Ride-hailing - Argentina | Statista Market Forecast

It is anticipated that by 2024, the revenue in the Ride-hailing market in Argentina will reach US$787.80m.
Moreover, the market is expected to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of 3.24%, which will result in a market volume of US$924.00m by 2029.
The number of users in this market is predicted to reach 14.89m users by 2029, with a user penetration rate of 25.7% in 2024 and 31.4% by 2029.
The Average Revenue Per User (ARPU) is expected to be US$66.58.
The Ride-hailing market is an online-only market.
It is worth noting that in comparison to other countries, China is expected to generate the most revenue, with US$60bn in 2024.
Ride-hailing services in Argentina have been gaining popularity due to the country's high urbanization rate and traffic congestion.

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 Argentina has seen significant growth and development in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: One of the key drivers behind the growth of the Ride-hailing market in Argentina is the changing preferences of customers. With the increasing urbanization and congestion in major cities, customers are looking for convenient and efficient transportation options. Ride-hailing services provide a convenient and affordable alternative to traditional taxis, allowing customers to book a ride with just a few taps on their smartphones. Additionally, the ability to track the location of the driver and make cashless payments adds to the appeal of ride-hailing services for customers.

Trends in the market: The Ride-hailing market in Argentina has witnessed several trends that have contributed to its growth. One of the major trends is the increasing adoption of ride-hailing services by younger generations. Younger customers are more tech-savvy and open to trying new transportation options, making them a key demographic for ride-hailing companies. Another trend is the expansion of ride-hailing services to smaller cities and towns in Argentina. Initially, ride-hailing services were concentrated in major urban centers, but they have now expanded their operations to cater to the growing demand in smaller cities and towns.

Local special circumstances: Argentina's unique market conditions have also played a role in the development of the Ride-hailing market. The country has a large population with a high smartphone penetration rate, making it an attractive market for ride-hailing companies. Additionally, the high rate of car ownership and limited parking spaces in major cities have made ride-hailing services a popular choice for customers. The presence of a large informal economy and a high level of unemployment has also contributed to the growth of the ride-hailing market, as many individuals turn to ride-hailing as a source of income.

Underlying macroeconomic factors: The Ride-hailing market in Argentina is also influenced by underlying macroeconomic factors. The country has experienced periods of economic instability and inflation, leading to a decrease in disposable income for many individuals. As a result, customers are looking for cost-effective transportation options, and ride-hailing services provide a more affordable alternative to owning a car or taking a traditional taxi. Additionally, the rise of the gig economy and the increasing number of individuals working as independent contractors have created a pool of potential drivers for ride-hailing companies. Overall, the Ride-hailing market in Argentina has experienced significant growth and development due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and flexibility offered by ride-hailing services have made them a popular choice for customers in Argentina. As the market continues to evolve, ride-hailing companies are likely to expand their operations and introduce new services to cater to the diverse needs of customers in the country.

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.