Shared Mobility - Puerto Rico

Puerto Rico

Highlights

The Shared Mobility market in Puerto Rico is projected to experience significant growth in the coming years.
By 2024, revenue in this market is expected to reach US$294.20m.
This is anticipated to result in an annual growth rate of 2.02% (CAGR 2024-2029), with a projected market volume of US$325.10m by 2029.
Public Transportation represent the largest category within this market, with a projected market volume of US$115.10m by 2024.
In terms of users, the Public Transportation market is expected to have the highest user number with 1.95m users by 2029.
User penetration is currently at 95.0% in 2024, and is forecast to increase to 95.0% by 2029.
The average revenue per user (ARPU) is expected to be US$90.87.
By 2029, 54% of the total revenue in the Shared Mobility market is expected to be generated through online sales.
In a global comparison, it is noted that China is predicted to generate the most revenue in this market, with a projected revenue of US$365bn in 2024.
Shared mobility services are gaining popularity in Puerto Rico as a flexible and affordable 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 Puerto Rico is witnessing a surge in popularity and growth, driven by evolving customer preferences, unique local circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Puerto Rico are increasingly valuing convenience, affordability, and sustainability when it comes to transportation options. Shared Mobility services offer a flexible and cost-effective solution for residents and tourists alike, aligning with the growing global trend towards shared and on-demand transportation services.

Trends in the market: In Puerto Rico, the Shared Mobility market is experiencing a shift towards a more diverse range of services, including ride-hailing, bike-sharing, and scooter-sharing. This diversification caters to different customer needs and enhances the overall mobility ecosystem on the island. Moreover, the integration of technology such as mobile apps and GPS tracking is streamlining the user experience and making shared mobility services more accessible to a wider audience.

Local special circumstances: Puerto Rico's unique geography, with its mix of urban centers and rural areas, presents both challenges and opportunities for the Shared Mobility market. While urban areas like San Juan are well-suited for services like ride-hailing and bike-sharing, rural regions may require innovative solutions to ensure connectivity and accessibility. Additionally, the island's status as a popular tourist destination further boosts the demand for shared transportation options, especially among visitors looking for convenient ways to explore the area.

Underlying macroeconomic factors: The economic landscape in Puerto Rico, including factors such as disposable income levels, infrastructure development, and government regulations, plays a significant role in shaping the Shared Mobility market. As the island continues to recover from natural disasters and economic challenges, there is a growing emphasis on sustainable and efficient transportation solutions. This focus on resilience and innovation is driving the adoption of shared mobility services as part of the broader efforts to build a more robust and inclusive transportation network in Puerto Rico.

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.