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Bike-sharing - Bulgaria

Bulgaria

The projected revenue for Bulgaria's Bike-sharing market is expected to reach US$2.36m in 2024.
It is estimated that the revenue will grow annually at a rate of 4.92% between 2024-2028, resulting in a projected market volume of US$2.86m by 2028.
Furthermore, it is expected that the number of users in this market will increase to 309.10k users by 2028.
The user penetration is projected to be 4.1% in 2024 and is expected to reach 4.8% by 2028.
The average revenue per user (ARPU) in Bulgaria is expected to amount to US$8.69.
It is also projected that 77% of the total revenue in the Bike-sharing market will be generated through online sales by 2028.
In comparison with the rest of the world, China is estimated to generate the most revenue in this market, with a predicted revenue of US$5,870m in 2024.
Bulgaria's bike-sharing market is slowly gaining popularity among locals and tourists alike, with new initiatives and partnerships emerging in major cities.

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

Bulgaria has seen a significant growth in the Bike-sharing market in recent years, driven by changing customer preferences and the implementation of innovative technologies.

Customer preferences: Bulgarian customers are increasingly looking for convenient and sustainable transportation options, which has led to a growing demand for bike-sharing services. The ease of use and flexibility offered by bike-sharing platforms make them an attractive choice for short-distance travel within cities. Additionally, the environmentally-friendly nature of bike-sharing aligns with the growing global awareness of the need to reduce carbon emissions and promote sustainable modes of transportation.

Trends in the market: One of the key trends in the Bulgarian Bike-sharing market is the adoption of dockless bike-sharing systems. This allows users to easily locate and unlock bikes using a mobile app, without the need for designated docking stations. This flexibility has contributed to the popularity of bike-sharing services, as it eliminates the constraints of fixed docking stations and enables users to pick up and drop off bikes at their convenience. Furthermore, the integration of GPS technology in these systems provides real-time information on bike availability and allows for efficient management of the bike fleet. Another trend in the market is the introduction of electric bikes (e-bikes) in bike-sharing services. E-bikes offer an alternative to traditional bicycles, providing users with an easier and faster mode of transportation. The electric assistance provided by e-bikes has made them particularly popular among commuters and individuals who may not have the physical stamina for traditional biking. The availability of e-bikes in bike-sharing services has expanded the customer base and increased the overall usage of bike-sharing platforms.

Local special circumstances: Bulgaria's urban areas, such as Sofia and Plovdiv, have experienced rapid urbanization and population growth in recent years. This has resulted in increased traffic congestion and a greater need for alternative transportation options. Bike-sharing services have emerged as a viable solution to address these challenges, offering a convenient and efficient mode of transport for short trips within cities. Additionally, the relatively flat terrain in many Bulgarian cities makes cycling an attractive option for commuting and leisure activities.

Underlying macroeconomic factors: The Bulgarian economy has been steadily growing, which has contributed to an increase in disposable income among the population. This has allowed more individuals to afford the cost of bike-sharing services, leading to a higher adoption rate. Furthermore, the government has implemented policies and initiatives to promote cycling as a sustainable mode of transportation. These include the development of cycling infrastructure, such as bike lanes and parking facilities, which have made biking more accessible and safer for users. In conclusion, the Bike-sharing market in Bulgaria has experienced significant growth due to changing customer preferences, the adoption of innovative technologies, and the support of government policies. The convenience, flexibility, and environmental benefits offered by bike-sharing services have made them a popular choice for short-distance travel within Bulgarian cities. As the market continues to evolve, we can expect to see further advancements in technology and an increased focus on sustainability in the bike-sharing industry.

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.