Ride-hailing - Panama | Statista Market Forecast

Panama is expected to generate a revenue of US$21.84m in the Ride-hailing market by 2024.
The annual growth rate (CAGR 2024-2029) is projected to be 3.10%, leading to a market volume of US$25.44m by 2029.
The number of users in this market is expected to reach 1.44m users in Panama by 2029, with a user penetration of 27.8% in 2024 and 29.9% by 2029.
The average revenue per user (ARPU) is forecasted to be US$17.33.
Furthermore, 100% of the total revenue in this market is expected to be generated through online sales in Panama by 2029.
It is noteworthy that China is expected to generate the most revenue in the Ride-hailing market, amounting to US$60bn in 2024, in comparison to other countries worldwide.
Panama's Ride-hailing market is dominated by Uber, but local competitor MiBus has gained traction by offering lower prices and personalized service.

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 Panama has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Panama, customers are increasingly opting for ride-hailing services due to their convenience and reliability. The ability to request a ride at any time and track the driver's location in real-time has made ride-hailing services a popular choice among consumers. Additionally, the availability of various vehicle options, such as standard cars, luxury cars, and shared rides, caters to the diverse preferences of customers.

Trends in the market: One of the key trends in the ride-hailing market in Panama is the growing adoption of cashless payment options. Many ride-hailing companies have introduced mobile payment platforms that allow customers to pay for their rides using credit or debit cards, reducing the reliance on cash transactions. This trend not only offers convenience to customers but also improves the overall efficiency of the ride-hailing service. Another trend in the market is the emergence of ride-hailing companies that focus on specific niches. For example, there are companies that specialize in providing rides for corporate clients or offering luxury car services. These niche-focused companies cater to the specific needs and preferences of their target customers, creating a more personalized experience.

Local special circumstances: Panama's urban areas face challenges such as traffic congestion and limited parking spaces. These factors have contributed to the growth of the ride-hailing market as more people choose to use ride-hailing services instead of driving their own vehicles. The convenience of being able to request a ride and avoid the hassle of finding parking has made ride-hailing services an attractive alternative for many residents.

Underlying macroeconomic factors: Panama's growing economy and increasing urbanization have played a significant role in the development of the ride-hailing market. As the country's middle class expands and disposable incomes rise, more people are able to afford the convenience of ride-hailing services. Additionally, the government's efforts to improve transportation infrastructure and promote sustainable mobility have created a favorable environment for the growth of the ride-hailing market. In conclusion, the ride-hailing market in Panama has experienced rapid growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience, reliability, and variety of options offered by ride-hailing services have made them a popular choice among consumers. As Panama's economy continues to grow and urbanization increases, the ride-hailing market is expected to further expand in the coming years.

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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