Ride-hailing - Montenegro | Statista Market Forecast

Montenegro is expected to witness a steady growth in the Ride-hailing market, with revenue projected to reach US$1.76m by 2024.
Furthermore, the market volume is expected to increase with an annual growth rate (CAGR 2024-2029) of 5.23%, resulting in a projected market volume of US$2.27m by 2029.
The number of users in this market is expected to reach 135.90k users by 2029, with user penetration projected to be 18.1% in 2024 and 21.8% by 2029.
The average revenue per user (ARPU) is expected to be US$15.51.
It is also projected that 100% of the total revenue in this market will be generated through online sales by 2029.
However, in a global comparison, it is noteworthy that China is expected to generate the most revenue in this market, with a projected revenue of US$60bn in 2024.
The Ride-hailing market in Montenegro is dominated by local taxi companies, with limited presence of international players.

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

Customer preferences: Customers in Montenegro are increasingly opting for ride-hailing services due to their convenience, affordability, and reliability. With the rise of smartphone usage and the availability of ride-hailing apps, customers can easily book a ride with just a few taps on their screens. This has led to a shift away from traditional taxi services, which often face challenges such as lack of transparency in pricing and difficulty in finding available taxis.

Trends in the market: One of the key trends in the ride-hailing market in Montenegro is the increasing popularity of shared rides. Customers are embracing the concept of sharing a ride with other passengers heading in the same direction, as it offers them a more cost-effective option. This trend is not only driven by the desire to save money but also by the growing concern for the environment and reducing traffic congestion. Another trend in the market is the integration of additional services within ride-hailing platforms. Many ride-hailing companies in Montenegro are expanding their offerings to include food delivery, grocery delivery, and other on-demand services. This diversification of services allows companies to cater to a broader range of customer needs and increase their market share.

Local special circumstances: Montenegro's tourism industry plays a significant role in the growth of the ride-hailing market. The country attracts a large number of tourists each year, and ride-hailing services have become a popular transportation option for visitors. Tourists are often unfamiliar with the local taxi services or may have concerns about being overcharged, making ride-hailing services a more reliable and transparent choice. Additionally, ride-hailing services offer tourists the convenience of easily navigating through unfamiliar areas and reaching their destinations efficiently.

Underlying macroeconomic factors: Montenegro's growing economy and increasing disposable income levels have also contributed to the growth of the ride-hailing market. As people have more disposable income, they are more willing to spend on convenient transportation options. Furthermore, the country's improving infrastructure, including the expansion of road networks, has made it easier for ride-hailing services to operate and reach customers in various locations. In conclusion, the ride-hailing market in Montenegro is experiencing significant growth due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. As customers continue to prioritize convenience, affordability, and reliability, ride-hailing services are expected to further expand their presence 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.

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