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Bike-sharing - Mexico

Mexico

In Mexico, the Bike-sharing market is expected to generate a revenue of US$108.50m by 2024.
The revenue is projected to increase at an annual growth rate (CAGR 2024-2028) of 9.19%, leading to a market volume of US$154.20m by 2028.
The number of users in the market is anticipated to reach 10.22m users by 2028.
The user penetration rate is expected to rise from 6.8% in 2024 to 7.7% by 2028.
The average revenue per user (ARPU) is predicted to be US$12.39.
Furthermore, it is projected that 92% of the total revenue in the Bike-sharing market will be generated through online sales by 2028.
It is noteworthy that in the global comparison, China is expected to generate the highest revenue of US$5,870m in 2024.
Mexico's bike-sharing market is growing rapidly, with major players like Mobike and VBike expanding their operations in Mexico City.

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 Mexico is experiencing significant growth and development, driven by several factors.

Customer preferences: Customer preferences play a crucial role in the growth of the Bike-sharing market in Mexico. With increasing concerns about traffic congestion, environmental pollution, and the need for a healthier lifestyle, more people are opting for alternative modes of transportation. Bike-sharing provides a convenient and eco-friendly solution for short-distance commuting, allowing individuals to avoid traffic jams and reduce their carbon footprint. Additionally, the affordability and flexibility of bike-sharing services make them attractive to a wide range of customers, including students, professionals, and tourists.

Trends in the market: One of the key trends in the Bike-sharing market in Mexico is the expansion of bike-sharing services in major cities. Companies are investing in infrastructure development, such as bike stations and docking systems, to ensure easy access and availability of bikes. Moreover, technological advancements have enabled the integration of bike-sharing services with mobile applications, making it more convenient for users to locate and rent bikes. This trend is expected to continue as bike-sharing becomes an integral part of urban transportation systems. Another trend in the market is the introduction of electric bikes in bike-sharing fleets. Electric bikes offer a faster and more effortless riding experience, making them popular among commuters who need to cover longer distances or tackle hilly terrains. The integration of electric bikes in bike-sharing services provides users with more options and enhances the overall customer experience.

Local special circumstances: Mexico's urban areas face significant challenges in terms of traffic congestion and air pollution. The Bike-sharing market in Mexico is addressing these issues by providing a sustainable and efficient mode of transportation. The government has also shown support for bike-sharing initiatives by implementing bike lanes and promoting cycling as a viable means of commuting. Additionally, the country's favorable climate makes it conducive for outdoor activities, including biking, further contributing to the growth of the Bike-sharing market.

Underlying macroeconomic factors: The growing Bike-sharing market in Mexico is also influenced by underlying macroeconomic factors. The country's increasing urbanization and rising disposable incomes have led to a higher demand for convenient transportation options. Additionally, the tourism industry in Mexico is flourishing, attracting a large number of visitors who are looking for affordable and eco-friendly ways to explore the cities. These factors create a favorable environment for the expansion of the Bike-sharing market in Mexico. In conclusion, the Bike-sharing market in Mexico is witnessing significant growth and development due to customer preferences for alternative transportation, the introduction of new technologies, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, we can expect further expansion and innovation in bike-sharing services across the country.

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.