Bike-sharing - Norway

  • Norway
  • Norway is expected to witness a significant rise in revenue in the Bike-sharing market.
  • It is projected to reach US$5.55m in 2024, with an annual growth rate of 3.96% (CAGR 2024-2029).
  • This growth is expected to result in a projected market volume of US$6.74m by 2029.
  • The number of users in this market is expected to reach 208.20k users by 2029, with a user penetration rate of 3.2% in 2024 and 3.6% by 2029.
  • The average revenue per user (ARPU) is estimated to be US$31.67.
  • Online sales are expected to contribute 100% of total revenue in this market by 2029.
  • In global comparison, it is noteworthy that China is projected to generate the most revenue - US$5,515m in 2024.
  • Norway's bike-sharing market is thriving due to the country's strong cycling culture and government initiatives promoting sustainable transportation.

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

 
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Analyst Opinion

The Bike-sharing market in Norway has been experiencing significant growth in recent years, driven by changing consumer preferences and favorable local circumstances. Customer preferences in the Bike-sharing market in Norway have shifted towards more sustainable and convenient transportation options. With an increasing focus on environmental sustainability, consumers are looking for alternatives to traditional modes of transportation that are more eco-friendly. Bike-sharing services provide a convenient and affordable solution for short-distance travel, allowing users to easily access bikes for their daily commute or leisure activities. Additionally, the rise of digital platforms and mobile applications has made it easier for customers to locate and rent bikes, further contributing to the popularity of bike-sharing services. One of the key trends in the Bike-sharing market in Norway is the integration of electric bikes (e-bikes) into the rental fleet. E-bikes offer an enhanced riding experience, as they provide assistance with pedaling and can cover longer distances with less effort. This trend is driven by the growing demand for electric vehicles and the desire for a more comfortable and efficient mode of transportation. E-bikes also appeal to a wider range of customers, including those who may have physical limitations or prefer a more leisurely ride. Another trend in the market is the expansion of bike-sharing services beyond major cities. While bike-sharing initially gained popularity in urban areas, there is now a growing demand for these services in smaller towns and rural areas. This trend can be attributed to the increasing popularity of cycling as a recreational activity and the desire to explore and experience nature. Bike-sharing companies are expanding their operations to cater to this demand, providing bikes in popular tourist destinations and scenic areas. Local special circumstances in Norway have also contributed to the development of the Bike-sharing market. Norway has a strong cycling culture, with a high percentage of the population regularly using bikes for transportation and recreation. The country's well-developed cycling infrastructure, including dedicated bike lanes and paths, makes it easier and safer for people to cycle. Additionally, the government has implemented policies and initiatives to promote cycling and reduce car usage, such as subsidies for electric bikes and investment in cycling infrastructure. Underlying macroeconomic factors, such as the growing urbanization and increasing disposable income levels, have also played a role in the growth of the Bike-sharing market in Norway. As more people move to cities and face congestion and limited parking options, bike-sharing services provide a convenient and efficient alternative to car ownership. The rising disposable income levels have also made it easier for consumers to afford bike-sharing services, as the cost of renting a bike is relatively low compared to car ownership or public transportation. Overall, the Bike-sharing market in Norway is developing rapidly due to changing customer preferences, favorable local circumstances, and underlying macroeconomic factors. The integration of e-bikes, expansion into rural areas, and the country's strong cycling culture are driving the growth of the market. With the continued focus on sustainability and the increasing popularity of cycling, the Bike-sharing market in Norway is expected to continue its upward trajectory 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
  • Key Players
  • Sales Channels
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
  • Key Market Indicators
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