Bike-sharing - Georgia | Statista Market Forecast

Georgia is expected to witness a revenue projection of US$190.80k in 2024 in the Bike-sharing market.
The revenue is projected to grow annually at a rate of 9.15% (CAGR 2024-2029), resulting in a market volume projection of US$295.70k by 2029.
Moreover, the number of users in the Bike-sharing market is expected to reach 44.19k users by 2029.
The user penetration rate is projected to be 0.9% in 2024 and 1.2% by 2029.
The average revenue per user (ARPU) is expected to be US$5.74.
By 2029, 85% of the total revenue in the Bike-sharing market is expected to be generated through online sales.
In comparison to other countries, China is projected to generate the most revenue in the Bike-sharing market with US$6bn in 2024.
Despite the increasing popularity of bike-sharing worldwide, the market is still in its infancy in Georgia, with limited availability and usage among locals.

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 Georgia is experiencing significant growth and development.

Customer preferences: Customers in Georgia are increasingly opting for bike-sharing services due to their convenience and affordability. Bike-sharing allows users to easily access bicycles for short trips, providing a flexible and eco-friendly transportation option. This is particularly appealing to urban residents who are looking for alternative modes of transportation to avoid traffic congestion and reduce their carbon footprint. Additionally, the younger population in Georgia is embracing bike-sharing as a trendy and fashionable way to get around the city.

Trends in the market: One of the key trends in the Bike-sharing market in Georgia is the expansion of bike-sharing services to smaller cities and towns. Initially, bike-sharing services were concentrated in the capital city, Tbilisi, but now they are being introduced in other urban areas as well. This trend is driven by the increasing demand for bike-sharing services and the recognition that smaller cities and towns also need access to convenient and sustainable transportation options. Another trend in the market is the integration of bike-sharing with other modes of transportation. Bike-sharing companies are partnering with public transportation systems, allowing users to seamlessly switch between bikes and buses or trains. This integration is aimed at providing a more comprehensive and interconnected transportation network, making it easier for people to travel within and between cities.

Local special circumstances: Georgia's unique geographical features and landscapes contribute to the growth of the Bike-sharing market. The country is known for its beautiful mountains, valleys, and coastal areas, which attract tourists and outdoor enthusiasts. Bike-sharing services cater to these tourists, offering them a convenient way to explore and enjoy the natural beauty of the country. Additionally, the government of Georgia has been actively promoting tourism and sustainable transportation, which further supports the growth of the Bike-sharing market.

Underlying macroeconomic factors: The growing Bike-sharing market in Georgia can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has resulted in a higher demand for transportation services, including bike-sharing. Furthermore, the government's focus on sustainable development and environmental initiatives has created a supportive environment for the bike-sharing industry to thrive. In conclusion, the Bike-sharing market in Georgia is witnessing significant growth and development due to customer preferences for convenience and sustainability, the expansion of services to smaller cities and towns, integration with other modes of transportation, the country's unique geography, and favorable macroeconomic factors. As the market continues to evolve, we can expect further innovations and advancements in the bike-sharing industry in Georgia.

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.

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