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Bike-sharing - Ecuador

Ecuador

According to projections, the Bike-sharing market in Ecuador is expected to generate a revenue of US$5.17m by 2024.
It is further expected to exhibit an annual growth rate (CAGR 2024-2029) of 1.02%, resulting in a market volume of US$5.44m by 2029.
Additionally, the number of users in the Bike-sharing market is expected to reach 1.00m users by 2029.
The projected user penetration is 5.2% in 2024, which is expected to increase to 5.2% by 2029.
The average revenue per user (ARPU) is expected to be US$5.44.
It is projected that by 2029, 86% of the total revenue in the Bike-sharing market will be generated through online sales.
In comparison to other countries, China is expected to generate the highest revenue of US$5,515m in 2024.
Ecuador's bike-sharing market is on the rise, with the government implementing new initiatives to promote sustainable transportation.

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

Bike-sharing has become a popular mode of transportation in Ecuador, with an increasing number of people opting for this convenient and eco-friendly option.

Customer preferences: Ecuadorian customers are increasingly drawn to bike-sharing due to its affordability and flexibility. With the rising costs of public transportation and the need for a convenient and efficient mode of transport, bike-sharing offers a cost-effective solution for daily commuting. Additionally, the flexibility of bike-sharing allows customers to avoid traffic congestion and reach their destinations faster, making it an attractive option for urban dwellers.

Trends in the market: The Bike-sharing market in Ecuador has witnessed significant growth in recent years. This can be attributed to the increasing awareness about environmental sustainability and the government's efforts to promote cycling as a means of transportation. The introduction of bike-sharing programs in major cities has also contributed to the growth of the market. These programs provide customers with easy access to bikes at various locations, making it convenient for them to use bikes for short-distance travel.

Local special circumstances: Ecuador's unique geography and climate make it an ideal location for bike-sharing. The country is known for its diverse landscapes, including mountains, beaches, and rainforests, which attract tourists from all over the world. Bike-sharing allows tourists to explore these natural wonders at their own pace, providing them with a unique and immersive experience. Additionally, the mild and pleasant climate in Ecuador makes it suitable for outdoor activities such as cycling throughout the year.

Underlying macroeconomic factors: The growing Bike-sharing market in Ecuador is also influenced by macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and purchasing power. This has made bike-sharing more accessible to a larger segment of the population. Furthermore, the government's focus on sustainable development and green initiatives has created a favorable environment for bike-sharing companies to thrive. In conclusion, the Bike-sharing market in Ecuador is witnessing significant growth due to customer preferences for affordability and flexibility, as well as the government's efforts to promote cycling as a sustainable mode of transportation. The unique geography and climate of Ecuador, along with its steady economic growth, further contribute to the expansion of the Bike-sharing market 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.