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Bike-sharing - Hong Kong

Hong Kong

Hong Kong's Bike-sharing market is expected to achieve a revenue of US$5.46m by 2024.
This revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2028) of 4.85%, resulting in a projected market volume of US$6.60m by 2028.
By 2028, the number of users in the Bike-sharing market is expected to reach 202.60k users.
Furthermore, user penetration is estimated to be 2.4% in 2024 and 2.7% by 2028.
The average revenue per user (ARPU) is projected to be US$29.84.
It is expected that 95% of the total revenue in the Bike-sharing market will be generated through online sales by 2028.
In terms of generating the most revenue, China is leading the way with US$5,870m expected revenue in 2024, in global comparison.
Bike-sharing in Hong Kong has seen a surge in popularity due to the city's congested roads and increasing environmental awareness.

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 Hong Kong has experienced significant growth in recent years, driven by changing customer preferences and the unique circumstances of the local market.

Customer preferences: Customers in Hong Kong have shown a growing preference for sustainable and convenient transportation options, which has contributed to the rise of bike-sharing services. With increasing concerns about air pollution and traffic congestion, many residents are seeking alternative modes of transportation that are environmentally friendly and efficient. Bike-sharing provides a flexible and affordable solution for short-distance travel, allowing users to easily navigate the city and avoid the hassle of traffic and parking.

Trends in the market: One of the key trends in the Bike-sharing market in Hong Kong is the adoption of dockless bike-sharing systems. Unlike traditional bike-sharing programs that require users to pick up and return bikes to designated docking stations, dockless systems allow users to pick up and drop off bikes anywhere within a designated service area. This flexibility has made bike-sharing more convenient and accessible for users, leading to increased adoption and usage. Another trend in the market is the integration of bike-sharing services with mobile apps and digital platforms. Many bike-sharing companies in Hong Kong have developed mobile apps that allow users to easily locate and unlock bikes using their smartphones. This digital integration has streamlined the user experience and made bike-sharing more convenient and user-friendly.

Local special circumstances: The unique geography and urban environment of Hong Kong have also contributed to the development of the Bike-sharing market. With its dense population and limited space, Hong Kong faces challenges in terms of transportation infrastructure and congestion. Bike-sharing offers a solution to these challenges by providing a flexible and efficient mode of transportation that can navigate the city's narrow streets and crowded areas. Furthermore, the government of Hong Kong has been supportive of bike-sharing initiatives, implementing policies and regulations to promote sustainable transportation. This support has created a favorable environment for bike-sharing companies to operate and expand their services in the city.

Underlying macroeconomic factors: The growth of the Bike-sharing market in Hong Kong can also be attributed to underlying macroeconomic factors. The city's strong economy and high population density create a large and diverse customer base for bike-sharing services. Additionally, the increasing awareness of environmental issues and the desire for a healthier lifestyle have contributed to the popularity of bike-sharing among residents. In conclusion, the Bike-sharing market in Hong Kong is experiencing significant growth due to changing customer preferences, the unique circumstances of the local market, and underlying macroeconomic factors. The adoption of dockless systems and the integration of digital platforms have made bike-sharing more convenient and accessible for users. With the support of the government and the increasing demand for sustainable transportation options, the Bike-sharing market in Hong Kong is expected to continue to expand in the coming years.

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.