Ride-hailing - Georgia | Statista Market Forecast

It is predicted that the revenue in the Ride-hailing market sector in Georgia will reach US$5.35m by 2024.
Furthermore, there is an expected annual growth rate (CAGR 2024-2029) of 8.51%, leading to a market volume projection of US$8.05m by 2029.
The number of users in this market is anticipated to be 899.80k users by 2029.
The user penetration rate is projected to increase from 18.2% in 2024 to 24.5% by 2029.
The average revenue per user (ARPU) is expected to be US$7.90.
Additionally, it is projected that 100% of the total revenue in the Ride-hailing market sector will be generated through online sales by 2029.
When compared globally, it is noteworthy that China is expected to generate the highest revenue of US$60bn in 2024.
Georgia's Ride-hailing market is dominated by Yandex.Taxi and Bolt, with increasing demand for ride-sharing and competitive pricing among providers.

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 Georgia has seen significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this growth. Customer preferences in the Ride-hailing market in Georgia have played a crucial role in its development. Customers are increasingly looking for convenient and efficient transportation options, and ride-hailing services provide just that. The ability to book a ride with a few taps on a smartphone and track the driver's location in real-time has made ride-hailing services a popular choice among customers. Additionally, the availability of multiple ride options, such as economy, premium, and shared rides, caters to the diverse needs and budgets of customers. The trends in the Ride-hailing market in Georgia have also contributed to its growth. One of the key trends is the increasing adoption of ride-hailing services by younger generations. Millennials and Gen Z, who are tech-savvy and value convenience, are more likely to use ride-hailing services compared to traditional transportation options. Furthermore, the rise of the gig economy has led to an increase in the number of individuals becoming ride-hailing drivers, providing a larger supply of drivers for the market. Local special circumstances in Georgia have further fueled the growth of the Ride-hailing market. The country's geography, with its mountainous terrain and challenging road conditions in certain areas, makes ride-hailing services a preferred choice for many customers. Additionally, the growing urbanization in major cities like Tbilisi has led to increased demand for transportation services, creating a favorable environment for ride-hailing companies to thrive. Underlying macroeconomic factors have also played a role in the development of the Ride-hailing market in Georgia. The country's strong economic growth and increasing disposable income levels have contributed to the rise in demand for ride-hailing services. As people have more money to spend, they are willing to pay for the convenience and comfort offered by ride-hailing services. Moreover, the government's efforts to improve the transportation infrastructure and promote digitalization have created an enabling environment for the growth of the Ride-hailing market. In conclusion, the Ride-hailing market in Georgia has experienced significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience, efficiency, and diverse ride options offered by ride-hailing services have made them a popular choice among customers, especially the younger generations. The country's geography, urbanization, and economic growth have further contributed to the growth of the market.

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.