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Bike-sharing - Caribbean

Caribbean

The Bike-sharing market in Caribbean is expected to see a significant growth in revenue, with a projection of US$1.36m in 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 1.98%, leading to a projected market volume of US$1.50m by 2029.
As for the number of users, it is expected to reach 0.45m users by 2029.
In terms of user penetration, it is projected to be 1.2% in 2024 and 1.1% by 2029.
The average revenue per user (ARPU) is expected to be US$2.86.
Furthermore, it is projected that 89% of total revenue in the Bike-sharing market will come from online sales by 2029.
It is worth noting that in comparison to other countries, China is expected to generate the most revenue in the global Bike-sharing market, with a projection of US$5,515m in 2024.
Bike-sharing is gaining popularity in the Caribbean, with many islands implementing programs to promote eco-friendly and healthy 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 Caribbean is experiencing significant growth due to changing customer preferences and emerging trends in the market.

Customer preferences: Customers in the Caribbean are increasingly looking for convenient and sustainable transportation options. Bike-sharing provides a flexible and affordable solution for short-distance travel, allowing users to easily commute within cities or explore tourist destinations. With the rise of health and wellness trends, more people are also opting for bike-sharing as a form of exercise and outdoor activity. Additionally, the growing concern for the environment and the need to reduce carbon emissions has led to an increased demand for eco-friendly transportation alternatives like bike-sharing.

Trends in the market: One of the key trends in the Caribbean Bike-sharing market is the adoption of technology. Bike-sharing companies are leveraging mobile apps and GPS tracking systems to enhance user experience and improve operational efficiency. These technologies enable users to easily locate and unlock bikes, track their ride, and make payments seamlessly. Furthermore, bike-sharing companies are also focusing on expanding their fleets and introducing electric bikes to cater to a wider range of customer needs. This trend aligns with the global shift towards electric mobility and sustainable transportation solutions.

Local special circumstances: The unique geography of the Caribbean, with its beautiful coastlines and scenic landscapes, makes it an ideal region for bike-sharing. Many Caribbean islands are relatively small in size, making it convenient for users to navigate through cities and towns on bikes. Additionally, the tourism industry in the Caribbean is thriving, attracting millions of visitors each year. Bike-sharing provides tourists with a convenient and eco-friendly way to explore the local attractions and experience the natural beauty of the region.

Underlying macroeconomic factors: The growing economy in the Caribbean is contributing to the development of the Bike-sharing market. As disposable incomes rise, more people are able to afford alternative transportation options like bike-sharing. Additionally, government initiatives and investments in sustainable transportation infrastructure are further driving the growth of the market. The Caribbean is also witnessing an increase in urbanization, with more people moving to cities for work and education. This urbanization trend creates a demand for efficient and cost-effective transportation solutions, making bike-sharing an attractive option. In conclusion, the Bike-sharing market in Caribbean is growing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With the demand for convenient and sustainable transportation solutions on the rise, bike-sharing is expected to continue its expansion in the region.

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.