Analyst Opinion
The Ride-hailing market is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circ*mstances. Customer preferences:
Trends in the market:
One of the key trends in the Ride-hailing market is the rise of electric and autonomous vehicles. As environmental concerns grow and technology advances, ride-hailing companies are increasingly incorporating electric and autonomous vehicles into their fleets. This trend not only aligns with customer preferences for sustainability but also reduces operational costs for ride-hailing companies. Another trend in the market is the expansion of ride-hailing services into new cities and regions. Ride-hailing companies are constantly seeking to enter untapped markets, both domestically and internationally, to capitalize on the growing demand for convenient transportation options. This expansion is often accompanied by partnerships or collaborations with local transportation authorities, allowing ride-hailing companies to navigate regulatory challenges and establish a presence in new markets.Local special circ*mstances:
In different countries and regions, there are unique local circ*mstances that influence the development of the Ride-hailing market. For example, in densely populated urban areas, where public transportation may be overcrowded or unreliable, ride-hailing services offer a convenient alternative for commuters. In contrast, in areas with limited public transportation infrastructure, ride-hailing services can fill a transportation gap and provide access to mobility for individuals who do not own a car. Furthermore, regulatory frameworks and government policies play a significant role in shaping the Ride-hailing market. Some countries have embraced ride-hailing services and implemented favorable regulations, while others have imposed restrictions or faced legal challenges. These local circ*mstances can impact the availability and competitiveness of ride-hailing services in different markets.Underlying macroeconomic factors:
The Ride-hailing market is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and increasing urbanization contribute to the expansion of the ride-hailing industry. As more individuals move to cities and experience higher levels of income, they are more likely to utilize ride-hailing services as a convenient and affordable transportation option. Additionally, technological advancements and the widespread adoption of smartphones have played a significant role in the growth of the Ride-hailing market. The ease of accessing ride-hailing apps and the ability to seamlessly book and pay for rides have made ride-hailing services increasingly popular among consumers. In conclusion, the Ride-hailing market is driven by evolving customer preferences, emerging trends, local special circ*mstances, and underlying macroeconomic factors. The industry continues to evolve and innovate to meet the changing needs of customers and adapt to local market conditions.Methodology
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings and revenues of ride-hailing 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.
