Shared Mobility - Latvia

Latvia

It is projected that the Shared Mobility market in Latvia will generate a revenue of US$620.10m in 2024.
Moreover, it is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 2.32%, resulting in a projected market volume of US$695.60m by 2029.
The largest market in this domain is Flights, which is expected to reach a market volume of US$247.20m in 2024.
By 2029, the number of users in the Public Transportation market is expected to amount to 1,251.00k users.
The user penetration rate is anticipated to increase from 90.2% in 2024 to 95.0% by 2029.
The average revenue per user (ARPU) is projected to be US$379.70.
In Latvia's Shared Mobility market, 57% of the total revenue is expected to be generated through online sales by 2029.
It is worth noting that in comparison to other countries, China is expected to generate the most revenue in this market, amounting to US$365bn in 2024.
Latvia's shared mobility market is rapidly expanding, with the introduction of new bike-sharing schemes and on-demand car rental services in major cities.

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 Latvia is experiencing a surge in popularity driven by changing customer preferences, technological advancements, and unique local circumstances.

Customer preferences: Customers in Latvia are increasingly looking for convenient and cost-effective transportation solutions, leading to a growing demand for shared mobility services. The younger generation, in particular, values flexibility and sustainability, opting for shared modes of transportation over traditional car ownership.

Trends in the market: The Shared Mobility market in Latvia is witnessing a rise in on-demand services such as ride-hailing, car-sharing, and bike-sharing. This trend is fueled by the ease of access to mobile applications, which allow users to book and pay for rides seamlessly. Additionally, the integration of electric vehicles in shared fleets is gaining traction, aligning with the country's focus on environmental sustainability.

Local special circumstances: Latvia's relatively small size and well-connected urban areas make it conducive for shared mobility services to thrive. The capital city, Riga, with its dense population and traffic congestion, presents a lucrative market for shared transportation options. Moreover, the country's growing tourism sector contributes to the demand for flexible and efficient mobility solutions for visitors.

Underlying macroeconomic factors: The steady economic growth in Latvia has increased disposable income levels, enabling more individuals to explore alternative transportation modes like shared mobility. Furthermore, government initiatives promoting sustainable urban development and reducing carbon emissions are driving the adoption of eco-friendly shared transportation options in the country.

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.