Ride-hailing - Zimbabwe | Statista Market Forecast

By 2024, in Zimbabwe is expected to generate a revenue of US$5.36m in the Ride-hailing market.
It is projected to exhibit an annual growth rate (CAGR 2024-2029) of 73.40%, resulting in a projected market volume of US$84.09m by 2029.
The number of users in this market is expected to reach 2.80m users by 2029, with a user penetration of 13.7% in 2024 and 14.9% by 2029.
The average revenue per user (ARPU) is anticipated to amount to US$2.31.
It is projected that 100% of the total revenue will be generated through online sales by 2029.
In comparison to other countries, China is expected to generate the highest revenue of US$60bn in the Ride-hailing market by 2024.
Despite the economic challenges faced by Zimbabwe, the Ride-hailing market is seeing steady growth due to a lack of reliable public transportation options.

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 Zimbabwe has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Zimbabwe have shown a strong preference for ride-hailing services due to several factors. Firstly, the convenience and ease of booking a ride through a mobile app have made ride-hailing a popular choice among consumers. The ability to request a ride at any time and track the driver's location in real-time has made transportation more efficient and reliable. Additionally, the affordability of ride-hailing services compared to traditional taxis has attracted a large customer base.

Trends in the market: One of the major trends in the ride-hailing market in Zimbabwe is the increasing competition among service providers. Several local and international ride-hailing companies have entered the market, offering customers a wide range of options to choose from. This competition has led to lower prices and improved service quality as companies strive to attract and retain customers. Furthermore, ride-hailing companies have been expanding their services beyond major cities and into rural areas, catering to a larger customer base.

Local special circumstances: Zimbabwe's ride-hailing market has its own unique set of circumstances that have contributed to its development. The country has a growing middle class with increasing disposable income, which has led to a higher demand for convenient and reliable transportation options. Additionally, Zimbabwe has a high smartphone penetration rate, with a large portion of the population having access to mobile devices. This has made it easier for ride-hailing companies to reach and engage with potential customers.

Underlying macroeconomic factors: Several macroeconomic factors have played a role in the growth of the ride-hailing market in Zimbabwe. The country has experienced rapid urbanization, with more people moving to cities in search of employment and better opportunities. This has increased the demand for transportation services, leading to the rise of ride-hailing companies. Additionally, the government has implemented policies to encourage the growth of the digital economy, including the ride-hailing sector. These policies have created a favorable environment for ride-hailing companies to operate and expand their services. In conclusion, the ride-hailing market in Zimbabwe has been developing rapidly due to customer preferences for convenience and affordability, increasing competition among service providers, unique local circumstances, and underlying macroeconomic factors such as urbanization and supportive government policies. As these trends continue, the ride-hailing market in Zimbabwe is expected to further expand and innovate, providing customers with more options and improving the overall transportation landscape in the country.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.