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Bike-sharing - China

China

China is projected to contribute significantly to the revenue in the Bike-sharing market, with a projected revenue of €5.11bn in 2024.
The market is expected to grow at an annual growth rate (CAGR 2024-2029) of 6.95%, resulting in a projected market volume of €7.15bn by 2029.
Additionally, the number of users in the Bike-sharing market is expected to reach 0.65bn users by 2029, with a user penetration of 35.9% in 2024 and 45.8% by 2029.
The average revenue per user (ARPU) is expected to be €9.95.
Moreover, it is projected that by 2029, 94% of the total revenue will be generated through online sales in the market.
Finally, it is noteworthy that in global comparison, China is expected to generate the most revenue in the Bike-sharing market, with a projected revenue of €5.11bn in 2024.
China's bike-sharing market is dominated by a few key players, such as Mobike and Ofo, who have been expanding to international markets.

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

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 China has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and unique local circumstances.

Customer preferences: Chinese consumers have increasingly embraced bike-sharing as a convenient and cost-effective mode of transportation. With the rise of urbanization and traffic congestion, many people are opting for bike-sharing as a way to navigate crowded cities and avoid the hassles of finding parking. Additionally, the younger generation, in particular, has shown a strong preference for bike-sharing due to its eco-friendly nature and the convenience of booking and unlocking bikes through mobile apps.

Trends in the market: One notable trend in the Chinese Bike-sharing market is the emergence of dockless bike-sharing systems. Unlike traditional docked systems, dockless bike-sharing allows users to locate and unlock bikes using GPS technology, making it more flexible and convenient. This trend has been fueled by advancements in mobile technology and the widespread adoption of smartphones among Chinese consumers. As a result, many bike-sharing companies have adopted this model, leading to a proliferation of brightly colored bikes on the streets of Chinese cities. Another trend in the market is the integration of bike-sharing with other forms of transportation. Many cities in China have implemented bike-sharing programs that are seamlessly connected with public transportation systems, allowing users to easily switch between bikes and buses or trains. This integration has been facilitated by the development of smart transportation infrastructure, such as bike lanes and bike parking facilities, which further encourage the use of bike-sharing as a viable mode of transportation.

Local special circumstances: China's dense population and rapid urbanization have created unique circumstances that have contributed to the growth of the Bike-sharing market. The country's large cities, such as Beijing and Shanghai, face severe traffic congestion and air pollution, making bike-sharing an attractive alternative to cars and public transportation. Additionally, the Chinese government has been supportive of bike-sharing initiatives, implementing policies and regulations that promote the development of the market.

Underlying macroeconomic factors: China's booming economy has played a significant role in the growth of the Bike-sharing market. As disposable incomes rise and the middle class expands, more people have the financial means to afford bike-sharing services. Furthermore, the Chinese government's focus on sustainable development and green transportation has created a favorable environment for the bike-sharing industry to thrive. Overall, the Bike-sharing market in China is driven by changing customer preferences, emerging trends, unique local circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected to further transform the way people travel in Chinese cities, providing a sustainable and convenient transportation solution for urban dwellers.

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.