Shared Mobility - Panama

Panama

Highlights

Panama is expected to witness an impressive growth in the Shared Mobility market in the coming years.
By 2024, the market's revenue is projected to reach US$1.00bn, with an annual growth rate of 2.05% expected between 2024 and 2029.
This growth is estimated to result in a market volume of US$1.11bn by 2029.
The Flights market is expected to be the largest in the market, with a projected market volume of US$485.70m by 2024.
By 2029, the number of users in the Public Transportation market is expected to amount to 2.59m users.
The user penetration rate is expected to increase from 56.1% in 2024 to 60.3% by 2029.
The average revenue per user (ARPU) for the Shared Mobility market is estimated to be US$393.80.
By 2029, 56% of the total revenue in this market is expected to be generated through online sales.
It is interesting to note that in global comparison, China is projected to generate the most revenue in the Shared Mobility market, with US$365bn expected in 2024.
However, Panama's growth in this market cannot be overlooked and is expected to be a significant contributor to the market's growth in the coming years.
Shared mobility options such as car-sharing and bike-sharing are gaining popularity in Panama as a convenient and eco-friendly mode of transportation.

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 Panama is experiencing a significant growth trajectory, driven by changing consumer preferences, technological advancements, and evolving urban landscapes.

Customer preferences: Panamanian consumers are increasingly opting for shared mobility services due to the convenience, cost-effectiveness, and environmental benefits they offer. The younger population, in particular, is more inclined towards flexible transportation solutions that do not require long-term commitments. Moreover, the desire for hassle-free commuting in congested urban areas is propelling the demand for shared mobility options.

Trends in the market: In Panama, the Shared Mobility market is witnessing a surge in ride-hailing services, bike-sharing platforms, and carpooling initiatives. This trend is fueled by the growing smartphone penetration, which makes it easier for users to access and utilize these services. Additionally, the government's initiatives to reduce traffic congestion and promote sustainable transportation are further boosting the adoption of shared mobility solutions across the country.

Local special circumstances: Panama's unique geographical location as a bridge between North and South America, coupled with its status as a major financial hub, has led to a diverse population with varying transportation needs. The presence of multinational companies and a large expatriate community has created a demand for efficient and flexible mobility options. As a result, shared mobility providers in Panama are tailoring their services to cater to the specific requirements of both locals and expats.

Underlying macroeconomic factors: The economic stability and steady growth of Panama's economy have had a positive impact on the Shared Mobility market. As disposable incomes rise and the middle class expands, more people are looking for cost-effective ways to commute within cities. Additionally, the government's investments in infrastructure development and smart city initiatives are creating a conducive environment for shared mobility services to thrive.

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.