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Bike-sharing - Croatia

Croatia

Croatia is expected to witness a surge in revenue within the Bike-sharing market with a projected amount of US$2.44m by 2024.
The revenue is anticipated to increase at an annual growth rate of 1.11%, resulting in a projected market volume of US$2.55m by 2028.
As for the number of users in the Bike-sharing market, it is expected to reach 206.30k users by 2028.
In terms of user penetration, it is projected to be 5.2% in 2024 and 5.3% by 2028.
The average revenue per user (ARPU) is expected to be US$11.85.
It is noteworthy that 100% of the total revenue will be generated through online sales by 2028.
It is also worth mentioning that in global comparison, China is expected to generate the most revenue with a projected amount of US$5,870m by 2024.
Croatia's bike-sharing market is growing rapidly, with an increasing number of cities offering rental services.

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

Region comparison

Currency

Analyst Opinion

The Bike-sharing market in Croatia is experiencing significant growth and development in recent years.

Customer preferences: One of the main reasons for the growth of the Bike-sharing market in Croatia is the increasing demand for sustainable and eco-friendly transportation options. Customers are becoming more conscious of the environmental impact of traditional modes of transportation and are actively seeking alternatives. Bike-sharing offers a convenient and affordable solution, allowing people to travel within cities while reducing their carbon footprint. Additionally, the younger generation, in particular, is embracing the bike-sharing trend as a way to stay active and fit.

Trends in the market: The Bike-sharing market in Croatia is witnessing several key trends. Firstly, there is a growing number of bike-sharing operators entering the market, offering different models and services. This competition is driving innovation and improvements in bike-sharing technology, such as the introduction of electric bikes and mobile apps for easy booking and payment. Secondly, bike-sharing services are expanding beyond major cities and tourist destinations, reaching smaller towns and suburban areas. This expansion is fueled by the increasing popularity of bike tourism in Croatia, with tourists seeking to explore the country's natural beauty on two wheels. Lastly, bike-sharing is also being integrated with other modes of transportation, such as public transit systems, to provide seamless and multi-modal journeys for commuters and tourists.

Local special circumstances: Croatia's unique geography and climate contribute to the development of the Bike-sharing market. With its stunning coastline and picturesque cities, Croatia attracts a large number of tourists every year. Bike-sharing is seen as an ideal way for tourists to explore the country's attractions, offering them a flexible and independent mode of transportation. Furthermore, Croatia has a strong cycling culture, with many locals using bicycles for daily commuting and recreational purposes. This cultural preference for cycling creates a favorable environment for the growth of the Bike-sharing market.

Underlying macroeconomic factors: The Bike-sharing market in Croatia is also influenced by macroeconomic factors. The country's improving economic conditions and rising disposable incomes have led to increased spending on leisure activities, including bike-sharing. Additionally, government initiatives to promote sustainable transportation and reduce traffic congestion have played a role in driving the adoption of bike-sharing. These initiatives include the development of cycling infrastructure, such as bike lanes and parking facilities, and the implementation of policies that support bike-sharing operators. In conclusion, the Bike-sharing market in Croatia is experiencing growth and development due to customer preferences for sustainable transportation, the emergence of new trends in the market, local special circumstances, and underlying macroeconomic factors. As the demand for eco-friendly transportation options continues to rise, the Bike-sharing market in Croatia is expected to further expand and evolve 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.