Bike-sharing - Saudi Arabia

  • Saudi Arabia
  • In Saudi Arabia, the Bike-sharing market is projected to reach a revenue of US$38.81m by 2024.
  • Furthermore, it is expected to display an annual growth rate of 5.44% (CAGR 2024-2029), leading to a projected market volume of US$50.58m by 2029.
  • The number of users in the Bike-sharing market is expected to reach 3.51m users by 2029.
  • By 2024, the user penetration rate is projected to be 7.1%, which is expected to increase to 8.8% by 2029.
  • The average revenue per user (ARPU) is projected to be US$14.51.
  • In Saudi Arabia, 97% of the total revenue in the Bike-sharing market is expected to be generated through online sales by 2029.
  • It is noteworthy that in the global comparison of Bike-sharing market revenue, China is expected to generate the highest revenue of US$5,515m in 2024.
  • Bike-sharing in Saudi Arabia is gaining popularity as an eco-friendly and cost-effective mode of transportation in urban areas.

Key regions: South America, Malaysia, India, Indonesia, Saudi Arabia

 
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Analyst Opinion

The Bike-sharing market in Saudi Arabia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Saudi Arabia have shifted towards more sustainable and eco-friendly modes of transportation, leading to an increased demand for bike-sharing services. This trend is in line with global market preferences, as people become more conscious of their environmental impact and seek alternative transportation options. Additionally, the convenience and affordability of bike-sharing services have made them a popular choice among commuters and tourists alike. One of the key trends in the Saudi Arabian Bike-sharing market is the adoption of dockless bike-sharing systems. Unlike traditional docked systems, where bikes are picked up and dropped off at designated stations, dockless systems allow users to locate and unlock bikes using a smartphone app, providing greater flexibility and convenience. This trend has been fueled by advancements in technology and the increasing availability of mobile apps, making it easier for users to access bike-sharing services on the go. Another trend in the market is the integration of bike-sharing with other modes of transportation, such as public transit. This integration allows users to seamlessly switch between different modes of transportation, providing a more efficient and convenient travel experience. This trend is particularly relevant in Saudi Arabia, where the government has been investing in the development of public transportation infrastructure, including the expansion of metro and bus networks. The integration of bike-sharing with these systems not only enhances the overall transportation network but also promotes a healthier and more active lifestyle. Local special circumstances in Saudi Arabia, such as the high population density in urban areas and the growing tourism industry, have also contributed to the development of the Bike-sharing market. In densely populated cities like Riyadh and Jeddah, bike-sharing offers a practical solution to the problem of traffic congestion and limited parking space. Additionally, the growing number of tourists visiting Saudi Arabia has created a demand for alternative transportation options, with bike-sharing being a popular choice among tourists looking to explore the cities at their own pace. Underlying macroeconomic factors, such as government initiatives and investments, have played a crucial role in the growth of the Bike-sharing market in Saudi Arabia. The government has recognized the importance of sustainable transportation and has implemented policies and regulations to promote the adoption of bike-sharing services. Furthermore, the increasing number of bike-sharing operators entering the market has created competition, leading to improved services and lower prices for consumers. In conclusion, the Bike-sharing market in Saudi Arabia is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards more sustainable and eco-friendly transportation options, the adoption of dockless bike-sharing systems, the integration with other modes of transportation, and the high population density in urban areas are all contributing to the development of the market. Additionally, government initiatives and investments are further driving the growth of the Bike-sharing market in Saudi Arabia.

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
  • Key Market Indicators
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