Market Insights Mobility Shared Mobility

Bike-sharing - Costa Rica

Costa Rica

Costa Rica is projected to generate a revenue of US$1.89m in the Bike-sharing market by 2024.
This revenue is expected to grow annually at a rate of 4.89% between 2024 and 2029, resulting in a projected market volume of US$2.40m by 2029.
By 2029, the number of users in the Bike-sharing market in Costa Rica is expected to reach 192.70k users.
The user penetration rate in the country is projected to be 3.1% in 2024 and 3.6% by 2029.
The average revenue per user (ARPU) is expected to be US$11.47.
Additionally, 87% of the total revenue generated in the Bike-sharing market in Costa Rica by 2029 will come from online sales.
It is interesting to note that in global comparison, China is expected to generate the most revenue in the Bike-sharing market, with a projected revenue of US$5,515m in 2024.
Costa Rica's bike-sharing market is gaining popularity as a sustainable and affordable transportation option in urban areas.

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.

Market

Region

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Analyst Opinion

The Bike-sharing market in Costa Rica is experiencing significant growth and development.

Customer preferences: One of the main reasons for the growth of the Bike-sharing market in Costa Rica is the increasing preference for eco-friendly transportation options. With growing concerns about environmental sustainability, more and more people are opting for greener alternatives to traditional modes of transportation. Bike-sharing provides a convenient and sustainable option for short-distance travel, allowing individuals to reduce their carbon footprint while also enjoying the benefits of exercise.

Trends in the market: The Bike-sharing market in Costa Rica is witnessing a surge in popularity due to the rising number of tourists visiting the country. Costa Rica is known for its stunning natural beauty and eco-tourism attractions, making it an ideal destination for outdoor activities such as biking. Tourists are increasingly opting for bike-sharing services to explore the country's scenic landscapes and get a closer look at its rich biodiversity. Another trend in the market is the integration of bike-sharing with other transportation modes. In Costa Rica, bike-sharing services are often integrated with public transportation systems, allowing commuters to easily switch between bikes and buses or trains. This integration provides a seamless and efficient travel experience, encouraging more people to choose bike-sharing as a viable transportation option.

Local special circumstances: Costa Rica's favorable climate and topography make it an ideal location for bike-sharing. The country enjoys a tropical climate with warm temperatures throughout the year, making biking a comfortable and enjoyable activity. Additionally, Costa Rica has a well-developed network of bike lanes and trails, providing safe and convenient routes for cyclists. These local special circumstances create a conducive environment for the growth of the Bike-sharing market.

Underlying macroeconomic factors: The growth of the Bike-sharing market in Costa Rica is also influenced by broader macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. As people have more financial resources, they are more likely to invest in alternative transportation options such as bike-sharing. Additionally, the government's focus on sustainable development and reducing carbon emissions has led to supportive policies and incentives for bike-sharing companies, further driving the market's growth. In conclusion, the Bike-sharing market in Costa Rica is thriving due to customer preferences for eco-friendly transportation, integration with other transportation modes, favorable local circumstances, and underlying macroeconomic factors. As the market continues to expand, it is expected to play a significant role in promoting sustainable mobility and reducing carbon emissions in the country.

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.