Ride-hailing - Myanmar | Statista Market Forecast

By 2024, the revenue of Myanmar's Ride-hailing market is projected to reach US$97.61m, with an expected annual growth rate (CAGR 2024-2029) of 8.08%.
This would result in a projected market volume of US$144.00m by 2029.
Moreover, the number of users in this market is expected to reach 12.50m users by 2029, with a projected user penetration rate of 22.0% by 2029 and 17.9% by 2024.
The average revenue per user (ARPU) is expected to be US$9.93.
Furthermore, it is projected that 100% of the total revenue will be generated through online sales by 2029.
When compared globally, it is observed that China is expected to generate the most revenue in this market, with a projected revenue of US$60bn in 2024.
Ride-hailing services in Myanmar are dominated by local players due to government regulations and limited foreign investment.

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 Myanmar has been experiencing significant growth in recent years. Customer preferences have shifted towards on-demand transportation services, leading to an increase in the adoption of ride-hailing platforms. This trend can be attributed to several factors, including the convenience and affordability offered by these services.

Customer preferences: In Myanmar, customers are increasingly seeking convenient and reliable transportation options. The traditional taxi system in the country has been plagued by issues such as lack of availability, price negotiation, and safety concerns. Ride-hailing platforms have addressed these pain points by providing a seamless booking experience, transparent pricing, and driver ratings for enhanced safety.

Trends in the market: The rise of smartphone penetration in Myanmar has played a crucial role in the growth of the ride-hailing market. With more people gaining access to smartphones, the demand for on-demand transportation services has surged. Ride-hailing platforms have capitalized on this trend by developing user-friendly mobile applications that allow customers to easily book rides and track their drivers in real-time. Another trend in the market is the emergence of motorcycle ride-hailing services. Motorcycles are a popular mode of transportation in Myanmar due to their affordability and ability to navigate through congested roads. Motorcycle ride-hailing platforms have gained traction among customers, especially in urban areas where traffic congestion is a major issue.

Local special circumstances: Myanmar's transportation infrastructure is still developing, particularly in rural areas. This has created opportunities for ride-hailing platforms to fill the transportation gap and provide reliable services to communities that have limited access to public transportation. Ride-hailing platforms have expanded their operations beyond major cities, reaching out to smaller towns and rural areas.

Underlying macroeconomic factors: Myanmar's economy has been growing steadily, leading to an increase in disposable income among the population. As people's purchasing power improves, they are more inclined to spend on convenient transportation options. This has contributed to the growth of the ride-hailing market in the country. Furthermore, the government of Myanmar has shown support for the ride-hailing industry by introducing regulations that promote fair competition and ensure passenger safety. This has instilled confidence among customers and encouraged the growth of ride-hailing platforms. In conclusion, the ride-hailing market in Myanmar is experiencing significant growth due to changing customer preferences, the rise of smartphone penetration, and the emergence of motorcycle ride-hailing services. The convenience, affordability, and improved safety offered by ride-hailing platforms have resonated with customers in Myanmar. Furthermore, the country's developing transportation infrastructure and supportive government regulations have created a conducive environment for the growth of the ride-hailing market.

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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