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Bike-sharing - Puerto Rico

Puerto Rico

Puerto Rico is expected to witness a significant growth in the Bike-sharing market's revenue in the coming years.
The revenue is projected to reach US$1.31m by 2024 and is expected to grow annually at a rate of 2.05%, forecasting a market volume of US$1.45m by 2029.
Moreover, the number of users in the Bike-sharing market is expected to reach 115.70k users by 2029, with a user penetration rate of 3.4% and 3.5% in 2024 and 2029, respectively.
The average revenue per user (ARPU) is expected to be US$11.74.
Additionally, 89% of the total revenue in the Bike-sharing market will be generated through online sales by 2029.
It is noteworthy that in a global comparison, China is expected to generate the highest revenue of US$5,515m in 2024.
Puerto Rico's bike-sharing market is on the rise, driven by the island's growing interest in sustainable transportation options.

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

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Analyst Opinion

The Bike-sharing market in Puerto Rico has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Customers in Puerto Rico are increasingly looking for convenient and sustainable transportation options, and bike-sharing provides an ideal solution. With its beautiful beaches, scenic landscapes, and warm weather, Puerto Rico is a popular tourist destination. Many tourists and locals alike prefer to explore the island on a bike, as it allows them to enjoy the natural beauty at their own pace. Furthermore, bike-sharing provides a cost-effective and eco-friendly alternative to traditional transportation methods, making it an attractive option for environmentally conscious customers.

Trends in the market: One of the key trends in the Bike-sharing market in Puerto Rico is the integration of technology. Bike-sharing companies are leveraging mobile apps and GPS tracking systems to make it easier for customers to locate and rent bikes. This technology also allows for seamless payment processing and real-time data analysis, enabling companies to optimize their operations and provide a better customer experience. Additionally, there is a growing trend towards electric bikes, as they offer a more comfortable and efficient riding experience. This trend is driven by advancements in battery technology and the desire for a greener mode of transportation.

Local special circumstances: Puerto Rico is a unique market for bike-sharing due to its geography and infrastructure. The island is relatively small, making it well-suited for bike-sharing networks that cover a wide area. Additionally, Puerto Rico has a growing network of bike lanes and paths, making it safer and more convenient for cyclists. The government has also been supportive of bike-sharing initiatives, providing incentives and subsidies to companies that promote sustainable transportation options. These factors have created a favorable environment for the growth of the Bike-sharing market in Puerto Rico.

Underlying macroeconomic factors: The growth of the Bike-sharing market in Puerto Rico is also influenced by underlying macroeconomic factors. The tourism industry plays a significant role in the economy of Puerto Rico, and bike-sharing provides an attractive option for tourists to explore the island. Additionally, the government's focus on sustainable development and reducing carbon emissions has led to increased investment in infrastructure and transportation projects, including bike-sharing. Furthermore, the rising cost of fuel and the desire to reduce traffic congestion have also contributed to the growth of the Bike-sharing market in Puerto Rico. In conclusion, the Bike-sharing market in Puerto Rico is experiencing significant growth due to changing customer preferences, market trends, and local special circumstances. Customers are increasingly looking for convenient and sustainable transportation options, and bike-sharing provides an ideal solution. The integration of technology and the trend towards electric bikes are driving innovation in the market. Puerto Rico's geography, infrastructure, and government support have created a favorable environment for the growth of bike-sharing. Additionally, underlying macroeconomic factors such as tourism, sustainable development, and rising fuel costs have also contributed to the market's growth.

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.