Ride-hailing - Peru | Statista Market Forecast

It is projected that the revenue in Peru's Ride-hailing market will reach US$600.60m by 2024.
Furthermore, an annual growth rate of 1.79% (CAGR 2024-2029) is anticipated, resulting in a market volume projection of US$656.20m by 2029.
In terms of users, the market is expected to amount to 12.41m users by 2029, with a user penetration projection of 32.5% in 2024 and 34.1% by 2029.
The average revenue per user (ARPU) is expected to reach US$53.21.
The Ride-hailing market is an online-only market.
It is noteworthy that China is expected to generate the most revenue in the Ride-hailing market in comparison to other countries, with a revenue projection of US$60bn in 2024.
In Peru, ride-hailing services have gained popularity due to the country's high crime rate and unreliable public transportation.

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 Peru has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Peru have shifted towards convenience and affordability, leading to increased adoption of ride-hailing services. With the rise of smartphone usage and improved internet connectivity, customers are increasingly relying on ride-hailing apps to book rides quickly and easily. The ability to track the location of the driver and estimated arrival time has also contributed to the popularity of ride-hailing services. Additionally, the competitive pricing offered by ride-hailing companies has made them an attractive alternative to traditional taxis. Trends in the market indicate that ride-hailing services are becoming an integral part of urban transportation in Peru. The convenience and reliability of these services have led to a decline in the use of private vehicles and traditional taxis. As more people opt for ride-hailing services, the market has become increasingly competitive, with both local and international players vying for market share. This competition has resulted in innovative offerings, such as shared rides and loyalty programs, to attract and retain customers. Local special circumstances in Peru have also contributed to the growth of the ride-hailing market. The country's rapidly expanding middle class, along with increasing urbanization, has created a larger customer base for ride-hailing services. Moreover, the lack of reliable public transportation options in some areas has further fueled the demand for these services. Additionally, safety concerns associated with traditional taxis have led many customers to prefer ride-hailing services, which provide greater transparency and accountability. Underlying macroeconomic factors have played a significant role in the development of the ride-hailing market in Peru. The country's stable economic growth and rising disposable incomes have increased consumer spending power, making ride-hailing services more affordable for a larger segment of the population. Furthermore, the growing tourism industry in Peru has contributed to the demand for ride-hailing services, as visitors seek convenient and reliable transportation options. In conclusion, the ride-hailing market in Peru has experienced rapid growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and innovative offerings of ride-hailing services have made them increasingly popular among customers, leading to a decline in the use of traditional taxis and private vehicles. With the continued expansion of the middle class, urbanization, and economic growth, the ride-hailing market in Peru is expected to further thrive 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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.