Shared Mobility - Cyprus

Cyprus

Highlights

Cyprus is expected to see significant growth in the Shared Mobility market, with revenue projected to reach US$303.10m by 2024.
This growth is expected to continue, with an annual growth rate (CAGR 2024-2029) of 2.71%, resulting in a projected market volume of US$346.50m by 2029.
The largest market in Cyprus' Shared Mobility market is Flights, with a projected market volume of US$128.20m in 2024.
By 2029, the number of users in the Public Transportation market is expected to amount to 880.50k users.
The user penetration rate is expected to increase from 90.4% in 2024 to 95.0% by 2029.
The average revenue per user (ARPU) is projected to be US$264.20.
In Cyprus' Shared Mobility market, 62% of total revenue is expected to be generated through online sales by 2029.
It is interesting to note that in global comparison, China is expected to generate the most revenue in this market, with US$365bn in 2024.
Shared mobility services are gaining popularity in Cyprus, with companies such as UDrive and Go City Rentals offering flexible and affordable transportation options for locals and tourists alike.

Key regions:

Definition:

The Shared Mobility market encompasses a diverse range of long- and short-distance mobility services. As the world moves towards a more connected and digital era, the Shared Mobility market is central to driving innovation, collaboration, and the development of intelligent transportation systems.

Structure:

The market consists of eleven further markets. These include the following markets:

The Car Rentals market contains vehicle rentals that have been booked in person, by telephone via the internet or an app.
The Car-sharing market includes professionally run car-sharing services that provide on-demand access vehicles, allowing users to rent cars for short periods, e.g., by minute or hour.
The Bike-sharing market contains short-term bike-sharing services. Bicycles can be found in the provider’s business zone where they are either parked at designated stations or freely distributed without fixed docks.
The Ride-hailing market encompasses on-demand transportation services facilitated through mobile apps or online platforms. This market covers both private vehicle rides and taxi services, all booked exclusively online.
The Taxi market covers exclusively traditional taxi services booked offline, typically via street hailing or phone calls.
The Flights market contains air travel bookings regardless of the purchase channel, such as an airline's website or a travel agency.
In the Public Transportation market, revenues generated by ticket sales from public transportation companies are considered.

Additional Information:

The main performance indicators of the Shared Mobility 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 above-mentioned markets. 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. Additional definitions for each market can be found within the respective market pages.

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Shared Mobility market in Cyprus is experiencing a notable growth trajectory, driven by changing consumer preferences, technological advancements, and evolving urban landscapes.

Customer preferences: Customers in Cyprus are increasingly seeking convenient and cost-effective transportation solutions, leading to a rise in demand for shared mobility services. The younger demographic, in particular, is more inclined towards flexible and on-demand transportation options rather than traditional ownership models.

Trends in the market: In Cyprus, the Shared Mobility market is witnessing a surge in ride-hailing services, bike-sharing platforms, and carpooling initiatives. This trend is fueled by the need for sustainable transportation alternatives, reduced traffic congestion, and the desire for seamless connectivity within urban areas. The emergence of electric scooters and micro-mobility solutions is also reshaping the transportation landscape in Cyprus, catering to short-distance travel needs.

Local special circumstances: Cyprus, being an island nation with a relatively small geographical area, presents unique challenges and opportunities for shared mobility providers. The compact nature of cities and towns in Cyprus makes it conducive for the growth of bike-sharing services and compact vehicle rentals. Additionally, the tourism industry in Cyprus plays a significant role in boosting the Shared Mobility market, as visitors often seek convenient and efficient ways to explore the island.

Underlying macroeconomic factors: The economic landscape of Cyprus, characterized by a growing urban population and increasing emphasis on sustainability, is propelling the Shared Mobility market forward. Government initiatives promoting eco-friendly transportation solutions, coupled with investments in infrastructure development, are creating a conducive environment for shared mobility services to thrive. Moreover, the integration of digital payment systems and mobile applications is enhancing the accessibility and usability of shared mobility options for both residents and tourists alike.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rentals, ride-hailing, taxi, car-sharing, bike-sharing, e-scooter-sharing, moped-sharing, trains, buses, public transportation, and flights.

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.