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Key regions: South America, Malaysia, India, Indonesia, Saudi Arabia
The Bike-sharing market in South Korea has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and unique local special circumstances. Customer preferences in South Korea have played a crucial role in the development of the Bike-sharing market. With a growing emphasis on sustainability and eco-friendly transportation options, more people are opting for bike-sharing as an alternative to traditional modes of transportation. Additionally, the convenience and flexibility offered by bike-sharing services have also contributed to their popularity among customers, especially in urban areas where traffic congestion and limited parking spaces are common issues. Trends in the market further support the growth of bike-sharing in South Korea. The rise of smartphone usage and the availability of mobile applications have made it easier for customers to locate and rent bikes. This technological advancement has not only increased the accessibility of bike-sharing services but has also improved the overall user experience. Moreover, the integration of bike-sharing with other forms of public transportation, such as buses and subways, has made it more convenient for commuters to incorporate biking into their daily travel routines. Local special circumstances in South Korea have also contributed to the development of the Bike-sharing market. The government's initiatives to promote cycling as a means of reducing air pollution and improving public health have created a favorable environment for bike-sharing companies to thrive. Furthermore, the compact nature of South Korean cities and the presence of well-maintained bike lanes have made biking a viable and safe transportation option for both locals and tourists. Underlying macroeconomic factors have also influenced the growth of the Bike-sharing market in South Korea. The country's strong economic growth and rising disposable incomes have increased the demand for convenient and affordable transportation options. Additionally, the government's investments in infrastructure development, including the expansion of bike lanes and the implementation of bike-sharing programs, have further stimulated the market. Overall, the Bike-sharing market in South Korea is experiencing significant growth due to customer preferences for eco-friendly transportation, emerging trends in technology and integration, unique local special circumstances, and favorable macroeconomic factors. As these factors continue to evolve and develop, the market is expected to expand further in the coming years.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)