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Bike-sharing - Lithuania

Lithuania

Lithuania is expected to see a surge in revenue for the Bike-sharing market, with a projected amount of US$1.05m by 2024.
The market is also expected to grow at an annual growth rate of 5.28% (CAGR 2024-2028), leading to a projected market volume of US$1.29m by 2028.
The number of users in this market is anticipated to reach 77.95k users by 2028, with a projected user penetration of 2.6% in 2024 and 3.0% by 2028.
Moreover, the average revenue per user (ARPU) is expected to be US$15.16.
It is projected that a significant portion of the total revenue, about 83%, will be generated through online sales in the Bike-sharing market by 2028.
On a global scale, China is expected to generate the most revenue in this market, with a projected amount of US$5,870m in 2024.
Lithuania's bike-sharing market has been growing steadily, with a focus on sustainability and integration with public transportation systems.

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

Bike-sharing has been gaining popularity in Lithuania in recent years, with an increasing number of people opting for this convenient and eco-friendly mode of transportation.

Customer preferences: In Lithuania, customers are increasingly valuing convenience and sustainability when it comes to transportation options. Bike-sharing provides a flexible and affordable solution for short-distance travel, allowing users to easily access bikes at various locations throughout the country. Additionally, the growing awareness of environmental issues has led to an increased preference for greener modes of transportation, making bike-sharing an attractive option for many Lithuanians.

Trends in the market: The Bike-sharing market in Lithuania has witnessed significant growth in recent years. This can be attributed to several factors. Firstly, the government has been actively promoting cycling as a sustainable and healthy mode of transportation, investing in infrastructure and implementing policies that support bike-sharing initiatives. This has created a favorable environment for bike-sharing companies to thrive in the country. Furthermore, the rise of smartphone usage has played a crucial role in the growth of the Bike-sharing market. Most bike-sharing services in Lithuania operate through mobile applications, allowing users to easily locate and unlock bikes using their smartphones. This convenience factor has contributed to the popularity of bike-sharing among tech-savvy Lithuanians.

Local special circumstances: Lithuania's relatively flat terrain and compact cities make it an ideal location for bike-sharing. The country's well-maintained cycling infrastructure, including dedicated bike lanes and parking facilities, further enhances the appeal of bike-sharing as a viable transportation option. Additionally, the moderate climate in Lithuania allows for year-round bike-sharing, with users able to enjoy the benefits of cycling even during colder months.

Underlying macroeconomic factors: The growing popularity of bike-sharing in Lithuania can also be attributed to the country's economic development and increasing urbanization. As more people move to cities for work and leisure, there is a greater demand for efficient and sustainable transportation options. Bike-sharing provides a cost-effective alternative to traditional modes of transportation, such as cars or public transport, making it an attractive option for both locals and tourists. In conclusion, the Bike-sharing market in Lithuania is experiencing significant growth due to customer preferences for convenience and sustainability, as well as favorable local circumstances and underlying macroeconomic factors. As the government continues to invest in cycling infrastructure and promote sustainable transportation, the Bike-sharing market is expected to further 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.