Key regions: Malaysia, Thailand, United States, Indonesia, South America
The Ride-hailing market in South America has experienced significant growth in recent years, driven by changing customer preferences and favorable market conditions.
Customer preferences: Customers in South America have embraced ride-hailing services due to their convenience, affordability, and reliability. The ability to book a ride through a mobile app and track the driver's location in real-time has made ride-hailing a popular choice for both business and leisure travelers. Additionally, the availability of various vehicle options, such as economy or luxury cars, has catered to the diverse needs of customers in the region.
Trends in the market: One of the key trends in the South American ride-hailing market is the increasing competition among service providers. Local players and international giants have entered the market, offering customers a wide range of options to choose from. This competition has led to improved service quality and competitive pricing, benefiting the customers. Moreover, ride-hailing companies have been expanding their services beyond major cities, reaching smaller towns and rural areas. This expansion has not only increased accessibility for customers but has also created new employment opportunities in these regions.
Local special circumstances: South America has its own unique set of circumstances that have contributed to the growth of the ride-hailing market. One such circumstance is the inadequate public transportation infrastructure in many cities. Limited availability and reliability of public transport have made ride-hailing an attractive alternative for commuters. Additionally, safety concerns in some areas have also played a role in the popularity of ride-hailing services. Customers perceive ride-hailing as a safer option compared to traditional taxis, as the drivers and vehicles are registered and tracked by the service providers.
Underlying macroeconomic factors: The growth of the ride-hailing market in South America can also be attributed to underlying macroeconomic factors. Rising urbanization and increasing disposable incomes have resulted in a growing middle class with higher mobility needs. As more people can afford smartphones and internet access, the adoption of ride-hailing services has become easier. Furthermore, the region has witnessed a surge in tourism, with more international and domestic travelers opting for ride-hailing services for their transportation needs. This has created a steady demand for ride-hailing services, driving market growth. In conclusion, the ride-hailing market in South America has experienced significant growth due to changing customer preferences, increasing competition, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, ride-hailing companies are likely to focus on enhancing their services, expanding their reach, and adapting to the specific needs of customers in different countries within 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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