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Bike-sharing - Thailand

Thailand

Thailand is expected to witness a significant surge in revenue for the Bike-sharing market, with a projected revenue of US$127.60m by 2024.
Furthermore, the market is anticipated to exhibit an annual growth rate (CAGR 2024-2028) of 9.10%, which would result in a projected market volume of US$180.80m by 2028.
It is estimated that the number of users in this market will reach 13.11m users by 2028.
In 2024, the user penetration rate is expected to be 15.4%, which will increase to 18.2% by 2028.
The average revenue per user (ARPU) is projected to be US$11.54.
Additionally, it is anticipated that 95% of the total revenue in the Bike-sharing market will be generated through online sales by 2028.
Finally, it is worth noting that in a global comparison, China is projected to generate the highest revenue (US$5,870m in 2024) in the Bike-sharing market.
Bike-sharing is gaining popularity in Thailand, with major operators like Mobike and Ofo entering the market.

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 Thailand has been experiencing significant growth in recent years, driven by changing customer preferences and the emergence of new trends in the market.

Customer preferences: One of the key factors driving the growth of the Bike-sharing market in Thailand is the increasing demand for eco-friendly and cost-effective transportation options. With growing concerns about pollution and traffic congestion in urban areas, many consumers are opting for more sustainable modes of transportation. Bike-sharing services provide a convenient and affordable solution, allowing users to rent bicycles for short trips and reduce their carbon footprint.

Trends in the market: One of the notable trends in the Bike-sharing market in Thailand is the adoption of dockless bike-sharing systems. Unlike traditional docked systems, where users have to pick up and return bikes at designated stations, dockless systems allow users to locate and unlock bikes using smartphone apps. This flexibility and convenience have made dockless bike-sharing services particularly popular among urban commuters and tourists. Another trend in the market is the integration of bike-sharing services with other modes of transportation. Many bike-sharing companies in Thailand have partnered with ride-hailing platforms and public transportation providers to offer seamless multimodal journeys. This integration allows users to easily switch between bikes, buses, and trains, providing a more efficient and convenient travel experience.

Local special circumstances: The unique geography and cultural characteristics of Thailand have also contributed to the development of the Bike-sharing market. Thailand is known for its vibrant street food culture and bustling markets, which attract a large number of tourists and locals. Bike-sharing services have capitalized on this trend by offering bicycles for rent near popular tourist attractions and market areas. This allows users to explore the city at their own pace and discover hidden gems that are not easily accessible by other modes of transportation.

Underlying macroeconomic factors: The economic growth and increasing urbanization in Thailand have also played a role in the development of the Bike-sharing market. As more people move to cities, the demand for convenient and affordable transportation options has increased. Bike-sharing services provide a flexible and cost-effective alternative to owning a car or relying solely on public transportation. Additionally, the government's initiatives to promote sustainable transportation and reduce traffic congestion have created a favorable environment for the growth of the Bike-sharing market. In conclusion, the Bike-sharing market in Thailand is experiencing rapid growth due to changing customer preferences, the emergence of new trends, local special circumstances, and underlying macroeconomic factors. The demand for eco-friendly and cost-effective transportation options, the adoption of dockless bike-sharing systems, the integration with other modes of transportation, and the unique geography and cultural characteristics of Thailand have all contributed to the development of the market. With continued economic growth and increasing urbanization, the Bike-sharing market in Thailand 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.