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Bike-sharing - Slovakia

Slovakia

By 2024, the projected revenue in the Bike-sharing market of Slovakia is set to reach US$2.53m.
Furthermore, a steady growth rate is expected, with a compound annual growth rate (CAGR 2024-2029) of 5.84%, resulting in a market volume projection of US$3.36m by 2029.
The number of users in the Bike-sharing market is also anticipated to increase, with a projection of 278.10k users by 2029.
The user penetration rate is set to rise from 4.2% in 2024 to 5.0% in 2029.
The average revenue per user (ARPU) during this period is expected to amount to US$10.65.
In terms of revenue generation, 100% of the total revenue in the Bike-sharing market is expected to come from online sales by 2029.
Finally, in comparison to other countries, China is expected to generate the most revenue, with a projected revenue of US$5,515m in 2024.
Slovakia's bike-sharing market is seeing a rise in demand as more people opt for environmentally-friendly modes 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 Slovakia has been witnessing significant growth in recent years.

Customer preferences: Customers in Slovakia have shown a strong preference for bike-sharing services due to their convenience and affordability. With the increasing awareness about the environmental impact of traditional transportation modes, more people are opting for eco-friendly alternatives like bike-sharing. Additionally, the rise in health consciousness among the population has also contributed to the growing popularity of bike-sharing services.

Trends in the market: One of the key trends in the Bike-sharing market in Slovakia is the expansion of bike-sharing networks across different cities and towns. This expansion has been driven by the increasing demand for bike-sharing services and the willingness of local authorities to invest in sustainable transportation options. As a result, more bike-sharing stations have been set up, making it easier for people to access bikes at convenient locations. Another trend in the market is the integration of bike-sharing services with other modes of transportation. Many bike-sharing companies have partnered with public transportation agencies to provide a seamless travel experience for customers. This integration allows customers to use bikes for the first and last mile of their journey, complementing existing public transportation options.

Local special circumstances: Slovakia, with its beautiful landscapes and well-developed cycling infrastructure, provides an ideal environment for bike-sharing. The country has a rich cycling culture and hosts several cycling events throughout the year. This cultural affinity towards cycling has contributed to the success of bike-sharing services in Slovakia.

Underlying macroeconomic factors: The growing Bike-sharing market in Slovakia can be attributed to several macroeconomic factors. Firstly, the government has been actively promoting sustainable transportation options as part of its efforts to reduce carbon emissions and improve air quality. This has created a favorable regulatory environment for bike-sharing companies to operate. Secondly, the increasing urbanization in Slovakia has led to a rise in traffic congestion and pollution. Bike-sharing services offer a viable solution to these challenges by providing a convenient and eco-friendly mode of transportation. As a result, more people are opting for bike-sharing as a means to navigate through congested cities. Lastly, the rising disposable income and changing lifestyles of the population have also contributed to the growth of the Bike-sharing market. As people seek more flexible and cost-effective transportation options, bike-sharing has emerged as a popular choice. In conclusion, the Bike-sharing market in Slovakia is witnessing significant growth due to customer preferences for convenience and affordability, the expansion of bike-sharing networks, integration with other modes of transportation, local special circumstances such as a strong cycling culture, and underlying macroeconomic factors such as government support for sustainable transportation and increasing urbanization.

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.