Bike-sharing - Iceland | Statista Market Forecast

In Iceland, the Bike-sharing market is anticipated to experience a substantial growth in the coming years.
It is projected that by 2024, revenue in this market will reach US$240.20k.
Furthermore, the revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.68%, contributing to a projected market size of US$301.90k by 2029.
The number of users in this market is also expected to increase significantly, amounting to 8.50k users by 2029.
The user penetration rate is projected to be 1.9% in 2024 and 2.2% by 2029.
Moreover, the average revenue per user (ARPU) is expected to be US$32.71.
It is also anticipated that 99% of the total revenue in the Bike-sharing market will be generated through online sales by 2029.
Lastly, when compared globally, China is expected to generate the highest revenue in this market, amounting to US$6bn in 2024.
Bike-sharing has yet to gain significant traction in Iceland due to the country's harsh weather conditions and limited urban areas.

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

Bike-sharing has been gaining popularity in Iceland in recent years, with an increasing number of people opting for this convenient and eco-friendly mode of transportation.

Customer preferences: One of the main reasons for the growth of the Bike-sharing market in Iceland is the strong preference for sustainable and environmentally-friendly options among consumers. With a growing awareness of climate change and the need to reduce carbon emissions, many individuals are actively seeking out alternative transportation methods that have a lower impact on the environment. Bike-sharing provides a perfect solution, offering a convenient and affordable way to travel short distances without relying on cars or public transportation.

Trends in the market: The Bike-sharing market in Iceland has seen a steady increase in the number of users and bike-sharing services available. This can be attributed to several factors. Firstly, the government has been actively promoting cycling as a means of transportation, investing in infrastructure such as bike lanes and parking facilities. This has made it easier and safer for people to use bikes for commuting and leisure activities. Additionally, bike-sharing companies have been expanding their operations in Iceland, offering a wider range of services and bike options to cater to different customer needs. This has further fueled the growth of the market, as more people have access to bikes and are encouraged to use them.

Local special circumstances: Iceland's unique geography and climate also play a role in the development of the Bike-sharing market. The country's relatively small size and well-maintained roads make it ideal for cycling, with many scenic routes and trails available for both locals and tourists to explore. Furthermore, the cool and temperate climate in Iceland makes it comfortable to cycle throughout the year, even during the colder months. This has created a favorable environment for bike-sharing companies to operate and attract customers.

Underlying macroeconomic factors: The strong growth of the Bike-sharing market in Iceland can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in higher disposable incomes for individuals. This has allowed more people to afford bike-sharing services and invest in personal bicycles. Additionally, the tourism industry in Iceland has been booming, with a growing number of international visitors coming to explore the country's natural beauty. Bike-sharing has become a popular activity among tourists, providing them with a unique and environmentally-friendly way to experience Iceland. In conclusion, the Bike-sharing market in Iceland is experiencing significant growth due to customer preferences for sustainable transportation options, government support for cycling infrastructure, favorable local circumstances, and positive macroeconomic factors. As more people recognize the benefits of bike-sharing and the importance of reducing carbon emissions, the market is expected to continue expanding 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.