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Bike-sharing - Colombia

Colombia

Colombia is expected to witness a notable surge in the Bike-sharing market's revenue, which is projected to reach US$15.83m by 2024.
The revenue is also anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 9.12% during 2024-2028, resulting in a projected market volume of US$22.44m by 2028.
Moreover, the number of users in the Bike-sharing market is estimated to amount to 3.53m users by 2028, with user penetration projected to be 5.9% in 2024 and 6.6% by 2028.
The average revenue per user (ARPU) is expected to be US$5.11.
By 2028, 88% of the total revenue in the Bike-sharing market will be generated through online sales.
In Colombia, the revenue generated from Bike-sharing market is expected to witness substantial growth, contributing to the country's economic development.
It is noteworthy that China is projected to generate the most revenue in the Bike-sharing market globally, with an estimated revenue of US$5,870m in 2024.
Bike-sharing in Colombia is gaining popularity among commuters and tourists alike, providing a convenient and eco-friendly way to explore the country's vibrant cities.

Key regions: Thailand, China, Germany, Saudi Arabia, United States

Definition:

The Bike-sharing market includes short-term bike-sharing services. In bike-sharing services, bicycles are generally owned by a bike-sharing provider and are independently reserved by customers around the clock. Customers are required to open an account with the bike-sharing provider and can then reserve bicycles. This is usually done with a smartphone app, but there are also service providers that allow reservations to be made via the provider's website, by telephone, or at a terminal.

The two most frequently used bike-sharing varieties are the following: station-based (e.g., Stadtrad and Citi Bike New York) and free-floating (such as nextbike and ofo). With station-based bike-sharing, a bicycle is retrieved from a bike-sharing station and returned to either the same station or dropped off at another station. With free-floating bike-sharing, it is possible to find bicycles everywhere within the service provider's business zone and leave the bicycle anywhere in accordance with traffic regulations. Peer-to-peer bike-sharing is not included in the market definition of this market. 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 Bike-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.

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Analyst Opinion

The Bike-sharing market in Colombia has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Colombia have played a crucial role in the development of the Bike-sharing market. With increasing concerns about environmental sustainability, more and more customers are opting for eco-friendly modes of transportation. Bike-sharing provides a convenient and affordable solution for short-distance travel, allowing customers to reduce their carbon footprint while enjoying the benefits of physical exercise. Trends in the market have also contributed to the growth of Bike-sharing in Colombia. The rise of urbanization and congestion in major cities has led to an increased demand for alternative modes of transportation. Bike-sharing offers a flexible and efficient solution, allowing customers to navigate through traffic and reach their destinations faster. Additionally, the integration of technology, such as mobile applications and GPS tracking, has made it easier for customers to locate and rent bikes, further fueling the growth of the market. Local special circumstances have played a significant role in shaping the Bike-sharing market in Colombia. The country's favorable climate, with warm temperatures throughout the year, encourages outdoor activities and makes bike riding an attractive option for both locals and tourists. Additionally, the government has implemented policies and initiatives to promote sustainable transportation, including the development of bike lanes and the introduction of bike-sharing programs. These efforts have created a supportive environment for the growth of the Bike-sharing market. Underlying macroeconomic factors have also contributed to the development of the Bike-sharing market in Colombia. The country's growing middle class and increasing disposable income have enabled more people to afford bike-sharing services. Additionally, the tourism industry in Colombia has been booming in recent years, attracting a large number of visitors who are interested in exploring the country's natural beauty and cultural heritage. Bike-sharing provides an accessible and convenient means of transportation for tourists, further driving the growth of the market. In conclusion, the Bike-sharing market in Colombia is experiencing significant growth due to customer preferences for eco-friendly transportation, trends in the market such as urbanization and technological advancements, local special circumstances including favorable climate and government initiatives, and underlying macroeconomic factors such as a growing middle class and booming tourism industry. These factors combined have created a conducive environment for the development and expansion of the Bike-sharing market in Colombia.

Methodology

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.