Ride-hailing - Puerto Rico | Statista Market Forecast

Puerto Rico is projected to witness a significant rise in the Ride-hailing market revenue, with a predicted value of US$23.02m by 2024.
The market volume is also expected to grow at an annual growth rate of 2.56% (CAGR 2024-2029), resulting in a projected market volume of US$26.13m by 2029.
As for the number of users in the Ride-hailing market, it is expected to reach 981.10k users by 2029.
The user penetration rate is also projected to increase from 29.9% in 2024 to 30.0% by 2029.
The average revenue per user (ARPU) is estimated to be US$23.54.
Additionally, 100% of the total revenue in the Ride-hailing market is expected to be generated through online sales by 2029.
It is interesting to note that in global comparison, China is expected to generate the most revenue in this market, with a projected value of US$60bn in 2024.
Puerto Rico's Ride-hailing market is dominated by Uber, but local taxi companies are fighting back with their own ride-hailing app, TaxiMKT.

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 Puerto Rico has experienced significant growth and development in recent years.

Customer preferences: Customers in Puerto Rico have shown a strong preference for ride-hailing services due to their convenience, reliability, and affordability. The ability to book a ride with just a few taps on a smartphone has made ride-hailing services a popular choice for both locals and tourists. Additionally, the availability of multiple ride options, such as shared rides and luxury vehicles, caters to the diverse needs and preferences of customers.

Trends in the market: One of the key trends in the ride-hailing market in Puerto Rico is the increasing adoption of ride-hailing services by traditional taxi drivers. Many taxi drivers have joined ride-hailing platforms as drivers in order to tap into the growing demand for such services. This trend has not only expanded the availability of ride-hailing services but has also created a more competitive market, leading to better service quality and lower prices for customers. Another trend in the market is the integration of ride-hailing services with other transportation options. Ride-hailing companies in Puerto Rico have partnered with public transportation agencies to provide first and last-mile connectivity for commuters. This integration allows customers to seamlessly switch between different modes of transportation, making their journeys more efficient and convenient.

Local special circumstances: Puerto Rico's unique geography and infrastructure have played a role in the development of the ride-hailing market. The island's dense urban areas and limited parking spaces make ride-hailing an attractive alternative to owning a car. Additionally, the availability of ride-hailing services has been particularly beneficial in areas with limited public transportation options, providing an accessible and affordable transportation solution for residents.

Underlying macroeconomic factors: The growth of the ride-hailing market in Puerto Rico can also be attributed to underlying macroeconomic factors. The island's economy has been recovering from a prolonged recession, and the rise of ride-hailing services has created new job opportunities for individuals looking for flexible employment. The additional income generated from ride-hailing has had a positive impact on the local economy. In conclusion, the ride-hailing market in Puerto Rico has experienced significant growth and development due to customer preferences for convenience and affordability, the integration of ride-hailing services with other transportation options, the unique local circumstances, and the underlying macroeconomic factors. As the market continues to evolve, it is expected to further contribute to the transportation landscape in Puerto Rico.

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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