Bike-sharing - Kuwait | Statista Market Forecast

The Bike-sharing market in Kuwait is anticipated to witness a surge in revenue, with a projected figure of US$3.38m in 2024.
Furthermore, the market is expected to grow annually at a rate of 3.24% between 2024 and 2029, resulting in a projected market volume of US$3.96m by 2029.
The number of users in the Bike-sharing market is expected to increase to 279.50k users by 2029, with a projected user penetration of 5.6% in 2024 and 6.2% in 2029.
The average revenue per user (ARPU) is likely to reach US$13.98.
It is estimated that by 2029, 98% of the total revenue in the Bike-sharing market will be generated through online sales.
In comparison with other countries, China is expected to generate the highest revenue of US$6bn in 2024.
Kuwait's bike-sharing trend is growing as the government invests in infrastructure and promotes eco-friendly transportation options.

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 Kuwait is experiencing significant growth and development in recent years.

Customer preferences: Customers in Kuwait are increasingly embracing 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 residents and tourists. Additionally, the health and wellness trend has also contributed to the growing demand for bike-sharing, as people are becoming more conscious about their physical fitness and the environmental impact of their choices.

Trends in the market: One of the key trends in the Bike-sharing market in Kuwait is the expansion of bike-sharing networks. More companies are entering the market and offering their services in different parts of the country. This expansion is driven by the increasing demand for bike-sharing and the government's efforts to promote sustainable transportation options. The introduction of dockless bike-sharing systems has also gained traction in Kuwait, allowing users to easily locate and rent bikes through mobile applications. Another trend in the market is the integration of bike-sharing with other modes of transportation. Many bike-sharing companies are partnering with public transportation systems, such as buses and metro lines, to provide last-mile connectivity. This integration allows users to seamlessly switch between different modes of transportation, making their journeys more convenient and efficient.

Local special circumstances: Kuwait's urban landscape and infrastructure play a significant role in the development of the Bike-sharing market. The country has a well-developed road network and a growing number of dedicated cycling lanes, making it safer and more accessible for cyclists. Additionally, the compact nature of Kuwait's cities and the relatively flat terrain make it ideal for bike-sharing.

Underlying macroeconomic factors: The growing Bike-sharing market in Kuwait is also influenced by several macroeconomic factors. The government's focus on sustainability and reducing carbon emissions has led to increased investments in green infrastructure, including cycling infrastructure. Additionally, the rising urban population and increasing traffic congestion have created a demand for alternative transportation options, such as bike-sharing. The government's support and promotion of bike-sharing through policies and initiatives have further fueled its growth in the country. In conclusion, the Bike-sharing market in Kuwait is experiencing significant growth and development due to customer preferences for convenience, affordability, and eco-friendliness. The expansion of bike-sharing networks, integration with other modes of transportation, and favorable local circumstances such as well-developed infrastructure and government support are driving the market's growth.

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.