Bike-sharing - Cuba | Statista Market Forecast

The projected revenue for the Bike-sharing market in Cuba is expected to reach US$53.76k by 2024.
A steady annual growth rate (CAGR 2024-2029) of -0.94% is expected, which will result in a projected market volume of US$51.28k by 2029.
The number of users in this market is expected to amount to 336.50k users by 2029, while the user penetration rate is projected to increase from 3.3% in 2024 to 3.0% by 2029.
The average revenue per user (ARPU) is expected to be US$0.15.
By 2029, online sales are projected to generate 92% of the total revenue in the Bike-sharing market.
It is noteworthy to mention that in a global comparison, China is expected to generate the most revenue in this market, with a projected revenue of US$6bn in 2024.
Cuba's bike-sharing market is growing, with the government's focus on sustainable transportation and the introduction of new bike rental services.

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.

Free-floating bike-sharing reservations
Stationary bike-sharing reservations
Services such as nextbik, ofo, Mobike, and LimeBike

Peer-to-peer bike-sharing reservations
Free bike-sharing services, such as Aarhus City Bikes
Multi-day bike rental offers
Discounts for customers with long-term subscriptions and other types of discounts
Electric scooter service providers

The Bike-sharing market in Cuba has been experiencing significant growth in recent years, driven by changing customer preferences and the unique local circumstances of the country.

Customer preferences: Cuban customers have shown a growing preference for bike-sharing services due to their convenience and affordability. As the cost of owning a car or using public transportation continues to rise, many Cubans are turning to bike-sharing as a more cost-effective and sustainable mode of transportation. Additionally, the younger generation in Cuba has shown a particular interest in bike-sharing, as they are more conscious of environmental issues and seek alternative transportation options.

Trends in the market: One of the key trends in the Bike-sharing market in Cuba is the expansion of bike-sharing programs in major cities. As the government invests in infrastructure development and promotes sustainable transportation, bike-sharing services have been introduced in cities like Havana and Santiago de Cuba. This trend is expected to continue as more cities recognize the benefits of bike-sharing in reducing traffic congestion and improving air quality. Another trend in the market is the integration of technology into bike-sharing services. Mobile applications are being developed to allow users to easily locate and unlock bikes, making the process more convenient and user-friendly. This technology also enables the collection of data on bike usage, which can be used to optimize bike distribution and improve the overall efficiency of the system.

Local special circumstances: Cuba's unique local circumstances, such as its warm climate and relatively flat terrain, make it an ideal environment for bike-sharing. The weather allows for year-round bike usage, and the lack of steep hills makes cycling a feasible mode of transportation for many Cubans. Additionally, the compact urban layout of cities in Cuba makes bike-sharing a convenient option for short trips within the city.

Underlying macroeconomic factors: The development of the Bike-sharing market in Cuba is also influenced by underlying macroeconomic factors. The government's focus on sustainable development and reducing reliance on fossil fuels has led to increased investment in alternative transportation options, including bike-sharing. Additionally, the gradual opening up of the Cuban economy and the growth of tourism have created a demand for convenient and eco-friendly transportation options, further driving the growth of the Bike-sharing market. In conclusion, the Bike-sharing market in Cuba is experiencing significant growth due to changing customer preferences, the unique local circumstances of the country, and underlying macroeconomic factors. As the government continues to invest in infrastructure development and promote sustainable transportation, the Bike-sharing market is expected to expand further 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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.