Bike-sharing - Lithuania

  • Lithuania
  • Lithuania is expected to see a surge in revenue for the Bike-sharing market, with a projected amount of US$1.02m by 2024.
  • The market is also expected to grow at an annual growth rate of 4.97% (CAGR 2024-2029), leading to a projected market volume of US$1.30m by 2029.
  • The number of users in this market is anticipated to reach 73.70k users by 2029, with a projected user penetration of 2.5% in 2024 and 2.9% by 2029.
  • Moreover, the average revenue per user (ARPU) is expected to be US$15.18.
  • It is projected that a significant portion of the total revenue, about 94%, will be generated through online sales in the Bike-sharing market by 2029.
  • On a global scale, China is expected to generate the most revenue in this market, with a projected amount of US$5,515m in 2024.
  • Lithuania's bike-sharing market has been growing steadily, with a focus on sustainability and integration with public transportation systems.

Key regions: South America, Malaysia, India, Indonesia, Saudi Arabia

 
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Analyst Opinion

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

Customer preferences:
In Lithuania, customers are increasingly valuing convenience and sustainability when it comes to transportation options. Bike-sharing provides a flexible and affordable solution for short-distance travel, allowing users to easily access bikes at various locations throughout the country. Additionally, the growing awareness of environmental issues has led to an increased preference for greener modes of transportation, making bike-sharing an attractive option for many Lithuanians.

Trends in the market:
The Bike-sharing market in Lithuania has witnessed significant growth in recent years. This can be attributed to several factors. Firstly, the government has been actively promoting cycling as a sustainable and healthy mode of transportation, investing in infrastructure and implementing policies that support bike-sharing initiatives. This has created a favorable environment for bike-sharing companies to thrive in the country. Furthermore, the rise of smartphone usage has played a crucial role in the growth of the Bike-sharing market. Most bike-sharing services in Lithuania operate through mobile applications, allowing users to easily locate and unlock bikes using their smartphones. This convenience factor has contributed to the popularity of bike-sharing among tech-savvy Lithuanians.

Local special circumstances:
Lithuania's relatively flat terrain and compact cities make it an ideal location for bike-sharing. The country's well-maintained cycling infrastructure, including dedicated bike lanes and parking facilities, further enhances the appeal of bike-sharing as a viable transportation option. Additionally, the moderate climate in Lithuania allows for year-round bike-sharing, with users able to enjoy the benefits of cycling even during colder months.

Underlying macroeconomic factors:
The growing popularity of bike-sharing in Lithuania can also be attributed to the country's economic development and increasing urbanization. As more people move to cities for work and leisure, there is a greater demand for efficient and sustainable transportation options. Bike-sharing provides a cost-effective alternative to traditional modes of transportation, such as cars or public transport, making it an attractive option for both locals and tourists. In conclusion, the Bike-sharing market in Lithuania is experiencing significant growth due to customer preferences for convenience and sustainability, as well as favorable local circumstances and underlying macroeconomic factors. As the government continues to invest in cycling infrastructure and promote sustainable transportation, the Bike-sharing market is expected to further expand in the coming years.

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.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
  • Key Market Indicators
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