Ride-hailing - Angola | Statista Market Forecast

Angola is projected to witness a significant rise in revenue within the Ride-hailing market, which is estimated to reach US$17.79m by 2024.
This is expected to display an annual growth rate of 8.30%, leading to a projected market volume of US$26.51m by 2029.
Moreover, the number of users is anticipated to rise to 6.83m users by 2029.
The user penetration rate is forecasted to elevate from 12.8% in 2024 to 15.6% by 2029.
The average revenue per user (ARPU) is expected to remain around US$3.69.
In addition, 100% of the total revenue is projected to be generated through online sales by 2029.
It is worth noting that China is expected to generate the highest revenue in the Ride-hailing market globally, with an estimated revenue of US$60bn in 2024.
Ride-hailing services in Angola, such as Kubinga and Tupuca, are rapidly gaining popularity as the country's transportation infrastructure continues to develop.

Definition:

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. It includes Transportation Network Companies (TNCs), such as Uber and Lyft, traditional taxis booked via apps, such as Free Now or Cabify, and ride-pooling services, such as Moia and Via. This market excludes peer-to-peer ride-sharing, focusing on professionally operated transport services booked digitally for efficient and convenient urban mobility. Rides of traditional taxi services hailed on the street or booked via telephone are not included in this market.

Additional Information:

The main performance indicators of the Ride-hailing 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 mentioned market. 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.

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.

Platforms that let users book rides offered by drivers using their private vehicles (e.g., Uber)
Taxi companies that offer their services through an app (e.g., Free Now)
Platforms that offer shared rides (ride-pooling) with other passengers (e.g., Moia, Via)

Traditional taxi rides booked offline with taxi companies (via street-hailing or by telephone)

The ride-hailing market in Angola is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences in Angola are aligning with global trends in the ride-hailing market. Customers are increasingly valuing convenience, affordability, and safety when choosing transportation options. Ride-hailing services offer a convenient and reliable alternative to traditional taxis, allowing customers to easily request a ride through a mobile app. Additionally, the transparency of pricing and the ability to track the driver's location in real-time provide a sense of security for passengers. Trends in the ride-hailing market in Angola are influenced by both global and local factors. Globally, the increasing penetration of smartphones and internet connectivity has made ride-hailing services more accessible to a larger population. This trend is also evident in Angola, where smartphone usage has been on the rise in recent years. Furthermore, the growing urbanization and congestion in major cities have created a demand for efficient and reliable transportation options, leading to the popularity of ride-hailing services. Local special circumstances in Angola also contribute to the development of the ride-hailing market. The country has a young and tech-savvy population, which is more inclined to adopt new technologies and embrace digital solutions. Additionally, the lack of a well-developed public transportation system in Angola further drives the demand for ride-hailing services as a reliable mode of transportation. Underlying macroeconomic factors play a role in the growth of the ride-hailing market in Angola. The country's improving economic conditions and rising middle-class population have increased disposable income, allowing more people to afford ride-hailing services. Moreover, the increasing number of foreign investors and expatriates in Angola has created a demand for reliable transportation options, further fueling the growth of the ride-hailing market. In conclusion, the ride-hailing market in Angola is developing rapidly due to customer preferences for convenience, affordability, and safety. Global trends, such as the increasing penetration of smartphones and urbanization, are also contributing to this growth. Local special circumstances, including a young and tech-savvy population and the lack of a well-developed public transportation system, further drive the demand for ride-hailing services. Additionally, underlying macroeconomic factors, such as improving economic conditions and a rising middle-class population, support the expansion of the ride-hailing market in Angola.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings and revenues of ride-hailing services.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.