Ride-hailing - Southern Europe | Statista Market Forecast

By 2024, the Ride-hailing market in Southern Europe is projected to record a revenue of US$2.01bn.
The revenue is estimated to grow annually at a rate of 4.19% between 2024 and 2029.
Consequently, the market volume is expected to increase to US$2.47bn by 2029.
It is projected that 52.29m users users will be using the Ride-hailing market services in the region by 2029.
The user penetration rate is estimated to rise from 18.4% in 2024 to 22.1% by 2029.
The average revenue per user (ARPU) is expected to be US$46.25.
It is also projected that 100% of the total revenue will be generated through online sales by 2029.
When compared to other countries, China is estimated to generate the highest revenue of US$60bn in 2024 in the Ride-hailing market.
In Southern Europe, ride-hailing platforms like Cabify and Bolt are gaining popularity as an alternative to traditional taxis.

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 Southern Europe is experiencing significant growth and development.

Customer preferences: Customers in Southern Europe are increasingly turning to ride-hailing services due to their convenience and affordability. The ability to easily book a ride through a smartphone app and the availability of various payment options have made ride-hailing a popular choice for both locals and tourists. Additionally, the option to choose between different types of vehicles and the ability to track the driver's location in real-time have further enhanced the customer experience.

Trends in the market: One of the key trends in the ride-hailing market in Southern Europe is the emergence of local players. While global ride-hailing giants have a presence in the region, there has been a rise in the number of local companies offering similar services. These local players often have a better understanding of the local market and can tailor their services to meet the specific needs and preferences of customers in the region. This has led to increased competition in the market, which has ultimately benefited customers with more choices and competitive pricing. Another trend in the market is the integration of ride-hailing services with other transportation options. Many ride-hailing companies in Southern Europe have partnered with public transportation providers to offer seamless travel experiences. This integration allows customers to easily combine different modes of transportation, such as taking a ride-hailing service to a train station or bus stop, and then continuing their journey using public transportation. This trend is particularly appealing to customers who value convenience and want to avoid the hassle of driving and finding parking.

Local special circumstances: Southern Europe has a unique set of circumstances that have contributed to the development of the ride-hailing market. The region is known for its dense urban areas with limited parking spaces, which makes owning a car less practical for many residents. Additionally, the high cost of car ownership, including fuel, insurance, and maintenance, has made ride-hailing a more cost-effective alternative for many people. Furthermore, the region's strong tourism industry has also played a role in the growth of the ride-hailing market, as tourists often rely on these services to navigate unfamiliar cities.

Underlying macroeconomic factors: The development of the ride-hailing market in Southern Europe is also influenced by underlying macroeconomic factors. The region has experienced economic growth in recent years, which has led to an increase in disposable income for many residents. This has made ride-hailing more affordable and accessible to a larger segment of the population. Additionally, the rise of the sharing economy and the increasing popularity of digital platforms have created a favorable environment for the growth of ride-hailing services. In conclusion, the ride-hailing market in Southern Europe is experiencing significant growth and development due to customer preferences for convenience and affordability. The emergence of local players, integration with other transportation options, unique local circumstances, and underlying macroeconomic factors have all contributed to the expansion of the market in the region.

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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