Shared Mobility - Sri Lanka

Sri Lanka

By 2024, the Shared Mobility market in Sri Lanka is projected to reach a revenue of US$508.10m.
Moreover, it is expected to show an annual growth rate (CAGR 2024-2029) of 7.24%, which will result in a market volume of US$720.60m by 2029.
The largest market in this market is Flights, which is expected to reach a market volume of US$341.80m in 2024.
By 2029, the number of users of Public Transportation is projected to amount to 4.82m users.
In 2024, the user penetration rate is estimated at 48.7%, which is expected to increase to 57.3% by 2029.
The average revenue per user (ARPU) is expected to be US$47.50.
Furthermore, it is projected that 65% of the total revenue in the Shared Mobility market will be generated through online sales by 2029.
When compared globally, it is predicted that China will generate the most revenue (US$365bn in 2024).
Despite limited adoption, Sri Lanka's shared mobility market shows potential for growth due to increasing urbanization and government initiatives to promote sustainable transportation.

Key regions: United States, Saudi Arabia, Germany, Malaysia, India

Definition:

The Shared Mobility market encompasses a diverse range of long- and short-distance mobility services. As the world moves towards a more connected and digital era, the Shared Mobility market is central to driving innovation, collaboration, and the development of intelligent transportation systems.

Structure:

The market consists of eleven further markets. These include the following markets:

The Car Rentals market contains vehicle rentals that have been booked in person, by telephone via the internet or an app.
The Car-sharing market includes professionally run car-sharing services that provide on-demand access vehicles, allowing users to rent cars for short periods, e.g., by minute or hour.
The Bike-sharing market contains short-term bike-sharing services. Bicycles can be found in the provider’s business zone where they are either parked at designated stations or freely distributed without fixed docks.
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.
The Taxi market covers exclusively traditional taxi services booked offline, typically via street hailing or phone calls.
The Flights market contains air travel bookings regardless of the purchase channel, such as an airline's website or a travel agency.
In the Public Transportation market, revenues generated by ticket sales from public transportation companies are considered.

Additional Information:

The main performance indicators of the Shared Mobility 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 above-mentioned markets. 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. Additional definitions for each market can be found within the respective market pages.

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Shared Mobility market in Sri Lanka is experiencing a significant growth trajectory due to changing consumer preferences and the unique local circumstances in the country.

Customer preferences: Customers in Sri Lanka are increasingly looking for convenient and cost-effective transportation options, which has led to a surge in demand for shared mobility services. The younger demographic, in particular, is more inclined towards flexible and on-demand transportation solutions that can be accessed through mobile apps.

Trends in the market: One notable trend in the Shared Mobility market in Sri Lanka is the rise of motorcycle taxi services, which cater to the need for quick and efficient urban transportation. This trend is driven by the country's traffic congestion issues and the popularity of two-wheeler vehicles among commuters. Additionally, carpooling and ride-sharing services are gaining traction as people seek to reduce their carbon footprint and overall transportation expenses.

Local special circumstances: Sri Lanka's unique geography, with densely populated urban areas and growing traffic congestion, has created a conducive environment for the Shared Mobility market to thrive. The presence of popular tourist destinations and a young tech-savvy population further contributes to the increasing adoption of shared mobility services in the country.

Underlying macroeconomic factors: The growing urbanization and rising disposable incomes in Sri Lanka are key macroeconomic factors fueling the expansion of the Shared Mobility market. As more people move to cities for better job opportunities, the demand for convenient and affordable transportation solutions continues to grow. Additionally, the increasing penetration of smartphones and internet connectivity has made it easier for consumers to access and utilize shared mobility services.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rentals, ride-hailing, taxi, car-sharing, bike-sharing, e-scooter-sharing, moped-sharing, trains, buses, public transportation, and flights.

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.