Key regions: South America, Europe, China, Saudi Arabia, Malaysia
The Ride-hailing market in the Middle East and North Africa (MENA) region has witnessed significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the MENA region have shifted towards convenience, affordability, and safety, which has fueled the demand for ride-hailing services. Customers are increasingly opting for on-demand transportation solutions that offer ease of booking, cashless payments, and transparent pricing. The rise of smartphone penetration and the growing popularity of mobile apps have also contributed to the increased adoption of ride-hailing services in the region. Trends in the market indicate a strong growth trajectory for ride-hailing companies in the MENA region. The market has witnessed the entry of global players as well as the emergence of local ride-hailing companies, leading to intense competition. This competition has resulted in improved service quality, competitive pricing, and innovative features to attract and retain customers. Additionally, ride-hailing companies in the MENA region have expanded their services beyond just transportation, offering food delivery, grocery delivery, and other on-demand services to cater to the evolving needs of customers. Local special circumstances have played a significant role in shaping the ride-hailing market in the MENA region. The region has a large population of young, tech-savvy individuals who are early adopters of new technologies. This demographic, coupled with a growing middle class and increasing urbanization, has created a favorable environment for the growth of ride-hailing services. Furthermore, the lack of reliable public transportation infrastructure in many cities in the region has further fueled the demand for ride-hailing services as a convenient alternative. Underlying macroeconomic factors have also contributed to the development of the ride-hailing market in the MENA region. Economic growth, rising disposable incomes, and increasing urbanization have led to an increase in the number of people who can afford and require transportation services. Moreover, government initiatives to promote entrepreneurship and support the growth of the digital economy have created a conducive environment for ride-hailing companies to thrive. In conclusion, the ride-hailing market in the MENA region is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue expanding in the coming years as ride-hailing companies innovate and adapt to meet the evolving needs of customers in the region.
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.
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