E-Scooter-sharing - Cyprus | Statista Market Forecast

Cyprus is expected to witness a substantial rise in the revenue of the E-Scooter-sharing market in the near future.
By 2024, the projected revenue is set to reach US$1.38m.
Furthermore, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.71%, which will result in a projected market volume of US$1.81m by 2029.
The number of users in this market is also expected to increase significantly, amounting to 105.80k users by 2029.
User penetration is projected to be 6.9% in 2024 and 8.1% by 2029.
The average revenue per user (ARPU) is expected to amount to US$15.67.
By 2029, 100% of total revenue generated through online sales in this market.
It is worth noting that in global comparison, United States is expected to generate the most revenue, with US$730m in 2024.
E-Scooter-sharing in Cyprus is gaining popularity due to the country's warm climate and the government's efforts to promote sustainable transportation options.

Definition:

The E-Scooter-sharing market comprises e-scooter-sharing services that provide short-term rentals of electric motorized scooters (stand-up scooters). In e-scooter-sharing, scooters are generally owned by an e-scooter-sharing provider and can be reserved independently by customers around the clock. Customers are required to open an account with the e-scooter-sharing provider and can then reserve the vehicles, typically with a smartphone app. Providers normally offer dockless services, so it is possible to find e-scooters everywhere within the provider’s business zone, e.g., on sidewalks, and to leave the scooters anywhere in accordance with traffic regulations. 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 E-Scooter-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 e-scooter-sharing services
Services such as Lime, Tier, Bird, and Movo

Private e-scooter usage
Multi-day e-scooter rentals
Peer-to-peer e-scooter reservations
Bike sharing and other forms of micro-mobility

The E-Scooter-sharing market in Cyprus has been experiencing significant growth and development in recent years.

Customer preferences: One of the main reasons for the growth of the E-Scooter-sharing market in Cyprus is the increasing preference for sustainable and eco-friendly transportation options. Customers are becoming more conscious of their carbon footprint and are actively seeking alternative modes of transportation that are both convenient and environmentally friendly. E-Scooter-sharing services provide a convenient and affordable option for short-distance travel, allowing customers to easily navigate through congested urban areas without contributing to air pollution.

Trends in the market: The E-Scooter-sharing market in Cyprus is witnessing a surge in demand due to the increasing popularity of micro-mobility solutions. The convenience and ease of use of E-Scooters have made them a popular choice among commuters and tourists alike. The market is also being driven by the rise of smartphone applications that allow users to locate and rent E-Scooters with just a few taps on their mobile devices. This has made the process of renting and using E-Scooters extremely convenient and accessible to a wide range of customers.

Local special circumstances: Cyprus is known for its warm climate and beautiful coastal areas, making it an ideal location for outdoor activities. E-Scooter-sharing services have capitalized on this by offering tourists and locals alike a fun and exciting way to explore the island. The compact size and maneuverability of E-Scooters make them perfect for navigating through narrow streets and crowded tourist areas, providing users with a unique and enjoyable experience.

Underlying macroeconomic factors: The growth of the E-Scooter-sharing market in Cyprus can also be attributed to the country's strong tourism industry. Cyprus attracts a large number of tourists each year, and E-Scooter-sharing services have become a popular transportation option for visitors who want to explore the island at their own pace. Additionally, the government of Cyprus has been supportive of sustainable transportation initiatives, implementing policies and regulations that promote the use of electric vehicles, including E-Scooters. In conclusion, the E-Scooter-sharing market in Cyprus is experiencing significant growth and development due to customer preferences for sustainable transportation options, the convenience and accessibility of E-Scooter-sharing services, the unique characteristics of the local market, and the support of the government. As the demand for eco-friendly transportation continues to rise, it is likely that the E-Scooter-sharing market in Cyprus will continue to expand in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings and revenues of e-scooter-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.

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