sharing is not included in the market definition of this market. Moped-sharing services are not available in all countries; thus, only a limited number of countries and regions can be selected.

Additional Information:

The main performance indicators of the Bike-sharing market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the mentioned market. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Free-floating bike-sharing reservations
Stationary bike-sharing reservations
Services such as nextbik, ofo, Mobike, and LimeBike

Peer-to-peer bike-sharing reservations
Free bike-sharing services, such as Aarhus City Bikes
Multi-day bike rental offers
Discounts for customers with long-term subscriptions and other types of discounts
Electric scooter service providers

The Bike-sharing market in Armenia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Armenia have shifted towards more sustainable and eco-friendly modes of transportation, leading to an increased demand for bike-sharing services. With growing concerns about air pollution and traffic congestion, many individuals are opting for bicycles as a convenient and environmentally friendly alternative to traditional modes of transportation. Additionally, the younger generation in Armenia is increasingly embracing a healthier and more active lifestyle, further contributing to the popularity of bike-sharing services. Trends in the market also play a crucial role in the development of the bike-sharing industry in Armenia. The rise of smartphone technology and the availability of mobile applications have made it easier for customers to access and use bike-sharing services. Users can now conveniently locate and unlock bikes through their smartphones, making the process more seamless and user-friendly. This technological advancement has significantly contributed to the growth of the Bike-sharing market in Armenia. Furthermore, the government of Armenia has implemented various initiatives to promote and support the bike-sharing industry. These initiatives include the development of dedicated bike lanes and infrastructure, as well as the implementation of policies to encourage the use of bicycles as a means of transportation. These efforts have created a favorable environment for bike-sharing companies to operate and expand their services in Armenia. In addition to customer preferences and market trends, there are also local special circumstances that have contributed to the growth of the Bike-sharing market in Armenia. The country's compact size and relatively flat terrain make it ideal for bike-sharing services. The availability of bike-friendly routes and the absence of significant geographical barriers have made it easier for bike-sharing companies to establish their operations and attract customers. Underlying macroeconomic factors have also played a role in the development of the Bike-sharing market in Armenia. The country's improving economic conditions and rising disposable incomes have made bike-sharing services more affordable and accessible to a larger segment of the population. As a result, more individuals are opting for bike-sharing as a cost-effective mode of transportation, further driving the growth of the market. In conclusion, the Bike-sharing market in Armenia is experiencing significant growth due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The demand for sustainable transportation options, advancements in technology, government support, and favorable geographical conditions have all contributed to the development of the bike-sharing industry in Armenia.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of bike-sharing services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.