Car-sharing - Nigeria | Statista Market Forecast

In Nigeria, the revenue in the Car-sharing market is forecasted to reach US$15.41m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 10.35%, leading to a projected market volume of US$25.22m by 2029.
Within the Car-sharing market, the number of users is expected to reach 393.50k users by 2029.
The user penetration is estimated to be 0.1% in 2024 and 0.2% by 2029.
The average revenue per user (ARPU) is projected to be US$53.40.
By 2029, 100% of the total revenue in the Car-sharing market will be generated through online sales.
When compared globally, the United States is expected to generate the most revenue (US$3bn in 2024).
The Car-sharing market in Nigeria is experiencing rapid growth due to urbanization and a shift towards sustainable transportation options.

Definition:

The Car-sharing market encompasses car-sharing services. Car-sharing service providers own the vehicles that customers can book independently at any time. Customers need to enter into a contract with the service provider in order to be able to book vehicles via a smartphone app, the website of the service provider, or by telephone. The vehicle is usually opened via smartphone or a chip card. Some service providers, however, provide the car key in a key safe at the car-sharing station. Prices are calculated per minute or hour, with the money being debited from the customer's bank account. Peer-to-peer car-sharing is not included in this market. Car-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 Car-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.

Free-floating car sharing bookings
Station-based car sharing bookings
Companies offering a combination of free-floating and station-based car sharing
Services such as Share Now, Sixt Share, or Enterprise CarShare

Peer-to-peer car sharing bookings
Rental car booking
Taxi services
Carpools
Ride hailing services

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.