Ride-hailing - Bolivia | Statista Market Forecast

Bolivia is projected to witness a significant growth in the Ride-hailing market, with revenue expected to reach US$31.53m by 2024.
The market is anticipated to grow at a CAGR of 3.84% between 2024 and 2029, resulting in a projected market volume of US$38.06m by 2029.
It is expected that the number of users will amount to 4.22m users in the country by 2029, with a user penetration of 28.4% in 2024 and 31.4% by 2029.
The average revenue per user (ARPU) is expected to be US$8.84.
By 2029, online sales are projected to contribute 100% of the total revenue in the Ride-hailing market.
It is worth noting that in global comparison, China is expected to generate the most revenue, with US$60bn in 2024.
In Bolivia, traditional taxi services still dominate the Ride-hailing market, with only a small presence of app-based companies.

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 Bolivia has been experiencing significant growth in recent years. Customer preferences for convenient and affordable transportation options have fueled the expansion of this market. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the Ride-hailing market in Bolivia. Customer preferences in Bolivia have shifted towards more convenient and efficient transportation options. Ride-hailing services offer a convenient alternative to traditional taxi services, allowing customers to easily book a ride through a mobile app. This ease of use has resonated with customers who value convenience and time-saving solutions. Furthermore, the competitive pricing offered by ride-hailing companies has made this mode of transportation more affordable for a wider range of customers. Trends in the market indicate a growing demand for ride-hailing services in Bolivia. As more customers become familiar with the benefits of these services, the user base continues to expand. This trend is also driven by the increasing availability of smartphones and internet access, which enable customers to easily access ride-hailing platforms. The convenience and reliability of ride-hailing services have made them an attractive option for both regular commuters and occasional travelers. Local special circumstances in Bolivia have contributed to the growth of the Ride-hailing market. The country's transportation infrastructure may not be as developed as in other regions, leading to a higher demand for alternative transportation options. Ride-hailing services provide a reliable and efficient solution to the transportation challenges faced by Bolivian residents. Additionally, the presence of a large urban population and a growing middle class have created a favorable market for ride-hailing companies. Underlying macroeconomic factors have also played a role in the development of the Ride-hailing market in Bolivia. The country's economic growth and increasing disposable income have made ride-hailing services more accessible to a larger segment of the population. As the middle class expands, more individuals are able to afford the cost of ride-hailing services on a regular basis. Additionally, the rise of the sharing economy globally has influenced the adoption of ride-hailing services in Bolivia. In conclusion, the Ride-hailing market in Bolivia has experienced significant growth due to customer preferences for convenience and affordability. The increasing availability of smartphones and internet access, as well as the country's transportation challenges and favorable macroeconomic factors, have all contributed to the expansion of this market. As customer demand continues to rise, ride-hailing companies in Bolivia are likely to see further growth and success in the coming years.

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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