Ride-hailing - Jamaica | Statista Market Forecast

Jamaica is expected to witness significant growth in the Ride-hailing market as projected revenue is estimated to reach US$8.95m by 2024.
The market is expected to grow annually at a rate of 4.09% between 2024 and 2029, resulting in a market volume projection of US$10.93m by 2029.
By 2029, the number of users is expected to reach 836.30k users, with a user penetration rate of 29.8%, down from 27.1% in 2024.
The projected average revenue per user (ARPU) is US$11.68.
Online sales are expected to generate 100% of total revenue in the Ride-hailing market by 2029.
It is noteworthy that in global comparison, China is expected to generate the most revenue in the market, with a projected revenue of US$60bn in 2024.
Jamaica's Ride-hailing market is dominated by local providers such as On Time Taxi, which offer affordable and reliable services to both locals and tourists.

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 Jamaica has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: In Jamaica, customers are increasingly turning to ride-hailing services as a convenient and efficient mode of transportation. The ease of booking a ride through mobile apps and the availability of a wide range of vehicle options have made ride-hailing a popular choice among consumers. Additionally, the affordability and transparency of pricing offered by ride-hailing platforms have further contributed to their popularity.

Trends in the market: One of the key trends in the ride-hailing market in Jamaica is the increasing adoption of cashless payment options. Many ride-hailing platforms now offer digital payment methods, allowing customers to pay for their rides using credit or debit cards. This trend has not only made the payment process more convenient for customers but has also helped to reduce the reliance on cash, making rides safer and more secure. Another trend in the market is the emergence of electric and hybrid vehicles in ride-hailing fleets. As the demand for sustainable transportation options grows, ride-hailing companies in Jamaica are increasingly incorporating electric and hybrid vehicles into their fleets. This not only helps to reduce carbon emissions but also aligns with the country's commitment to promoting environmentally friendly practices.

Local special circumstances: Jamaica's tourism industry plays a significant role in the growth of the ride-hailing market. With millions of tourists visiting the country each year, there is a high demand for reliable transportation services. Ride-hailing platforms provide a convenient and safe option for tourists to explore the island, contributing to the market's expansion.

Underlying macroeconomic factors: The growth of the ride-hailing market in Jamaica can also be attributed to several underlying macroeconomic factors. The country's improving internet penetration and smartphone adoption rates have made ride-hailing services more accessible to a larger population. Additionally, the increasing urbanization and congestion in major cities have created a need for efficient transportation solutions, further driving the demand for ride-hailing services. In conclusion, the ride-hailing market in Jamaica is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. The convenience, affordability, and digital payment options offered by ride-hailing platforms have made them a popular choice among consumers. The adoption of electric and hybrid vehicles and the reliance on tourism also contribute to the market's expansion. With favorable macroeconomic factors supporting its growth, the ride-hailing market in Jamaica is expected to continue its upward trajectory.

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.