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Bike-sharing - Cyprus

Cyprus

Cyprus is expected to see a revenue of US$164.50k in the Bike-sharing market by 2024.
It is projected that there will be an annual growth rate (CAGR 2024-2029) of 4.89%, leading to a market volume of US$208.90k by 2029.
In terms of the number of users, it is expected that there will be 13.24k users by 2029 with a user penetration of 0.9% in 2024 and 1.0% by 2029.
The average revenue per user (ARPU) is anticipated to be US$14.99.
By 2029, 97% of the total revenue in the Bike-sharing market is expected to come from online sales.
It is noteworthy that China is set to generate the highest revenue (US$5,515m in 2024) in the Bike-sharing market globally.
Despite the small size of Cyprus, the bike-sharing market is slowly growing and gaining popularity among locals and tourists alike.

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 Cyprus is experiencing significant growth and development. Customers in Cyprus have shown a strong preference for bike-sharing services, leading to an increase in demand and the emergence of new players in the market.

Customer preferences: Customers in Cyprus are increasingly choosing bike-sharing as a convenient and eco-friendly mode of transportation. The ease of access and affordability of bike-sharing services have made them popular among both locals and tourists. In addition, the health and wellness benefits associated with cycling have also contributed to the growing popularity of bike-sharing in Cyprus.

Trends in the market: One of the key trends in the Bike-sharing market in Cyprus is the expansion of service coverage. Bike-sharing companies are expanding their operations to cover more areas within Cyprus, making it easier for customers to find and rent bikes. This expansion is driven by the increasing demand for bike-sharing services and the desire to reach a larger customer base. Another trend in the market is the introduction of electric bikes. Electric bikes offer a more comfortable and effortless riding experience, making them attractive to a wider range of customers. The availability of electric bikes in the Bike-sharing market in Cyprus has further increased the appeal of bike-sharing services and has contributed to the overall growth of the market.

Local special circumstances: Cyprus is known for its beautiful coastal landscapes and scenic routes, making it an ideal location for bike-sharing. The availability of bike-sharing services allows customers to explore these picturesque locations at their own pace, enhancing their overall experience in Cyprus. Additionally, the compact size of the island makes it convenient for customers to use bike-sharing as a means of transportation, especially for short trips within cities or towns.

Underlying macroeconomic factors: The growth of the Bike-sharing market in Cyprus can be attributed to several underlying macroeconomic factors. Firstly, there is a growing emphasis on sustainable and eco-friendly transportation solutions globally, and bike-sharing aligns with this trend. Secondly, the increasing awareness of the health benefits of cycling has led to a shift in consumer preferences towards more active modes of transportation. Lastly, the advancements in technology and the widespread use of smartphones have made it easier for customers to access and use bike-sharing services, further driving the growth of the market. Overall, the Bike-sharing market in Cyprus is thriving due to customer preferences for convenient and eco-friendly transportation options, the expansion of service coverage, the introduction of electric bikes, the local special circumstances of the island, and underlying macroeconomic factors. As the market continues to evolve, it is expected that bike-sharing services will become even more popular and accessible in Cyprus.

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.