Shared Mobility - Nigeria

Nigeria

Nigeria is expected to witness a surge in the revenue of the Shared Mobility market, which is projected to reach US$4,440.00m by 2024.
The market is anticipated to grow annually at a rate of 8.78% between 2024 and 2029.
As a result, the Shared Mobility market volume is expected to touch US$6,762.00m by 2029.
Among the different markets, Public Transportation is expected to be the largest, with a projected market volume of US$1,602.00m by 2024.
The number of users in the Public Transportation market is anticipated to reach 211,300.00k users by 2029.
In 2024, the user penetration rate is expected to be 75.2%, which is likely to increase to 90.5% by 2029.
The average revenue per user (ARPU) is expected to be US$44.87.
Furthermore, it is expected that by 2029, 59% of the total revenue in the Shared Mobility market will come from online sales.
In comparison to other countries, China is expected to generate the most revenue in the Shared Mobility market, with a projected revenue of US$365bn in 2024.
Shared mobility services are experiencing significant growth in Nigeria, driven by the increasing urbanization and traffic congestion in major cities such as Lagos and Abuja.

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 Nigeria is experiencing significant growth and evolution driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Nigeria 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 affordability and ease of use. With the rise of urbanization and traffic congestion in major cities like Lagos and Abuja, consumers are turning to shared mobility solutions as a more efficient way to navigate the urban landscape.

Trends in the market: In Nigeria, the Shared Mobility market is witnessing a surge in innovative solutions tailored to the local needs and preferences. For example, motorcycle ride-hailing services have become a dominant mode of transportation in cities with heavy traffic. Additionally, the integration of mobile payment systems has made shared mobility services more accessible to a wider range of consumers across different income levels. The market is also seeing increased competition among service providers, leading to improved quality of service and competitive pricing strategies.

Local special circumstances: Nigeria's unique infrastructure challenges, such as poor road conditions and limited public transportation options, have created a conducive environment for the growth of shared mobility services. The lack of reliable public transportation systems has paved the way for private companies to fill the gap and offer alternative mobility solutions to the masses. Additionally, the youthful population in Nigeria, with a high percentage of tech-savvy individuals, has embraced shared mobility platforms that leverage technology for seamless booking and payment processes.

Underlying macroeconomic factors: The Shared Mobility market in Nigeria is also influenced by macroeconomic factors such as increasing smartphone penetration, rising disposable incomes, and a growing middle class. As more Nigerians gain access to smartphones and the internet, the adoption of shared mobility services is expected to continue on an upward trajectory. Moreover, the shift towards a sharing economy globally has influenced consumer behavior in Nigeria, driving the demand for flexible and on-demand transportation options. Overall, the Shared Mobility market in Nigeria is poised for further expansion and innovation as companies tailor their services to meet the evolving needs of the local population in a rapidly urbanizing environment.

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.