Ride-hailing - Colombia | Statista Market Forecast

By 2024, the Ride-hailing market in Colombia is expected to generate a revenue of US$231.80m.
Furthermore, the market is estimated to grow annually at a rate of 4.69%, resulting in a projected market volume of US$291.60m by 2029.
As for the number of users in the Ride-hailing market, it is expected to reach 18.56m users by 2029.
In terms of user penetration, it is projected to be 29.7% in 2024, and 34.5% by 2029.
The average revenue per user (ARPU) is estimated to be US$14.90.
The Ride-hailing market is an online-only market.
When compared globally, China is projected to generate the most revenue in the Ride-hailing market, amounting to US$60bn in 2024.
In Colombia, ride-hailing companies are facing regulatory challenges and competition from traditional taxis, which offer their services increasingly online.

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 Colombia has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Colombian consumers have shown a strong preference for ride-hailing services due to their convenience, affordability, and safety features. The ability to book a ride with just a few taps on a smartphone has revolutionized the way people travel in Colombia. Additionally, ride-hailing platforms offer transparent pricing, which is particularly appealing to customers who want to know the cost of their trip upfront.

Trends in the market: One of the key trends in the Colombian ride-hailing market is the increasing adoption of cashless payments. While cash payments were initially the norm, many ride-hailing platforms now offer digital payment options, such as credit cards and mobile wallets. This shift towards cashless payments has not only improved convenience for customers but has also helped to reduce the risk of theft and fraud. Another trend in the market is the emergence of motorcycle ride-hailing services. In Colombia, motorcycle taxis, known as "moto-taxis," have long been a popular mode of transportation in certain areas. Ride-hailing platforms have capitalized on this existing demand by offering motorcycle ride-hailing services, which are often cheaper and faster than traditional car rides. This trend has not only expanded the reach of ride-hailing services in Colombia but has also created new income opportunities for motorcycle owners.

Local special circumstances: Colombia's urban areas, particularly cities like Bogota and Medellin, face significant traffic congestion and limited parking spaces. As a result, many residents prefer to use ride-hailing services instead of owning a car. This has created a favorable environment for the growth of the ride-hailing market in Colombia, as consumers seek alternative transportation options that are more efficient and cost-effective.

Underlying macroeconomic factors: Colombia's improving internet connectivity and smartphone penetration rates have played a crucial role in the development of the ride-hailing market. As more Colombians gain access to smartphones and the internet, the potential customer base for ride-hailing services continues to expand. Additionally, the country's growing middle class and increasing disposable income have contributed to the rising demand for convenient and affordable transportation options. In conclusion, the Ride-hailing market in Colombia has experienced significant growth due to changing customer preferences, such as the adoption of cashless payments and the emergence of motorcycle ride-hailing services. The local special circumstances, including traffic congestion and limited parking spaces, have also contributed to the popularity of ride-hailing services. Furthermore, underlying macroeconomic factors, such as improving internet connectivity and rising disposable income, have created a favorable environment for the development of the ride-hailing market in Colombia.

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.