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Ride-hailing - Hungary

Hungary

According to reports, in Hungary is predicted to witness a significant rise in revenue in the Ride-hailing market, which is projected to reach US$43.26m by 2024.
This growth is expected to continue, with an annual growth rate (CAGR 2024-2029) of 3.22%, resulting in a projected market volume of US$50.69m by 2029.
Moreover, the number of users in the Ride-hailing market is also expected to increase and reach 1.32m users by 2029.
User penetration is also projected to witness an increase from 11.8% in 2024 to 13.6% by 2029.
The average revenue per user (ARPU) is expected to remain at US$36.66.
It is worth noting that a considerable portion of the total revenue (100%) in the Ride-hailing market is expected to be generated through online sales by 2029.
Additionally, while in Hungary is expected to witness significant growth, most of the revenue in this market is projected to be generated China, amounting to US$59,560m in 2024, as per global comparison.
The Ride-hailing market in Hungary is dominated by local players such as Főtaxi and City Taxi.

Key regions: South America, Europe, China, Saudi Arabia, Malaysia

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Analyst Opinion

The Ride-hailing market in Hungary is experiencing significant growth and development, driven by shifting customer preferences and the emergence of new trends in the market.

Customer preferences: Customers in Hungary are increasingly seeking convenience and efficiency in their transportation options. With the rise of smartphone usage and the availability of ride-hailing apps, more and more people are turning to these services as a convenient and reliable way to get around. The ability to easily book a ride, track its progress, and make payments electronically has made ride-hailing a popular choice among customers in Hungary.

Trends in the market: One of the key trends in the ride-hailing market in Hungary is the increasing adoption of electric vehicles (EVs). As concerns about climate change and environmental sustainability grow, customers are becoming more conscious of their carbon footprint. Ride-hailing companies are responding to this trend by introducing EVs into their fleets, providing customers with the option to choose a greener mode of transportation. Another trend in the market is the expansion of ride-hailing services beyond major cities. While ride-hailing initially gained popularity in urban areas, companies are now expanding their services to smaller towns and rural areas. This is driven by the increasing demand for convenient transportation options in these areas, as well as the potential for business growth.

Local special circumstances: Hungary has a well-developed public transportation system, which includes buses, trams, and trains. However, there are certain circumstances that make ride-hailing particularly attractive to customers in Hungary. For example, the public transportation system may not always be reliable or convenient, especially during off-peak hours or in remote areas. Ride-hailing provides a flexible and accessible alternative for customers in these situations.

Underlying macroeconomic factors: The growth of the ride-hailing market in Hungary is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and a higher standard of living. This has contributed to the growing demand for ride-hailing services, as customers have more financial resources to spend on convenient transportation options. In conclusion, the Ride-hailing market in Hungary is developing rapidly due to changing customer preferences, the adoption of new trends, local special circumstances, and underlying macroeconomic factors. As customers continue to prioritize convenience and efficiency in their transportation choices, ride-hailing companies are likely to see further growth and expansion in the Hungarian market.

Methodology

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.