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Bike-sharing - Latvia

Latvia

Latvia is projected to generate a revenue of US$0.64m in 2024 in the Bike-sharing market.
The revenue is expected to grow annually at a rate of 4.04% resulting in a market volume of US$0.78m by 2029.
The number of users in this market is projected to reach 57.97k users by 2029, with a user penetration of 2.9% in 2024 and 3.4% by 2029.
The average revenue per user (ARPU) is expected to be US$12.13.
By 2029, 95% of the total revenue in Latvia's Bike-sharing market will be generated through online sales.
Comparing globally, China is expected to generate the most revenue in this market, amounting to US$5,515m in 2024.
The bike-sharing market in Latvia is experiencing growth due to the country's increased focus on sustainable transportation options.

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 Latvia has been experiencing significant growth in recent years, driven by changing customer preferences and the introduction of new technology.

Customer preferences: Customers in Latvia are increasingly looking for convenient and cost-effective transportation options, and bike-sharing provides an ideal solution. Bike-sharing allows users to easily rent a bike for short distances, avoiding traffic congestion and parking issues. Additionally, the growing awareness of the environmental benefits of cycling has also contributed to the popularity of bike-sharing in Latvia.

Trends in the market: One of the key trends in the Bike-sharing market in Latvia is the adoption of dockless bike-sharing systems. Unlike traditional docked systems, where bikes are picked up and dropped off at designated stations, dockless systems allow users to locate and unlock bikes using a mobile app, making it more convenient and flexible. This trend has been fueled by advancements in GPS technology and mobile connectivity, which enable bikes to be tracked and managed remotely. Another trend in the market is the integration of bike-sharing with other modes of transportation. Many bike-sharing companies in Latvia have partnered with public transportation operators to offer seamless travel options for customers. This integration allows users to combine cycling with other modes of transportation, such as buses or trains, to complete their journey more efficiently.

Local special circumstances: Latvia has a well-developed cycling infrastructure, with dedicated bike lanes and paths in many cities. This infrastructure investment has made cycling safer and more accessible, encouraging more people to use bike-sharing services. Additionally, the relatively small size of Latvia makes it well-suited for bike-sharing, as users can easily travel short distances within cities using bikes.

Underlying macroeconomic factors: The growing popularity of bike-sharing in Latvia can also be attributed to broader macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and a higher standard of living. As a result, more people are willing to spend money on convenient and sustainable transportation options like bike-sharing. In conclusion, the Bike-sharing market in Latvia is thriving due to changing customer preferences, the adoption of new technology, the presence of a well-developed cycling infrastructure, and favorable macroeconomic conditions. As these trends continue to evolve, we can expect further growth and innovation in the Bike-sharing market in Latvia.

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.