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Bike-sharing - Nordics

Nordics

It is projected that the revenue in the Bike-sharing market in Nordics will reach US$23.98m by 2024.
Moreover, it is expected to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 3.58%, which will result in a market volume projection of US$28.59m by 2029.
By 2029, the number of users in the Bike-sharing market is expected to reach 1.09m users.
It is projected that the user penetration will be 3.4% in 2024 and 3.8% by 2029.
The Average Revenue Per User (ARPU) is expected to reach US$24.94.
In the Bike-sharing market sector, around 98% of the total revenue is anticipated to be generated through online sales by 2029.
When compared globally, China is expected to generate the highest revenue of US$5,515m in 2024.
In the Nordics, bike-sharing companies are thriving due to the region's high adoption of sustainable transportation.

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.

Market

Region

Region comparison

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Analyst Opinion

The Bike-sharing market in Nordics has been experiencing significant growth in recent years. Customer preferences for sustainable transportation options, coupled with the region's commitment to environmental sustainability, have contributed to the increasing popularity of bike-sharing services. Additionally, local special circumstances such as the region's well-developed cycling infrastructure and high population density in urban areas have further fueled the growth of the market. Customer preferences in the Nordics have shifted towards more sustainable and eco-friendly transportation options. As awareness about the environmental impact of traditional modes of transportation increases, people are actively seeking alternatives that are greener and more sustainable. Bike-sharing services provide a convenient and affordable option for individuals to commute within cities while reducing their carbon footprint. This aligns with the region's strong focus on environmental sustainability and commitment to reducing greenhouse gas emissions. Trends in the Bike-sharing market in the Nordics indicate a growing demand for these services. The convenience and flexibility offered by bike-sharing platforms have made them a popular choice among commuters. With bike-sharing services, individuals can easily access bicycles at various locations throughout the city, allowing for efficient and convenient travel. Moreover, the integration of technology in bike-sharing platforms, such as smartphone apps for booking and unlocking bikes, has further enhanced the user experience and contributed to the market's growth. The Nordics' well-developed cycling infrastructure also plays a crucial role in the success of bike-sharing services. The region has invested significantly in building dedicated cycling lanes and improving cycling infrastructure, making it safe and convenient for individuals to commute by bike. This infrastructure development has not only encouraged more people to cycle but has also made it easier for bike-sharing companies to operate and expand their services. The high population density in urban areas of the Nordics has also contributed to the growth of the Bike-sharing market. With a large number of people living and working in close proximity, bike-sharing services offer a practical and efficient mode of transportation for short-distance travel. The availability of bikes at multiple locations throughout the city ensures that individuals can easily find a bike when needed, eliminating the need for personal ownership and the associated maintenance and storage costs. Underlying macroeconomic factors, such as the region's strong economy and high disposable income levels, have also played a role in the development of the Bike-sharing market in the Nordics. With a strong economy, individuals have the financial means to access bike-sharing services and are willing to invest in sustainable transportation options. This, coupled with the region's commitment to environmental sustainability, has created a favorable market environment for bike-sharing companies to thrive. In conclusion, the Bike-sharing market in the Nordics is experiencing significant growth due to customer preferences for sustainable transportation options, the region's well-developed cycling infrastructure, high population density in urban areas, and underlying macroeconomic factors. As the demand for eco-friendly transportation continues to rise, the Bike-sharing market in the Nordics is expected to further expand and evolve 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.