Key regions: South America, Europe, China, Saudi Arabia, Malaysia
The ride-hailing market in Bangladesh has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.
Customer preferences: Customers in Bangladesh have shown a strong preference for ride-hailing services due to their convenience, affordability, and safety. With the increasing traffic congestion in major cities like Dhaka, customers are opting for ride-hailing services as a more efficient mode of transportation. Additionally, the ability to book a ride through a mobile app and track the driver's location in real-time has further enhanced the customer experience.
Trends in the market: One of the key trends in the ride-hailing market in Bangladesh is the growing popularity of motorcycle ride-hailing services. Motorcycles are a common mode of transportation in the country, and ride-hailing companies have capitalized on this by offering affordable and convenient motorcycle rides. This trend has gained traction, particularly among young professionals and students who prefer the agility and cost-effectiveness of motorcycles for shorter trips. Another trend in the market is the increasing adoption of digital payment methods. Ride-hailing companies in Bangladesh have introduced mobile wallet options, allowing customers to pay for their rides electronically. This has not only made the payment process more convenient but has also contributed to the growth of the digital economy in the country.
Local special circumstances: Bangladesh has a large population with a significant portion of the population residing in urban areas. The rapid urbanization and increasing middle-class population have created a favorable environment for the growth of the ride-hailing market. Additionally, the lack of efficient public transportation infrastructure has further fueled the demand for ride-hailing services.
Underlying macroeconomic factors: The ride-hailing market in Bangladesh has also been influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has contributed to the affordability and accessibility of ride-hailing services for a larger segment of the population. In conclusion, the ride-hailing market in Bangladesh is witnessing significant growth due to customer preferences for convenience and safety, emerging trends such as motorcycle ride-hailing and digital payments, local special circumstances like rapid urbanization, and underlying macroeconomic factors like economic growth and increased consumer spending.
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.
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