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Bike-sharing - Mongolia

Mongolia

Mongolia is projected to generate a revenue of US$135.90k in the Bike-sharing market by 2024.
The revenue is expected to experience an annual growth rate (CAGR 2024-2028) of 7.04%, resulting in a projected market volume of US$178.40k by 2028.
By 2028, the number of users is anticipated to reach 37.25k users.
The user penetration is estimated to be 0.9% in 2024 and 1.0% by 2028.
The expected average revenue per user (ARPU) is US$4.21.
It is projected that 80% of the total revenue 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, amounting to US$5,870m in 2024.
Despite the harsh climate and challenging terrain, bike-sharing initiatives have gained popularity in urban areas of Mongolia, providing locals and tourists with a sustainable and affordable transportation option.

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 Mongolia has seen significant growth in recent years, driven by increasing customer preferences for eco-friendly transportation options, the rise of urbanization, and favorable government policies. Customer preferences for bike-sharing services have been a key driver of the market's growth in Mongolia. With growing concerns about climate change and air pollution, many customers are looking for sustainable transportation alternatives. Bike-sharing provides a convenient and environmentally friendly option for short-distance travel, making it an attractive choice for commuters and tourists alike. Additionally, the affordability and flexibility of bike-sharing services appeal to a wide range of customers, further contributing to the market's expansion. Trends in the Bike-sharing market in Mongolia reflect global and regional patterns. One major trend is the adoption of dockless bike-sharing systems, which allow users to pick up and drop off bikes anywhere within a designated service area. This flexibility has made bike-sharing more convenient for customers, as they are no longer limited to specific docking stations. Furthermore, the integration of mobile apps and GPS technology has improved the user experience, enabling customers to easily locate and unlock bikes using their smartphones. In Mongolia, there are also some local special circumstances that have contributed to the growth of the Bike-sharing market. The country's capital city, Ulaanbaatar, has experienced rapid urbanization in recent years, leading to increased traffic congestion and a growing demand for alternative transportation options. Bike-sharing services have emerged as a viable solution to these challenges, providing a convenient and efficient way for residents and tourists to navigate the city. Additionally, Mongolia's vast and scenic landscapes make it an attractive destination for outdoor enthusiasts, further driving the demand for bike-sharing services. Underlying macroeconomic factors have also played a role in the development of the Bike-sharing market in Mongolia. The country's stable economic growth and rising disposable incomes have enabled more people to afford bike-sharing services. Moreover, the government has implemented policies to promote sustainable transportation, including the development of cycling infrastructure and the introduction of bike-sharing programs. These initiatives have created a supportive environment for the Bike-sharing market to thrive. In conclusion, the Bike-sharing market in Mongolia has experienced significant growth due to customer preferences for eco-friendly transportation, the adoption of dockless systems, local special circumstances such as urbanization and scenic landscapes, and favorable government policies. As these trends continue to evolve, the Bike-sharing market in Mongolia 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.