Car-sharing - Cyprus | Statista Market Forecast

Revenue in the Car-sharing market in Cyprus is forecasted to reach US$2.30m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.91%, leading to a projected market volume of US$2.79m by 2029.
By 2029, the number of users in the Car-sharing market in Cyprus is expected to reach 18.60k users.
The user penetration is projected to be 1.2% in 2024 and 1.4% by 2029.
The average revenue per user (ARPU) in Cyprus is expected to be US$149.30.
By 2029, 100% of the total revenue in the Car-sharing market in Cyprus will be generated through online sales.
In a global context, the United States is expected to generate the highest revenue, amounting to US$3bn in 2024.
Cyprus is witnessing a growing preference for car-sharing services, reflecting a shift towards sustainable and cost-effective mobility solutions in the shared mobility market.

Definition:

The Car-sharing market encompasses car-sharing services. Car-sharing service providers own the vehicles that customers can book independently at any time. Customers need to enter into a contract with the service provider in order to be able to book vehicles via a smartphone app, the website of the service provider, or by telephone. The vehicle is usually opened via smartphone or a chip card. Some service providers, however, provide the car key in a key safe at the car-sharing station. Prices are calculated per minute or hour, with the money being debited from the customer's bank account. Peer-to-peer car-sharing is not included in this market. Car-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 Car-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.

Free-floating car sharing bookings
Station-based car sharing bookings
Companies offering a combination of free-floating and station-based car sharing
Services such as Share Now, Sixt Share, or Enterprise CarShare

Peer-to-peer car sharing bookings
Rental car booking
Taxi services
Carpools
Ride hailing services

The Car-sharing market in Cyprus has been experiencing notable growth in recent years.

Customer preferences: Customers in Cyprus are increasingly valuing convenience, flexibility, and cost-effectiveness when it comes to transportation options. The rise of urbanization and a growing awareness of environmental issues have also contributed to the shift towards car-sharing services.

Trends in the market: One key trend in the Car-sharing market in Cyprus is the expansion of service providers and the diversification of vehicle options available to customers. This trend is driven by the increasing competition in the market and the efforts of companies to cater to different customer needs and preferences. Additionally, the integration of technology, such as mobile apps for booking and unlocking vehicles, has made car-sharing more accessible and user-friendly for customers in Cyprus.

Local special circumstances: Cyprus's unique geographical features, such as its relatively small size and high population density in urban areas, have created a conducive environment for the growth of the car-sharing market. The country's well-developed transportation infrastructure and the increasing congestion in urban centers have also played a role in driving the demand for car-sharing services as a convenient alternative to traditional car ownership.

Underlying macroeconomic factors: The improving economic conditions in Cyprus, coupled with changing consumer behavior towards more sustainable and cost-efficient transportation options, have supported the growth of the car-sharing market. Additionally, government initiatives to promote eco-friendly modes of transportation and reduce traffic congestion have further boosted the adoption of car-sharing services among the population.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car-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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.