Bike-sharing - Montenegro | Statista Market Forecast

Montenegro is expected to witness a surge in the revenue of Bike-sharing market, with a projection of reaching US$56.09k by 2024.
The revenue is estimated to grow annually at a rate of 5.59% (CAGR 2024-2029), which will result in a market volume of US$73.62k by 2029.
The number of users in this market is expected to be 6.89k users by 2029, with a user penetration rate projected to be 0.9% in 2024 and 1.1% in 2029.
The average revenue per user (ARPU) is estimated to be US$9.75.
Furthermore, it is projected that online sales will generate 83% of total revenue in the Bike-sharing market by 2029.
In a global comparison, China is expected to generate the most revenue, with a projection of reaching US$6bn in 2024.
Despite its small size, Montenegro is seeing a rise in demand for bike-sharing services as tourists seek eco-friendly ways to explore the country's natural beauty.

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 Montenegro has been experiencing significant growth in recent years, driven by changing customer preferences and favorable market trends. Customer preferences in Montenegro have shifted towards more sustainable and environmentally-friendly transportation options, leading to an increased demand for bike-sharing services. With the growing awareness of the environmental impact of traditional transportation methods, customers are actively seeking alternative modes of transportation that are both convenient and eco-friendly. Bike-sharing offers a flexible and affordable solution, allowing users to rent bicycles for short periods of time and conveniently travel around the city. The market is also benefiting from global trends in the bike-sharing industry. Worldwide, bike-sharing has gained popularity as a convenient and cost-effective transportation option, especially in urban areas. This trend has influenced the market in Montenegro, as customers look for similar options in their own country. The success of bike-sharing programs in other countries has demonstrated the feasibility and potential of such services, further driving the demand in Montenegro. Local special circumstances in Montenegro have also contributed to the growth of the Bike-sharing market. The country's beautiful landscapes and tourist attractions make it an ideal destination for outdoor activities, including cycling. Many tourists visiting Montenegro are interested in exploring the country by bike, creating a demand for bike-sharing services. Additionally, the government has been supportive of sustainable transportation initiatives, implementing policies and infrastructure improvements that encourage the use of bicycles. Underlying macroeconomic factors have also played a role in the development of the Bike-sharing market in Montenegro. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and a higher standard of living for its citizens. This has allowed more people to afford the convenience of bike-sharing services, contributing to the market's growth. In conclusion, the Bike-sharing market in Montenegro is growing due to changing customer preferences, global market trends, local special circumstances, and underlying macroeconomic factors. As the demand for sustainable transportation options continues to rise, bike-sharing services are expected to further expand in Montenegro, providing a convenient and eco-friendly solution for both locals and tourists.

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.