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Bike-sharing - Hungary

Hungary

Hungary is expected to witness a surge in revenue in the Bike-sharing market, projecting to reach US$3.57m by 2024.
Furthermore, the sector is anticipated to grow at an annual growth rate (CAGR 2024-2028) of 3.77%, resulting in a projected market volume of US$4.14m by 2028.
It is estimated that the number of users in the Bike-sharing market will amount to 325.60k users by 2028, with a projected user penetration of 3.0% in 2024 and 3.4% by 2028.
The average revenue per user (ARPU) is expected to be US$11.82.
Additionally, it is projected that 88% of the total revenue in the market will be generated through online sales by 2028.
In comparison to other countries, China is expected to generate the most revenue in the Bike-sharing market, with US$5,870m in 2024.
Bike-sharing in Hungary is gaining popularity as a sustainable and affordable means of transportation in cities like Budapest.

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 Hungary has been experiencing significant growth in recent years. With the increasing popularity of sustainable transportation options and the growing awareness of environmental issues, more and more people in Hungary are turning to bike-sharing as a convenient and eco-friendly mode of transportation.

Customer preferences: One of the main reasons for the growth of the Bike-sharing market in Hungary is the changing preferences of customers. People are becoming more health-conscious and are looking for ways to incorporate exercise into their daily routines. Bike-sharing provides an affordable and accessible option for individuals to stay active while commuting or running errands.

Trends in the market: The Bike-sharing market in Hungary has witnessed several key trends. Firstly, there has been a rise in the number of bike-sharing companies entering the market, offering a variety of options to customers. This increased competition has led to improved services and more convenient bike-sharing options for users. Additionally, there has been a shift towards dockless bike-sharing systems, where users can pick up and drop off bikes at any location within a designated area. This flexibility has made bike-sharing even more convenient for customers, as they are no longer restricted to specific docking stations.

Local special circumstances: Hungary has a well-developed cycling infrastructure, with dedicated bike lanes and paths in many cities. This has made it easier for bike-sharing companies to operate and attract customers. The government has also implemented policies to promote cycling as a means of transportation, further supporting the growth of the Bike-sharing market.

Underlying macroeconomic factors: The growth of the Bike-sharing market in Hungary can also be attributed to macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and a higher standard of living. As a result, more people are willing to spend money on convenient and sustainable transportation options like bike-sharing. Furthermore, the COVID-19 pandemic has had an impact on the Bike-sharing market in Hungary. With public transportation being limited or restricted during lockdowns, many people turned to bike-sharing as a safe and reliable alternative. This increased demand for bike-sharing services and further accelerated the growth of the market. Overall, the Bike-sharing market in Hungary is experiencing significant growth due to changing customer preferences, the implementation of convenient and flexible bike-sharing options, a well-developed cycling infrastructure, and favorable macroeconomic conditions. As the market continues to expand, it is likely that we will see further innovations and improvements in bike-sharing services in Hungary.

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.