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Ride-hailing - Romania

Romania

Romania is expected to witness a significant rise in the revenue of the Ride-hailing market in the near future.
According to the projection, the revenue in this market is expected to reach US$243.60m by 2024 and show a steady annual growth rate (CAGR 2024-2028) of 6.22%.
This growth is expected to result in a projected market volume of US$310.10m by 2028.
Additionally, the number of users in this market is expected to increase and amount to 4.80m users by 2028.
Furthermore, the user penetration rate is estimated to be 21.3% in 2024 and 25.1% by 2028.
Moreover, the average revenue per user (ARPU) is expected to amount to US$58.25.
In line with the increasing popularity of online sales, it is projected that 100% of the total revenue in the Ride-hailing market will be generated through online sales by 2028.
It is noteworthy that, in comparison to other countries, the majority of the revenue in the Ride-hailing market will be generated China.
The projected revenue in this market China is estimated to be US$63,280m in 2024.
Ride-hailing services in Romania have seen a rise in demand as more consumers prefer the convenience and safety of app-based transportation options.

Key regions: Malaysia, Thailand, United States, Indonesia, South America

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Analyst Opinion

The Ride-hailing market in Romania has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the development of the Ride-hailing market in Romania is the changing preferences of customers. With the advent of technology and the increasing use of smartphones, customers are looking for convenient and efficient transportation options. Ride-hailing services provide a hassle-free and reliable mode of transportation, allowing customers to book a ride with just a few taps on their phones. Additionally, the ability to track the location of the driver and estimated arrival time provides customers with a sense of security and peace of mind.

Trends in the market: The Ride-hailing market in Romania has witnessed several trends that have contributed to its growth. Firstly, there has been a rise in the number of people using smartphones, which has increased the accessibility of ride-hailing services. This, coupled with the growing popularity of cashless payments, has made it easier for customers to book and pay for rides. Secondly, the market has seen the entry of new players, increasing competition and driving innovation. This has led to the introduction of new features and services, such as carpooling and food delivery, further expanding the customer base. Finally, the market has also seen a shift towards electric and hybrid vehicles, as ride-hailing companies aim to reduce their carbon footprint and offer more sustainable transportation options.

Local special circumstances: Romania has a growing urban population, with many people living in densely populated cities. This has created a high demand for transportation services, and ride-hailing companies have been able to fill this gap by providing convenient and affordable rides. Additionally, Romania has a relatively low car ownership rate, with many people opting for alternative modes of transportation. This has created a favorable environment for the growth of the ride-hailing market, as customers are more willing to use these services as their primary mode of transportation.

Underlying macroeconomic factors: The growth of the Ride-hailing market in Romania can also be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has made ride-hailing services more affordable and accessible to a larger segment of the population. Secondly, Romania has a young and tech-savvy population, which is more inclined to adopt new technologies and embrace the convenience of ride-hailing services. Finally, the government has been supportive of the ride-hailing industry, implementing regulations that ensure the safety and quality of services while promoting competition and innovation. In conclusion, the Ride-hailing market in Romania has been growing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, ride-hailing companies are likely to introduce new features and services to cater to the needs of their customers and maintain their competitive edge.

Methodology

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.