Ride-hailing - Senegal | Statista Market Forecast

Senegal is projected to witness a rise in revenue within the Ride-hailing market, with an estimated amount of US$24.66m by 2024.
The market is expected to grow annually at a rate of 5.75% from 2024 to 2029, reaching a projected volume of US$32.62m by 2029.
It is projected that the number of users in this market will amount to 2.77m users by 2029, with a user penetration rate of 10.9% in 2024 and 13.4% by 2029.
The average revenue per user (ARPU) is expected to be US$12.41.
It is estimated that 100% of the total revenue generated within this market in Senegal will be through online sales by 2029.
In comparison to other countries, China is expected to generate the most revenue, amounting to US$60bn in 2024.
Senegal's Ride-hailing market is growing, with local companies like Yobé Taxi and Allo Dakar gaining ground against global giants like Uber and Bolt.

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 Senegal has experienced significant growth in recent years, driven by changing customer preferences and the local special circumstances in the country. Customer preferences in Senegal have shifted towards more convenient and efficient transportation options, leading to the increased popularity of ride-hailing services. Customers are increasingly looking for alternatives to traditional taxis and public transportation, seeking a more reliable and comfortable experience. Ride-hailing platforms offer features such as real-time tracking, cashless payments, and driver ratings, which have resonated with customers in Senegal. Additionally, the convenience of being able to book a ride at any time and from any location has made ride-hailing services a preferred choice for many. The trends in the ride-hailing market in Senegal reflect the global and regional market developments. The market has seen the entry of both local and international ride-hailing companies, leading to increased competition. This competition has resulted in more affordable prices and improved service quality for customers. Furthermore, ride-hailing platforms have expanded their offerings to include additional services such as food delivery and package delivery, catering to the diverse needs of customers in Senegal. Local special circumstances in Senegal have also contributed to the development of the ride-hailing market. The country has a growing urban population, with a significant portion of the population residing in cities. This urbanization has increased the demand for transportation services, and ride-hailing platforms have filled the gap by providing a convenient and reliable option. Additionally, Senegal has a large youth population, who are early adopters of technology and more inclined towards using ride-hailing services. Underlying macroeconomic factors have also played a role in the growth of the ride-hailing market in Senegal. The country has experienced steady economic growth in recent years, resulting in an increase in disposable incomes. As a result, more people in Senegal can afford to use ride-hailing services, contributing to the market's expansion. Furthermore, the government has implemented regulations and policies that support the growth of the ride-hailing industry, providing a favorable environment for companies to operate in. In conclusion, the ride-hailing market in Senegal is developing rapidly due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and reliability offered by ride-hailing platforms have made them a preferred choice for transportation in the country. As the market continues to evolve, it is expected that ride-hailing services will play an increasingly important role in the transportation landscape of Senegal.

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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