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Bike-sharing - United Kingdom

United Kingdom

The United Kingdom's Bike-sharing market is expected to generate a revenue of US$64.18m by 2024.
The revenue is projected to grow annually at a rate of 6.97% (CAGR 2024-2028), resulting in a market volume of US$84.03m by 2028.
The number of users in this market is expected to reach 1.97m users by 2028, with a user penetration of 2.6% in 2024 and 2.9% by 2028.
The average revenue per user (ARPU) is expected to be US$36.88.
By 2028, online sales are projected to account for 85% of the total revenue.
It is notable that China is expected to generate the most revenue in the global comparison, with US$5,870m in 2024.
Bike-sharing services in the United Kingdom have experienced a surge in demand due to increased focus on eco-friendly transportation options.

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.

Market

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Analyst Opinion

The Bike-sharing market in United Kingdom has witnessed significant growth and development in recent years.

Customer preferences: Customers in the United Kingdom have shown a growing interest in bike-sharing as a convenient and eco-friendly mode of transportation. The ease of access and affordability of bike-sharing services have attracted a wide range of customers, including commuters, tourists, and fitness enthusiasts. The flexibility of being able to pick up and drop off bikes at various locations across the city has also been a key factor in the popularity of bike-sharing.

Trends in the market: One of the key trends in the Bike-sharing market in the United Kingdom is the increasing adoption of electric bikes. Electric bikes offer a more comfortable and effortless riding experience, making them particularly appealing to customers who may have longer distances to travel or prefer a less strenuous ride. The availability of electric bikes in bike-sharing fleets has expanded the customer base and contributed to the overall growth of the market. Another trend in the market is the integration of bike-sharing services with other modes of transportation. Many bike-sharing companies have partnered with public transportation systems to provide a seamless and integrated travel experience for customers. This integration allows customers to easily switch between bikes and other modes of transportation, such as buses or trains, making it even more convenient to navigate the city.

Local special circumstances: The United Kingdom has a well-developed cycling infrastructure, with dedicated bike lanes and paths in many cities. This infrastructure has created a safe and conducive environment for bike-sharing, encouraging more people to choose cycling as a mode of transportation. Additionally, the government has implemented initiatives to promote cycling, such as the Cycle to Work scheme, which provides tax incentives for employees to purchase bicycles. These local circumstances have created a favorable environment for the growth of the Bike-sharing market.

Underlying macroeconomic factors: The growing awareness and concern for environmental sustainability have played a significant role in the development of the Bike-sharing market in the United Kingdom. Customers are increasingly conscious of their carbon footprint and are looking for greener alternatives for transportation. Bike-sharing offers a sustainable and eco-friendly option, aligning with the values and preferences of environmentally-conscious consumers. Furthermore, the rising cost of car ownership and congestion in urban areas have also contributed to the growth of bike-sharing. Owning a car in the United Kingdom can be expensive, with costs including insurance, fuel, and parking. Bike-sharing provides a cost-effective alternative for short-distance travel, especially in congested city centers where parking spaces are limited. This affordability factor has attracted a large customer base, particularly among the younger population and urban dwellers. In conclusion, the Bike-sharing market in the United Kingdom is experiencing significant growth due to customer preferences for convenience, affordability, and sustainability. The integration of electric bikes and partnerships with public transportation systems have further fueled this growth. The local cycling infrastructure and government initiatives have created a favorable environment for the market to thrive. Additionally, underlying macroeconomic factors, such as environmental sustainability and the rising cost of car ownership, have also contributed to the increasing popularity of bike-sharing in the United Kingdom.

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.