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E-Scooter-sharing - Latvia

Latvia

Latvia is projected to reach a revenue of US$1.19m in the E-Scooter-sharing market by 2024.
This market is expected to show an annual growth rate (CAGR 2024-2028) of 19.66%, resulting in a projected market volume of US$2.44m by 2028.
Moreover, the number of users is expected to amount to 141.10k users by 2028 with a user penetration projected to be 4.3% in 2024 and 8.1% by 2028.
The average revenue per user (ARPU) is expected to amount to US$15.34.
It is projected that 100% of the total revenue will be generated through online sales in the E-Scooter-sharing market by 2028.
Furthermore, in global comparison, United States is expected to generate the most revenue in this market with a revenue of US$768,400k in 2024.
Latvia's E-Scooter-sharing market is rapidly growing with new players entering the market and providing eco-friendly solutions for urban transportation.

Key regions: India, Thailand, Malaysia, China, South America

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Analyst Opinion

The E-Scooter-sharing market in Latvia has been experiencing significant growth in recent years.

Customer preferences: Customers in Latvia have shown a strong preference for using e-scooters as a mode of transportation. This can be attributed to several factors. Firstly, e-scooters are seen as a convenient and eco-friendly alternative to traditional modes of transportation. They are easy to use, require minimal effort, and do not contribute to air pollution. Additionally, e-scooters are popular among younger generations who value flexibility and affordability in their transportation choices.

Trends in the market: One of the key trends in the e-scooter-sharing market in Latvia is the increasing number of e-scooter-sharing companies entering the market. This has led to a greater availability of e-scooters in different cities, making them more accessible to a larger number of customers. Furthermore, there has been a shift towards dockless e-scooter-sharing systems, which allow users to pick up and drop off e-scooters anywhere within a designated service area. This flexibility has made e-scooters even more convenient for customers.

Local special circumstances: The compact size and well-connected infrastructure of Latvian cities make them ideal for e-scooter-sharing services. The relatively flat terrain and mild climate also contribute to the popularity of e-scooters as a means of transportation. Additionally, the government has implemented regulations and guidelines to ensure the safe and responsible use of e-scooters, further promoting their adoption by customers.

Underlying macroeconomic factors: The growing e-scooter-sharing market in Latvia can be attributed to several macroeconomic factors. Firstly, the increasing urbanization and population density in Latvian cities have created a greater demand for alternative modes of transportation. E-scooters provide a convenient solution for short-distance travel within cities. Secondly, the rising awareness and concern for environmental sustainability have led to a shift towards greener transportation options. E-scooters offer a more eco-friendly alternative to cars and public transportation. Finally, the advancements in technology and the increasing popularity of smartphone applications have made it easier for customers to access and use e-scooter-sharing services. In conclusion, the e-scooter-sharing market in Latvia is experiencing significant growth due to customer preferences for convenience and eco-friendly transportation options. The increasing number of e-scooter-sharing companies, the shift towards dockless systems, and the local special circumstances in Latvia contribute to the popularity of e-scooters. Additionally, macroeconomic factors such as urbanization, environmental concerns, and technological advancements are driving the growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings and revenues of e-scooter-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.