Ride-hailing - Uruguay | Statista Market Forecast

It is projected that the revenue in the Ride-hailing market in Uruguay will reach US$42.07m by 2024.
Furthermore, this sector is expected to show an annual growth rate (CAGR 2024-2029) of 4.60%, which will result in a projected market volume of US$52.68m by 2029.
By 2029, the number of users in this market is expected to amount to 1.20m users.
In 2024, user penetration is projected to be 31.2% and is expected to increase to 34.9% by 2029.
The average revenue per user (ARPU) is expected to be US$39.44.
By 2029, 100% of total revenue in this sector will be generated through online sales.
It is noteworthy that in global comparison, China is expected to generate the most revenue in this sector, with US$60bn in 2024.
In Uruguay, ride-hailing services are gaining popularity due to the convenience and lower prices compared 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 Uruguay has witnessed significant growth and development in recent years.

Customer preferences: Customers in Uruguay are increasingly opting for ride-hailing services due to their convenience and affordability. The ability to request a ride at any time and track the driver's location in real-time has made ride-hailing a popular choice among commuters. Additionally, the availability of various vehicle options, such as standard cars and larger vehicles for group travel, caters to the diverse needs of customers.

Trends in the market: One of the key trends in the ride-hailing market in Uruguay is the increasing adoption of mobile applications for booking rides. The ease of use and accessibility of these apps have made it convenient for customers to book rides on the go. Furthermore, ride-hailing companies are constantly improving their app features to enhance the overall user experience, such as integrating cashless payment options and offering loyalty programs. Another trend in the market is the emergence of electric and hybrid vehicles in ride-hailing fleets. This trend aligns with the global push for sustainable transportation solutions and reflects the growing environmental consciousness among customers. Ride-hailing companies are actively investing in electric and hybrid vehicles to reduce carbon emissions and provide eco-friendly transportation options to customers.

Local special circumstances: Uruguay has a well-developed transportation infrastructure, with a high rate of vehicle ownership. However, the limited availability of parking spaces and the increasing traffic congestion in urban areas have made ride-hailing an attractive alternative to driving one's own vehicle. Additionally, the presence of ride-hailing services has improved accessibility to transportation in areas with limited public transportation options, providing a convenient solution for residents and tourists alike.

Underlying macroeconomic factors: The steady economic growth and increasing disposable income in Uruguay have contributed to the expansion of the ride-hailing market. As more individuals have the financial means to afford transportation services, the demand for ride-hailing has increased. Moreover, the growing tourism industry in Uruguay has also played a role in the market's development, as tourists often rely on ride-hailing services for their transportation needs. In conclusion, the ride-hailing market in Uruguay has experienced significant growth due to customer preferences for convenience and affordability. The adoption of mobile applications and the integration of electric and hybrid vehicles in ride-hailing fleets reflect the global trends in the industry. Local special circumstances, such as limited parking spaces and traffic congestion, have further fueled the demand for ride-hailing services. The underlying macroeconomic factors, including economic growth and the flourishing tourism industry, have also contributed to the market's expansion.

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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