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Bike-sharing - Azerbaijan

Azerbaijan

Azerbaijan is expected to witness a remarkable growth in the Bike-sharing market with a projected revenue of US$0.52m by 2024.
The revenue is further expected to showcase an annual growth rate (CAGR 2024-2029) of 5.51%, leading to a projected market volume of US$0.68m by 2029.
The number of users is projected to reach 99.72k users in the same year.
In 2024, user penetration is projected to be 0.8% and is expected to increase to 0.9% by 2029.
The expected average revenue per user (ARPU) is US$6.36.
By 2029, approximately 96% of the total revenue in the Bike-sharing market in Azerbaijan will be generated through online sales.
When compared globally, China is expected to generate the most revenue in the Bike-sharing market, with an estimated revenue of US$5,515m in 2024.
Despite the challenges of hilly terrain and limited bike lanes, Azerbaijan's bike-sharing market is growing as the government promotes sustainable transportation options.

Key regions: South America, Malaysia, India, Indonesia, Saudi Arabia

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.

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Analyst Opinion

The Bike-sharing market in Azerbaijan 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 Azerbaijan have shifted towards more sustainable and eco-friendly modes of transportation, leading to an increased demand for bike-sharing services. Customers are becoming more conscious of the environmental impact of traditional modes of transportation and are opting for greener alternatives. Additionally, the convenience and affordability of bike-sharing services have also contributed to their popularity among customers. Trends in the market indicate a growing number of bike-sharing companies entering the Azerbaijani market. These companies are offering innovative solutions such as dockless bike-sharing, which allows customers to pick up and drop off bikes at any location, making it more convenient for users. The introduction of mobile applications and digital platforms has further enhanced the customer experience, allowing users to easily locate and unlock bikes through their smartphones. Local special circumstances in Azerbaijan have also played a role in the development of the Bike-sharing market. The country has a relatively flat terrain, making it ideal for cycling. Additionally, the government has been supportive of sustainable transportation initiatives and has implemented policies to promote cycling infrastructure, such as dedicated bike lanes and parking facilities. These factors have created a favorable environment for the growth of the Bike-sharing market in Azerbaijan. Underlying macroeconomic factors have also contributed to the development of the Bike-sharing market in Azerbaijan. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and a higher standard of living. This has resulted in a greater willingness among consumers to spend on leisure activities, including bike-sharing services. Furthermore, the increasing urbanization and congestion in major cities have made bike-sharing an attractive alternative to traditional modes of transportation. In conclusion, the Bike-sharing market in Azerbaijan is growing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards more sustainable and eco-friendly transportation options, coupled with the convenience and affordability of bike-sharing services, has contributed to the increasing demand in the market. The government's support for sustainable transportation initiatives and the favorable terrain in Azerbaijan have also played a significant role in the market's development. With these factors in place, the Bike-sharing market in Azerbaijan is expected to continue its growth trajectory in the coming years.

Methodology

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.