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Bike-sharing - North Macedonia

North Macedonia

North Macedonia is projected to generate revenue of US$126.00k in the Bike-sharing market by 2024.
The market is expected to have an annual growth rate (CAGR 2024-2029) of 6.52%, resulting in a projected market volume of US$172.80k by 2029.
The number of users in the Bike-sharing market is expected to reach 20.43k users by 2029, with a user penetration rate of 0.8% in 2024 and 1.0% by 2029.
The average revenue per user (ARPU) is expected to be US$7.58.
By 2029, 86% of the total revenue in the Bike-sharing market will be generated through online sales.
It is worth noting that in global comparison, China is expected to generate the most revenue in the Bike-sharing market, with a projected revenue of US$5,515m in 2024.
North Macedonia's bike-sharing market is still in its infancy, with only a few operators and limited availability in major cities.

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 Macedonia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the bike-sharing industry in the country.

Customer preferences: In North Macedonia, there is a growing preference for sustainable and eco-friendly transportation options. Bike-sharing services offer a convenient and affordable alternative to traditional modes of transportation, such as cars or public transportation. Customers appreciate the flexibility and convenience of being able to rent a bike for short trips, especially in urban areas with heavy traffic congestion. Additionally, the health and fitness benefits associated with cycling have also contributed to the popularity of bike-sharing services among health-conscious individuals.

Trends in the market: The Bike-sharing market in North Macedonia has witnessed a proliferation of bike-sharing companies in recent years. This trend can be attributed to the increasing demand for alternative transportation options and the willingness of entrepreneurs to invest in this emerging market. These companies have introduced innovative features, such as mobile applications for easy bike rental and payment, which have further fueled the growth of the Bike-sharing market. Moreover, partnerships with local municipalities and businesses have helped expand the reach and accessibility of bike-sharing services.

Local special circumstances: North Macedonia is a small country with a population concentrated in urban areas. The compact nature of cities and towns makes cycling an attractive mode of transportation for short-distance travel. Furthermore, the country's favorable weather conditions, with mild winters and warm summers, make it conducive to outdoor activities like cycling. The government's efforts to promote sustainable transportation and reduce traffic congestion have also played a role in encouraging the adoption of bike-sharing services.

Underlying macroeconomic factors: The Bike-sharing market in North Macedonia has been supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. This has allowed individuals to allocate a portion of their income towards transportation options, including bike-sharing services. Additionally, the government's investments in infrastructure development, including the construction of bike lanes and parking facilities, have created a conducive environment for the growth of the bike-sharing industry. In conclusion, the Bike-sharing market in North Macedonia has been driven by customer preferences for sustainable transportation options, the introduction of innovative features by bike-sharing companies, the country's favorable weather conditions and compact urban areas, and the support of favorable macroeconomic factors. These factors have contributed to the development and growth of the bike-sharing industry in North Macedonia.

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.