Shared Mobility - Jamaica

Jamaica

Highlights

The Shared Mobility market in Jamaica is expected to experience significant growth in the coming years.
By 2024, revenue in this sector is projected to reach US$135.70m, with an anticipated annual growth rate of 1.98% between 2024 and 2029.
This growth is expected to result in a market volume of US$149.70m by 2029.
Flights are currently the largest market in the market, projected to reach a market volume of US$49.72m in 2024.
By 2029, the number of Public Transportation users is expected to reach 1.31m users.
In 2024, user penetration is expected to be 91.5% and is anticipated to increase to 95.0% by 2029.
The average revenue per user (ARPU) is expected to be US$52.53.
Online sales are predicted to generate 46% of the total revenue in the Shared Mobility market by 2029.
It is interesting to note that in global comparison, China is expected to generate the most revenue in this market, projected to reach US$365bn in 2024.
Shared mobility services are gaining popularity in Jamaica as a cost-effective and eco-friendly transportation option for locals and tourists alike.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Shared Mobility market in Jamaica has been witnessing significant growth and evolution in recent years.

Customer preferences: In Jamaica, customers are increasingly seeking convenient and cost-effective transportation solutions, which has led to a rise in the popularity of shared mobility services. With the growing urban population and traffic congestion in major cities like Kingston, consumers are looking for alternatives to traditional car ownership. Shared mobility services offer flexibility and affordability, making them attractive to a wide range of customers, including students, young professionals, and tourists.

Trends in the market: One notable trend in the Shared Mobility market in Jamaica is the increasing adoption of ride-hailing services and bike-sharing programs. Ride-hailing companies have gained traction in the country, providing on-demand transportation services through mobile applications. This trend is driven by the convenience and ease of access to transportation that these platforms offer. Additionally, bike-sharing programs have also become popular, especially in urban areas, as they promote eco-friendly transportation options and help reduce traffic congestion.

Local special circumstances: Jamaica's unique geography and tourism industry play a significant role in shaping the Shared Mobility market. The country's status as a popular tourist destination has led to a growing demand for convenient transportation options for visitors. Shared mobility services cater to this demand by offering tourists a convenient way to explore the island. Moreover, Jamaica's urban centers experience high levels of traffic congestion, making shared mobility services an attractive alternative to private car ownership for residents.

Underlying macroeconomic factors: The development of the Shared Mobility market in Jamaica is also influenced by macroeconomic factors such as income levels, technological advancements, and government regulations. As the country's economy continues to grow, more people have disposable income to spend on transportation services, driving the demand for shared mobility options. Furthermore, advancements in technology have made it easier for companies to provide efficient and user-friendly shared mobility solutions. Government regulations and initiatives to promote sustainable transportation also play a role in shaping the market landscape in Jamaica.

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.