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Bike-sharing - Philippines

Philippines

The Philippines is projected to generate US$35.75m in revenue by 2024 in the Bike-sharing market.
It is expected to grow annually at a rate of 7.57%, which will result in a projected market volume of US$51.49m by 2029.
By that year, the number of users is expected to reach 5.87m users, and user penetration is projected to increase from 3.6% in 2024 to 4.6%.
The average revenue per user (ARPU) is expected to remain at US$8.37.
Online sales are projected to generate 87% of total revenue in the Bike-sharing market by 2029.
In comparison to other countries, China is projected to generate the most revenue, with US$5,515m in 2024.
The bike-sharing market in the Philippines is steadily growing, with both local and foreign players introducing innovative solutions to address the country's transportation challenges.

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 Philippines has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth of the Bike-sharing market in Philippines is the increasing preference for eco-friendly and cost-effective transportation options. With rising concerns about pollution and traffic congestion, more and more people are opting for bike-sharing services as a convenient and sustainable mode of transportation.

Trends in the market: The Bike-sharing market in Philippines is witnessing a trend of increasing adoption among urban dwellers. As cities become more crowded and traffic congestion worsens, people are looking for alternative transportation options to avoid the hassle of commuting. Bike-sharing provides a flexible and efficient way to travel short distances, especially in congested urban areas. Another trend in the market is the integration of technology. Many bike-sharing companies in Philippines are incorporating mobile apps and digital platforms to enhance user experience. These apps allow users to easily locate and unlock bikes, track their rides, and make payments. This technological integration has made bike-sharing more convenient and accessible for users.

Local special circumstances: The unique geography and urban landscape of Philippines contribute to the growth of the Bike-sharing market. The country consists of numerous islands and densely populated cities, which makes traditional transportation methods less efficient. Bike-sharing offers a solution to this problem by providing a flexible and convenient mode of transportation that can navigate through congested streets and narrow alleys.

Underlying macroeconomic factors: The growing middle class in Philippines is also driving the demand for bike-sharing services. As incomes rise and disposable income increases, more people are able to afford the convenience and benefits of bike-sharing. Additionally, the government's initiatives to promote sustainable transportation and reduce carbon emissions have created a favorable environment for the growth of the Bike-sharing market. In conclusion, the Bike-sharing market in Philippines is experiencing significant growth due to the increasing preference for eco-friendly transportation options, the trend of urban dwellers seeking alternative modes of transportation, the integration of technology in bike-sharing services, the unique geography and urban landscape of the country, and the underlying macroeconomic factors such as the growing middle class and government initiatives.

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.