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Ride-hailing - Australia

Australia

Australia is expected to see a significant growth in the Ride-hailing market in the coming years.
It is projected that by 2024, the revenue in this market will reach US$1.72bn.
Furthermore, the revenue is estimated to grow annually at a rate of 1.90% from 2024 to 2029, resulting in a projected market volume of US$1.89bn by 2029.
It is projected that by 2029, the number of users will reach 7.94m users.
The user penetration rate is projected to be 27.3% in 2024 and is expected to decline slightly to 28.4% by 2029.
Moreover, the average revenue per user (ARPU) in the Ride-hailing market in Australia is expected to be US$234.90.
The Ride-hailing market is an online-only market.
In comparison to other countries Worldwide, China is expected to generate the highest revenue in the Ride-hailing market, with a projected revenue of US$59,560m in 2024.
However, the projected growth rate of the market in Australia is promising and demonstrates the potential for growth in this market in the country.
The Ride-hailing market in Australia is becoming increasingly competitive, with new entrants challenging the dominance of established players.

Key regions: South America, Europe, China, Saudi Arabia, Malaysia

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Analyst Opinion

The Ride-hailing market in Australia has experienced significant growth in recent years, driven by changing customer preferences and the presence of local special circumstances.

Customer preferences: Customers in Australia have increasingly embraced ride-hailing services due to their convenience and affordability. The ability to book a ride with just a few taps on a smartphone has made ride-hailing a popular choice for commuters and travelers alike. Additionally, the availability of various ride options, such as shared rides and luxury vehicles, caters to a wide range of customer preferences.

Trends in the market: One of the key trends in the Australian ride-hailing market is the increasing competition among ride-hailing companies. This competition has led to lower prices and improved service quality as companies strive to attract and retain customers. As a result, customers have more options to choose from and enjoy better value for their money. Another trend in the market is the integration of ride-hailing services with other transportation options. Many ride-hailing companies in Australia have partnered with public transportation providers to offer seamless travel experiences. This integration allows customers to easily combine ride-hailing with other modes of transportation, such as buses or trains, to reach their destinations efficiently.

Local special circumstances: Australia's vast geography and dispersed population have contributed to the growth of the ride-hailing market. In many parts of the country, public transportation options are limited, making ride-hailing a convenient alternative. Additionally, the high cost of car ownership and parking in major cities has made ride-hailing an attractive option for urban residents.

Underlying macroeconomic factors: The growth of the ride-hailing market in Australia is also influenced by underlying macroeconomic factors. The country's strong economy and high smartphone penetration rate have created a favorable environment for ride-hailing companies to thrive. Furthermore, the increasing trend of urbanization and the rise of the gig economy have contributed to the demand for flexible transportation solutions like ride-hailing. In conclusion, the Ride-hailing market in Australia has experienced significant growth due to changing customer preferences, the presence of local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and integration with other transportation options have made ride-hailing a popular choice for customers across the country. As the market continues to evolve, ride-hailing companies will need to adapt to meet the changing needs and preferences of Australian customers.

Methodology

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.