Ride-hailing - Malta | Statista Market Forecast

Malta is expected to witness a significant growth in the Ride-hailing market in the coming years.
By 2024, the revenue in this market is projected to reach US$4.63m, with an annual growth rate (CAGR 2024-2029) of 4.55%.
This growth is expected to result in a projected market volume of US$5.78m by 2029.
The number of users in the Ride-hailing market is also expected to increase, with an estimated amount of 119.40k users users by 2029.
User penetration is projected to be 19.0% in 2024 and 22.0% by 2029.
Additionally, the average revenue per user (ARPU) is expected to amount to US$45.35.
It is interesting to note that in the Ride-hailing market, 100% of total revenue will be generated through online sales by 2029.
Furthermore, in global comparison, China is expected to generate the most revenue in this market, with a projected revenue of US$60bn in 2024.
Ride-hailing services in Malta, such as eCabs and Bolt, have been growing in popularity due to the island's limited public transportation options.

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 Malta has witnessed 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 Malta have shifted towards convenience and efficiency, which has fueled the demand for ride-hailing services. With the rise of smartphone usage and the increasing need for on-demand transportation, customers are opting for ride-hailing platforms that provide a seamless and hassle-free experience. The ability to book a ride with just a few taps on a mobile app has become a preferred choice for many Maltese residents and tourists alike. Trends in the ride-hailing market in Malta are driven by both global and regional factors. The increasing urbanization and population density in major cities have led to a higher demand for transportation services. Additionally, the growing popularity of ride-sharing and carpooling has contributed to the expansion of the ride-hailing market. These trends have prompted ride-hailing companies to introduce innovative services and features, such as shared rides and loyalty programs, to attract and retain customers in the competitive market. Local special circumstances in Malta have also played a role in the development of the ride-hailing market. The small size of the country and limited public transportation options have created a niche for ride-hailing services. The convenience and flexibility offered by ride-hailing platforms have filled the gap in the transportation sector, especially for those who prefer not to own a car or rely on traditional taxis. Moreover, the increasing number of tourists visiting Malta has further boosted the demand for ride-hailing services, as they provide a convenient and reliable means of transportation for exploring the island. Underlying macroeconomic factors have contributed to the growth of the ride-hailing market in Malta. The country's strong economic performance and increasing disposable income have allowed more people to afford ride-hailing services. Additionally, the government's support for innovation and technology has created a favorable environment for ride-hailing companies to operate and expand their services. The regulatory framework in Malta has been adapted to accommodate ride-hailing platforms, ensuring fair competition and consumer protection. In conclusion, the Ride-hailing market in Malta has experienced significant growth due to customer preferences for convenience and efficiency, global and regional trends in the industry, local special circumstances, and underlying macroeconomic factors. The market is expected to continue its upward trajectory as more people embrace the benefits of ride-hailing services in the country.

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.