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Bike-sharing - Vietnam

Vietnam

Vietnam is expected to see a significant growth in the Bike-sharing market, with a projected revenue of US$79.63m by 2024.
The projected annual growth rate (CAGR 2024-2028) of 11.91% is expected to result in a market volume of US$124.90m by 2028.
By 2028, the expected number of users in Vietnam's Bike-sharing market is 5.64m users with a projected user penetration of 5.5%, up from 4.8% in 2024.
The average revenue per user (ARPU) for Vietnam's Bike-sharing market is expected to be US$16.85.
In terms of revenue distribution, 92% of the total revenue will be generated through online sales by 2028.
It is worth noting that in the global comparison, China is expected to generate the most revenue in the Bike-sharing market with US$5,870m in 2024.
Bike-sharing is becoming increasingly popular in Vietnam, as the government invests in infrastructure and companies expand their services to meet growing demand.

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 Vietnam has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Bike-sharing market in Vietnam have shifted towards more sustainable and convenient modes of transportation. As the population becomes more environmentally conscious, there is a growing demand for alternative transportation options that reduce carbon emissions. Bike-sharing provides a cost-effective and eco-friendly solution for short-distance travel, appealing to a wide range of customers including students, commuters, and tourists. Additionally, the convenience of dockless bike-sharing systems allows users to easily access bikes at any location, further enhancing the appeal of this mode of transportation. Trends in the market indicate that bike-sharing services in Vietnam are becoming increasingly popular and widespread. The emergence of technology-enabled platforms has revolutionized the industry, enabling users to easily locate and unlock bikes using mobile applications. This has significantly improved the user experience and contributed to the rapid adoption of bike-sharing services. Furthermore, the integration of electric bikes into the market has further expanded the customer base, attracting individuals who may have been deterred by the physical exertion associated with traditional bicycles. The availability of electric bikes has also contributed to the convenience factor, allowing users to travel longer distances without the need for excessive physical effort. Local special circumstances in Vietnam have also played a role in the development of the Bike-sharing market. The country's dense urban areas, such as Hanoi and Ho Chi Minh City, face significant traffic congestion and limited parking spaces, making bike-sharing an attractive alternative to traditional modes of transportation. Additionally, the relatively flat terrain in many parts of Vietnam makes it conducive to cycling, further encouraging the adoption of bike-sharing services. Underlying macroeconomic factors have also contributed to the growth of the Bike-sharing market in Vietnam. The country's strong economic growth has led to increased urbanization and rising disposable incomes, creating a larger customer base for bike-sharing services. Furthermore, government initiatives and policies promoting sustainable transportation have provided a favorable regulatory environment for the industry to thrive. In conclusion, the Bike-sharing market in Vietnam has experienced significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the demand for sustainable and convenient transportation options continues to rise, the Bike-sharing market in Vietnam 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.