Ride-hailing - Lithuania | Statista Market Forecast

It is projected that the revenue for the Ride-hailing market in Lithuania would reach US$47.84m by 2024.
The expected annual growth rate (CAGR 2024-2029) is 4.40%, which would result in a projected market volume of US$59.33m by 2029.
Furthermore, it is expected that the number of users in the Ride-hailing market sector in Lithuania would amount to 804.20k users by 2029.
The user penetration rate is projected to be 27.1% in 2024 and 31.2% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be US$65.45.
The Ride-hailing market is an online-only market.
Finally, in comparison to other countries, it is anticipated that China would generate the most revenue with US$60bn in 2024.
The Ride-hailing market in Lithuania is dominated by Bolt, which has expanded beyond major cities to serve smaller towns as well.

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

Customer preferences: Customers in Lithuania have shown a growing preference for ride-hailing services due to their convenience and affordability. The ease of booking a ride through a mobile app and the ability to track the driver's location in real-time have made ride-hailing a popular choice for both locals and tourists. Additionally, the availability of different vehicle options, such as standard cars and luxury vehicles, caters to a wide range of customer preferences and budgets.

Trends in the market: One of the key trends in the ride-hailing market in Lithuania is the increasing competition among ride-hailing companies. As more players enter the market, customers have a wider choice of service providers, leading to improved quality and competitive pricing. This trend has also led to the introduction of innovative features and services, such as carpooling and bike-sharing, further enhancing the customer experience. Another trend in the market is the integration of ride-hailing services with other transportation modes. Many ride-hailing companies in Lithuania have partnered with public transportation authorities to offer seamless travel experiences. This integration allows customers to easily switch between different modes of transport, reducing the reliance on private cars and promoting sustainable transportation options.

Local special circumstances: Lithuania's relatively small size and high population density make it an ideal market for ride-hailing services. The compact nature of cities and towns in Lithuania means that ride-hailing trips are often shorter and more cost-effective compared to traditional taxi services. Additionally, the country's growing tourism industry has contributed to the increased demand for ride-hailing services, as visitors seek convenient and reliable transportation options.

Underlying macroeconomic factors: The growing ride-hailing market in Lithuania can also be attributed to favorable macroeconomic factors. The country's stable economy and increasing disposable income levels have resulted in a higher demand for transportation services. Furthermore, the rise of the digital economy and the widespread adoption of smartphones have made it easier for ride-hailing companies to reach and serve a larger customer base. In conclusion, the Ride-hailing market in Lithuania has experienced significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and integration with other transportation modes have made ride-hailing services a popular choice among customers. As the market continues to evolve, it is expected that ride-hailing companies will further innovate and expand their services to meet the growing demand in Lithuania.

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.