Shared Mobility - Nigeria

Nigeria

Nigeria is expected to witness a surge in the revenue of the Shared Mobility market, which is projected to reach €4,087.00m by 2024.
The market is anticipated to grow annually at a rate of 5.19% between 2024 and 2028.
As a result, the Shared Mobility market volume is expected to touch €5,004.00m by 2028.
Among the different markets, Flights is expected to be the largest, with a projected market volume of €1,506.00m by 2024.
The number of users in the Public Transportation market is anticipated to reach 155,000.00k users by 2028.
In 2024, the user penetration rate is expected to be 70.3%, which is likely to increase to 67.9% by 2028.
The average revenue per user (ARPU) is expected to be €25.37.
Furthermore, it is expected that by 2028, 58% of the total revenue in the Shared Mobility market will come from online sales.
In comparison to other countries, China is expected to generate the most revenue in the Shared Mobility market, with a projected revenue of €382bn in 2024.
Shared mobility services are experiencing significant growth in Nigeria, driven by the increasing urbanization and traffic congestion in major cities such as Lagos and Abuja.

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

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Analyst Opinion

The Shared Mobility market in Nigeria is experiencing significant growth and evolution driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Nigeria are increasingly looking for convenient and cost-effective transportation options. Shared Mobility services such as ride-hailing, bike-sharing, and car-sharing are gaining popularity due to their affordability and ease of use. With the rise of urbanization and traffic congestion in major cities like Lagos and Abuja, consumers are turning to shared mobility solutions as a more efficient way to navigate the urban landscape.

Trends in the market: In Nigeria, the Shared Mobility market is witnessing a surge in innovative solutions tailored to the local needs and preferences. For example, motorcycle ride-hailing services have become a dominant mode of transportation in cities with heavy traffic. Additionally, the integration of mobile payment systems has made shared mobility services more accessible to a wider range of consumers across different income levels. The market is also seeing increased competition among service providers, leading to improved quality of service and competitive pricing strategies.

Local special circumstances: Nigeria's unique infrastructure challenges, such as poor road conditions and limited public transportation options, have created a conducive environment for the growth of shared mobility services. The lack of reliable public transportation systems has paved the way for private companies to fill the gap and offer alternative mobility solutions to the masses. Additionally, the youthful population in Nigeria, with a high percentage of tech-savvy individuals, has embraced shared mobility platforms that leverage technology for seamless booking and payment processes.

Underlying macroeconomic factors: The Shared Mobility market in Nigeria is also influenced by macroeconomic factors such as increasing smartphone penetration, rising disposable incomes, and a growing middle class. As more Nigerians gain access to smartphones and the internet, the adoption of shared mobility services is expected to continue on an upward trajectory. Moreover, the shift towards a sharing economy globally has influenced consumer behavior in Nigeria, driving the demand for flexible and on-demand transportation options. Overall, the Shared Mobility market in Nigeria is poised for further expansion and innovation as companies tailor their services to meet the evolving needs of the local population in a rapidly urbanizing environment.

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.