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Key regions: South America, Malaysia, India, Indonesia, Saudi Arabia
The Bike-sharing market in BRICS countries has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Customers in BRICS countries have shown a growing preference for eco-friendly and cost-effective transportation options, which has contributed to the rise of the Bike-sharing market. With increasing environmental consciousness and concerns about traffic congestion, many individuals are opting for bikes as a convenient mode of transportation for short distances. Additionally, the younger demographic in these countries, who are more likely to embrace new technologies and sustainable practices, have also shown a strong interest in bike-sharing services.
Trends in the market: One of the key trends in the Bike-sharing market in BRICS countries is the adoption of dockless bike-sharing systems. Unlike traditional docked systems, where bikes need to be picked up and returned to designated docking stations, dockless systems allow users to locate and unlock bikes using smartphone apps and leave them anywhere within a specified area. This flexibility has made bike-sharing more convenient and accessible, leading to increased usage and market growth. Another trend in the market is the integration of bike-sharing services with other modes of transportation, such as public transit. This integration allows users to seamlessly switch between different modes of transportation, enhancing the overall efficiency of their journeys. Bike-sharing companies are partnering with public transit authorities to provide last-mile connectivity, reducing the reliance on private vehicles and promoting sustainable transportation options.
Local special circumstances: In BRICS countries, the Bike-sharing market is also influenced by unique local circumstances. For example, in Brazil, the market has been driven by the high demand for transportation solutions in densely populated urban areas with limited public transportation options. Bike-sharing services have emerged as a viable alternative for commuters, providing a convenient and affordable mode of transport. In India, the market has been fueled by the government's push for clean and sustainable transportation solutions. With initiatives like the Smart Cities Mission and the promotion of electric vehicles, bike-sharing services have gained traction as a green mobility option. Additionally, the presence of a large young population and the popularity of bike rentals among tourists have further contributed to the growth of the market.
Underlying macroeconomic factors: The growth of the Bike-sharing market in BRICS countries is also influenced by underlying macroeconomic factors. Rapid urbanization and population growth in these countries have led to increased demand for transportation solutions. Additionally, rising disposable incomes and changing lifestyles have made bike-sharing services more affordable and attractive to a larger segment of the population. Furthermore, government support and favorable policies have played a crucial role in the development of the Bike-sharing market. Governments in BRICS countries have recognized the potential of bike-sharing as a sustainable transportation solution and have implemented measures to encourage its growth. This includes providing subsidies, creating dedicated bike lanes, and promoting public-private partnerships in the sector. In conclusion, the Bike-sharing market in BRICS countries is witnessing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The adoption of dockless systems, integration with other modes of transportation, and government support are driving the expansion of the market. As the demand for eco-friendly and cost-effective transportation solutions continues to rise, the Bike-sharing market in BRICS countries is expected to further flourish in the coming years.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)