Key regions: South America, Europe, China, Saudi Arabia, Malaysia
The Ride-hailing market in Bhutan has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Bhutan have shifted towards convenience and efficiency, leading to an increased demand for ride-hailing services. With the rise of smartphone usage and improved internet connectivity, customers are seeking convenient and reliable transportation options that can be easily accessed through mobile applications. Ride-hailing platforms provide a seamless and efficient way for customers to book rides, track their drivers, and make cashless payments, which aligns with the preferences of Bhutanese consumers. Trends in the ride-hailing market in Bhutan reflect global and regional market developments. One of the key trends is the emergence of local ride-hailing platforms that cater specifically to the Bhutanese market. These platforms understand the unique needs and preferences of Bhutanese customers and offer tailored services to meet their requirements. This localized approach has resonated well with customers, as they appreciate the familiarity and personalized experience provided by these platforms. Another trend in the market is the expansion of ride-hailing services beyond major cities into more rural areas. This expansion is driven by the growing demand for transportation options in these underserved areas. Ride-hailing platforms are leveraging technology and innovative business models to reach customers in remote locations, providing them with access to reliable transportation services. This trend is particularly important in Bhutan, where there are limited public transportation options and the terrain can be challenging. Local special circumstances in Bhutan also play a role in the development of the ride-hailing market. Bhutan is known for its commitment to environmental conservation and sustainable development. As a result, there is a growing emphasis on reducing carbon emissions and promoting eco-friendly transportation options. Ride-hailing platforms that offer electric or hybrid vehicles have gained popularity among environmentally-conscious customers in Bhutan. This focus on sustainability aligns with the government's efforts to promote green initiatives and reduce the country's carbon footprint. Underlying macroeconomic factors, such as the growth of the tourism industry and increasing urbanization, contribute to the development of the ride-hailing market in Bhutan. The tourism industry in Bhutan has been growing steadily, attracting a large number of domestic and international visitors. Ride-hailing services provide a convenient and reliable transportation option for tourists, enhancing their overall travel experience. Additionally, as more people move to urban areas in Bhutan, there is a greater demand for transportation services within cities, which ride-hailing platforms can fulfill. In conclusion, the Ride-hailing market in Bhutan is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The convenience, efficiency, and personalized experience offered by ride-hailing platforms align with the preferences of Bhutanese consumers. As the market continues to evolve, it is expected that ride-hailing services will play an increasingly important role in the transportation landscape of Bhutan.
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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