Shared Mobility - Caribbean

Caribbean

The Caribbean is estimated to see a significant growth in the Shared Mobility market in the coming years.
By 2024, the market is projected to generate a revenue of US$1,965.00m, and it is expected to grow annually by 4.73% until 2029, reaching a market volume of US$2,476.00m.
The largest market in the Caribbean's Shared Mobility market is Public Transportation, which is expected to reach a market volume of US$672.60m in 2024.
Additionally, the number of Public Transportation users is expected to increase to 23.47m users by 2029.
In 2024, the user penetration rate is 91.0%, and it is expected to increase to 95.0% by 2029.
The average revenue per user (ARPU) is projected to be US$53.23.
It is estimated that by 2029, 55% of the total revenue in the Caribbean's Shared Mobility market will be generated through online sales.
In comparison to other countries, China is expected to generate the most revenue in this market, with a projected revenue of US$365bn in 2024.
Shared mobility options such as car-sharing and bike-sharing are gaining popularity in Caribbean countries like Jamaica and the Dominican Republic.

Key regions: United States, Saudi Arabia, Germany, Malaysia, India

Definition:

The Shared Mobility market encompasses a diverse range of long- and short-distance mobility services. As the world moves towards a more connected and digital era, the Shared Mobility market is central to driving innovation, collaboration, and the development of intelligent transportation systems.

Structure:

The market consists of eleven further markets. These include the following markets:

The Car Rentals market contains vehicle rentals that have been booked in person, by telephone via the internet or an app.
The Car-sharing market includes professionally run car-sharing services that provide on-demand access vehicles, allowing users to rent cars for short periods, e.g., by minute or hour.
The Bike-sharing market contains short-term bike-sharing services. Bicycles can be found in the provider’s business zone where they are either parked at designated stations or freely distributed without fixed docks.
The Ride-hailing market encompasses on-demand transportation services facilitated through mobile apps or online platforms. This market covers both private vehicle rides and taxi services, all booked exclusively online.
The Taxi market covers exclusively traditional taxi services booked offline, typically via street hailing or phone calls.
The Flights market contains air travel bookings regardless of the purchase channel, such as an airline's website or a travel agency.
In the Public Transportation market, revenues generated by ticket sales from public transportation companies are considered.

Additional Information:

The main performance indicators of the Shared Mobility 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 above-mentioned markets. 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. Additional definitions for each market can be found within the respective market pages.

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

Region

Region comparison

Currency

Analyst Opinion

The Shared Mobility market in Caribbean is experiencing a notable increase in demand, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in the Caribbean are increasingly looking for convenient and cost-effective transportation options. Shared Mobility services such as ride-hailing, bike-sharing, and car-sharing are gaining popularity due to their flexibility and affordability. Tourists, in particular, are embracing these services as a convenient way to explore the region without the need to rely on traditional transportation methods.

Trends in the market: In the Caribbean, the Shared Mobility market is witnessing a surge in bike-sharing services, especially in popular tourist destinations. This trend is fueled by the region's emphasis on eco-friendly initiatives and sustainable transportation solutions. Additionally, the rise of ride-hailing services is transforming the way locals and tourists commute, providing a convenient alternative to owning a car.

Local special circumstances: The unique geography of the Caribbean, with its numerous islands and diverse terrains, presents both challenges and opportunities for Shared Mobility providers. Companies in the region are innovating to cater to the specific needs of each island, offering tailored services that address the varying transportation demands. Additionally, the cultural diversity of the Caribbean influences the types of Shared Mobility services preferred in different countries, leading to a wide range of options available to consumers.

Underlying macroeconomic factors: The growth of the Shared Mobility market in the Caribbean is also influenced by macroeconomic factors such as increasing smartphone penetration and internet connectivity. The widespread use of mobile technology has made it easier for customers to access and utilize Shared Mobility services, driving adoption rates across the region. Furthermore, economic factors such as rising urbanization and changing consumer behavior are contributing to the expansion of the Shared Mobility market in the Caribbean.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rentals, ride-hailing, taxi, car-sharing, bike-sharing, e-scooter-sharing, moped-sharing, trains, buses, public transportation, and flights.

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.