Key regions: South America, Europe, China, Saudi Arabia, Malaysia
The Ride-hailing market in Tanzania has been experiencing significant growth in recent years.
Customer preferences: Customers in Tanzania have shown a strong preference for ride-hailing services due to the convenience and affordability they offer. With the rise of smartphone penetration in the country, more people have access to ride-hailing apps, making it easier for them to book a ride whenever they need it. Additionally, the safety features provided by ride-hailing platforms have also been a major factor in attracting customers, especially in a country where public transportation can be unreliable.
Trends in the market: One of the key trends in the ride-hailing market in Tanzania is the increasing popularity of motorcycle taxis, also known as "boda-bodas. " These two-wheeled vehicles are able to navigate through traffic more easily and provide a faster mode of transportation, particularly in congested urban areas. As a result, many ride-hailing platforms have started offering motorcycle taxi services to cater to this growing demand. Another trend in the market is the expansion of ride-hailing services beyond major cities. Initially, ride-hailing platforms focused on serving customers in urban areas, where demand was highest. However, as the market has matured, these platforms have started expanding their services to smaller towns and rural areas, where there is also a need for reliable transportation options.
Local special circumstances: Tanzania has a large informal sector, with many people working in the gig economy or as self-employed individuals. Ride-hailing platforms have provided an opportunity for these individuals to earn a living by becoming drivers. This has contributed to the growth of the ride-hailing market, as more drivers have joined these platforms to take advantage of the flexible working hours and income opportunities they offer.
Underlying macroeconomic factors: The growth of the ride-hailing market in Tanzania can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, which has increased disposable incomes and allowed more people to afford ride-hailing services. Additionally, the government has implemented policies to promote the growth of the digital economy, including the development of mobile money services, which has further facilitated the adoption of ride-hailing platforms. In conclusion, the ride-hailing market in Tanzania is developing rapidly due to customer preferences for convenience and affordability, the emergence of motorcycle taxi services, the expansion of services to smaller towns and rural areas, the opportunity for self-employment in the informal sector, and underlying macroeconomic factors such as economic growth and government support for the digital economy.
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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