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Bike-sharing - North America

North America

North America is expected to witness a significant growth in the Bike-sharing market.
By 2024, the projected revenue in this market is estimated to reach US$0.48bn.
The market is expected to grow annually at a rate of 3.13%, which will result in a projected market volume of US$0.56bn by 2029.
Additionally, the number of users in this market is projected to reach 15.82m users by 2029.
The user penetration rate is expected to be 2.8% in 2024 and 3.0% by 2029.
The average revenue per user (ARPU) is expected to remain at US$33.29.
Moreover, the online sales in the Bike-sharing market will generate 95% of the total revenue by 2029.
In terms of global comparison, China is expected to generate the most revenue in this market, with a projected revenue of US$5,515m in 2024.
In North America, bike-sharing programs are expanding rapidly in urban areas, providing residents with a convenient and eco-friendly mode of 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.

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Analyst Opinion

The Bike-sharing market in North America has experienced significant growth in recent years, driven by changing customer preferences and the increasing popularity of sustainable transportation options.

Customer preferences: Customers in North America are increasingly looking for convenient and environmentally-friendly transportation options, and bike-sharing provides an ideal solution. Bike-sharing allows users to easily access bicycles for short trips, providing a cost-effective and eco-friendly alternative to traditional transportation methods. Additionally, the rise of health and wellness trends has also contributed to the growing popularity of bike-sharing, as many people are seeking ways to incorporate exercise into their daily routines.

Trends in the market: One of the key trends in the North American Bike-sharing market is the expansion of dockless bike-sharing systems. Unlike traditional docked systems, dockless bike-sharing allows users to pick up and drop off bikes anywhere within a designated service area, using a smartphone app. This flexibility and convenience have made dockless bike-sharing particularly popular in urban areas, where users can easily find and unlock bikes using their smartphones. This trend has been driven by advancements in technology and the increasing availability of GPS and mobile connectivity. Another trend in the market is the integration of bike-sharing with public transportation systems. Many cities in North America have recognized the benefits of bike-sharing as a first-mile/last-mile solution, allowing users to easily access public transportation hubs. This integration has been facilitated by partnerships between bike-sharing companies and public transportation authorities, which provide users with seamless access to bikes at transit stations.

Local special circumstances: North America is a diverse region, with varying levels of bike infrastructure and cultural attitudes towards cycling. In cities with well-developed bike lanes and a strong cycling culture, bike-sharing has experienced rapid adoption. However, in areas with limited bike infrastructure or a car-centric culture, bike-sharing may face challenges in attracting users. To address these challenges, bike-sharing companies are working closely with local governments and community organizations to improve bike infrastructure and promote cycling as a viable transportation option.

Underlying macroeconomic factors: The growth of the Bike-sharing market in North America is also influenced by macroeconomic factors such as population density, income levels, and urbanization. Cities with high population density and limited parking options are more likely to see strong demand for bike-sharing services. Additionally, as urbanization continues to increase, more people are living and working in urban areas, creating a greater need for convenient and sustainable transportation options. In conclusion, the Bike-sharing market in North America is experiencing significant growth due to changing customer preferences, the expansion of dockless bike-sharing systems, the integration of bike-sharing with public transportation, and underlying macroeconomic factors such as population density and urbanization. As more cities invest in bike infrastructure and promote cycling as a viable transportation option, the Bike-sharing market is expected to continue to thrive in North America.

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.