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Bike-sharing - Russia

Russia

The Bike-sharing market in Russia is anticipated to generate a revenue of US$28.31m by the year 2024.
It is predicted that the revenue will experience a Compound Annual Growth Rate (CAGR) of 4.20% between 2024 and 2028, thereby increasing the market volume to US$33.37m by 2028.
The number of users in the Bike-sharing market sector is also expected to rise to 2.77m users by 2028, with a projected user penetration of 1.8% in 2024 and 1.9% by 2028.
The Average Revenue Per User (ARPU) in this sector is estimated to be US$10.89.
It is further projected that by 2028, 96% of the total revenue in the Bike-sharing market industry will be generated through online sales.
In comparison to other countries, China is expected to generate the most revenue by 2024, with a whopping US$5,870m.
Despite some initial challenges, bike-sharing has gained popularity in Russia as a sustainable and affordable mode of transportation for urban residents.

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 Russia has been experiencing significant growth in recent years, driven by changing customer preferences and the emergence of new trends in the market. Customer preferences in the Bike-sharing market in Russia are shifting towards more sustainable and convenient transportation options. With increasing concerns about environmental sustainability and the need for efficient urban mobility solutions, more people are opting for bike-sharing services as a means of transportation. This is especially true in densely populated cities where traffic congestion and limited parking spaces make traditional transportation options less attractive. Additionally, the younger generation, who are more environmentally conscious and tech-savvy, are also driving the demand for bike-sharing services. Trends in the market indicate a strong growth potential for bike-sharing services in Russia. The introduction of dockless bike-sharing systems, which allow users to pick up and drop off bikes anywhere within a designated area, has significantly increased the convenience and accessibility of bike-sharing services. This trend has been embraced by both local and international bike-sharing companies operating in Russia, leading to a proliferation of bike-sharing services across the country. Moreover, the integration of bike-sharing services with mobile applications and online platforms has made it easier for users to locate and rent bikes, further fueling the growth of the market. Local special circumstances in Russia, such as the availability of infrastructure and the climate, also play a role in the development of the Bike-sharing market. The presence of bicycle lanes and parking facilities in cities encourages the use of bike-sharing services and ensures a seamless experience for users. Furthermore, the climate in Russia, with its long and cold winters, poses a challenge for bike-sharing companies. However, many companies have adapted to this by offering seasonal services and implementing measures to protect bikes from harsh weather conditions. Underlying macroeconomic factors, such as the growth of the sharing economy and increasing disposable income, contribute to the development of the Bike-sharing market in Russia. The sharing economy has gained popularity worldwide, and bike-sharing is a prime example of this trend. As more people embrace the concept of sharing resources, the demand for bike-sharing services continues to rise. Additionally, the growing disposable income of the Russian population allows for greater spending on transportation alternatives, including bike-sharing services. In conclusion, the Bike-sharing market in Russia is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards more sustainable and convenient transportation options, the introduction of dockless bike-sharing systems, the availability of infrastructure, and the growth of the sharing economy and disposable income all contribute to the development of the market. With these factors in play, the Bike-sharing market in Russia is expected to continue its upward trajectory 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.