Key regions: Europe, Germany, India, United States, Malaysia
The Car-sharing market in Nigeria is experiencing a steady growth trajectory driven by changing consumer preferences, technological advancements, and urbanization trends.
Customer preferences: Customers in Nigeria are increasingly opting for car-sharing services due to the convenience, cost-effectiveness, and flexibility they offer. With the growing traffic congestion in major cities like Lagos and Abuja, many individuals are choosing car-sharing as a more efficient way to navigate the urban landscape. Moreover, the younger demographic in Nigeria, who prioritize access over ownership, are embracing car-sharing as a lifestyle choice.
Trends in the market: In Nigeria, the Car-sharing market is witnessing a rise in the number of local startups and international companies entering the space to capitalize on the growing demand. These companies are not only offering traditional car-sharing services but also innovating with options such as ride-hailing, carpooling, and last-mile delivery services. Additionally, the integration of mobile applications for booking and payment purposes is making car-sharing more accessible to a wider audience across the country.
Local special circumstances: One of the key factors influencing the Car-sharing market in Nigeria is the inadequate public transportation infrastructure in many urban areas. This gap in the transportation system has created a significant opportunity for car-sharing companies to fill the void and provide reliable mobility solutions to the population. Furthermore, the increasing awareness of environmental sustainability and the need to reduce carbon emissions is driving the adoption of shared mobility services in the country.
Underlying macroeconomic factors: The macroeconomic landscape in Nigeria, including factors such as rising urbanization rates, a growing middle class, and increasing internet penetration, is contributing to the expansion of the Car-sharing market. As more Nigerians move to urban centers for employment opportunities, the demand for convenient and affordable transportation solutions is on the rise. Moreover, the proliferation of smartphones and digital payment systems is facilitating the growth of the car-sharing economy by making it easier for consumers to access and use these services.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car-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.
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