Moped-sharing - Cyprus | Statista Market Forecast

The Moped-sharing market in Cyprus is projected to reach a revenue of US$2.17m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 5.71%, resulting in a projected market volume of US$2.86m by 2029.
By 2029, the number of users in the Moped-sharing market is expected to amount to 29.88k users, with a user penetration rate of 1.9% in 2024 and 2.3% by 2029.
The average revenue per user (ARPU) is projected to be US$90.87.
The Moped-sharing market is an online-only market.
In global comparison, India is expected to generate the most revenue with US$700m in 2024.
Moped-sharing services in Cyprus are gaining popularity among tourists and locals alike, offering a convenient and cost-effective way to navigate the island's narrow streets and explore its scenic beauty.

Definition:

The Moped-sharing market covers the growing industry of shared moped services, where individuals can rent mopeds for short periods of time. Moped-sharing services typically operate through mobile applications, allowing users to locate nearby mopeds, unlock them using a digital interface, and pay for their usage. To use the service, customers are required to open an account with the moped-sharing provider. Providers normally offer dockless services, so it is possible to find mopeds everywhere within the provider’s business zone and to leave the mopeds 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 Moped-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 Moped-sharing services
App-based services such as Cooltra, felyx, Revel, and Yulu

Private moped usage
Multi-day moped rentals
Peer-to-peer moped reservations
E-Scooter-sharing and other forms of micro-mobility

The Moped-sharing market in Cyprus has seen significant growth and development in recent years.

Customer preferences: Customers in Cyprus have shown a strong preference for convenient and affordable transportation options. The rise of moped-sharing services can be attributed to the increasing demand for flexible and cost-effective mobility solutions. Moped-sharing allows customers to easily navigate through congested urban areas, avoiding traffic and parking issues. Additionally, the popularity of moped-sharing can be attributed to the rising awareness of environmental sustainability, as mopeds are generally more fuel-efficient and emit fewer pollutants compared to traditional vehicles.

Trends in the market: One of the key trends in the moped-sharing market in Cyprus is the increasing number of market players. Several companies have entered the market, offering their own moped-sharing services to cater to the growing demand. This competition has led to improved service quality, lower prices, and increased accessibility for customers. Furthermore, there is a trend towards the integration of technology in moped-sharing services, with the use of mobile applications for booking, unlocking, and payment processes. This technological advancement enhances the overall user experience and convenience.

Local special circumstances: Cyprus is a popular tourist destination, attracting millions of visitors each year. The moped-sharing market has capitalized on this by targeting both locals and tourists. Tourists often prefer moped-sharing as a convenient and efficient mode of transportation to explore the island. Additionally, the warm climate and scenic landscapes of Cyprus make it an ideal location for moped riding, further driving the demand for moped-sharing services.

Underlying macroeconomic factors: The economic growth and stability of Cyprus have contributed to the development of the moped-sharing market. With a growing middle class and increasing disposable income, more individuals are seeking affordable and convenient transportation options. The tourism industry, which plays a significant role in the country's economy, has also contributed to the market growth. The government's support for sustainable transportation initiatives and the promotion of tourism have further fueled the expansion of the moped-sharing market in Cyprus. In conclusion, the moped-sharing market in Cyprus has experienced significant growth due to customer preferences for convenient and cost-effective transportation options. The increasing number of market players, integration of technology, and the island's popularity as a tourist destination have further contributed to the market's development. The underlying macroeconomic factors, such as economic growth and government support, have also played a crucial role in the expansion of the moped-sharing market in Cyprus.

Data coverage:

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