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Ride-hailing - Norway

Norway

In Norway, the revenue of the Ride-hailing market is expected to reach €295.00m by 2024.
Moreover, it is projected to exhibit a Compound Annual Growth Rate (CAGR) of 4.42% from 2024-2029, resulting in a market volume of €366.30m in 2029.
By 2029, the number of users in this market is expected to be 1.55m users.
The user penetration rate is projected to increase from 23.6% in 2024 to 27.1% by 2029.
The average revenue per user (ARPU) is estimated to be €226.70.
The Ride-hailing market is an online-only market.
It is noteworthy that in 2024, China is expected to generate the highest revenue of €55,230m in comparison to other countries across the globe.
Norway's Ride-hailing market is dominated by two major players, Uber and Bolt, both competing to provide eco-friendly transportation solutions.

Key regions: South America, Europe, China, Saudi Arabia, Malaysia

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Analyst Opinion

The Ride-hailing market in Norway has been experiencing significant growth in recent years. Customer preferences have shifted towards more convenient and flexible transportation options, leading to the rise in popularity of ride-hailing services. Additionally, several trends in the market have contributed to its development.

Customer preferences: Customers in Norway are increasingly seeking convenient and flexible transportation options. Ride-hailing services offer on-demand transportation at the touch of a button, allowing customers to easily book rides and travel to their desired destinations. This convenience has become particularly appealing to urban dwellers who are looking for alternatives to traditional taxis or public transportation. Furthermore, the ability to track the location of the driver and estimated arrival time provides a sense of security and reliability for customers.

Trends in the market: One of the key trends in the ride-hailing market in Norway is the growing popularity of electric vehicles (EVs) among ride-hailing companies. Norway has been at the forefront of the global transition towards electric mobility, with a high adoption rate of EVs among its population. Ride-hailing companies have capitalized on this trend by incorporating electric vehicles into their fleets, offering customers a more sustainable transportation option. This aligns with the country's commitment to reducing carbon emissions and promoting environmentally friendly practices. Another trend in the market is the emergence of ride-hailing platforms that cater specifically to the needs of the local population. These platforms may offer additional services such as shared rides or tailored experiences, appealing to a wider range of customers. By understanding the unique preferences and demands of the Norwegian market, ride-hailing companies are able to provide a more personalized and localized experience.

Local special circumstances: Norway's geography and population density play a significant role in the development of the ride-hailing market. With a large rural population and vast distances between cities, ride-hailing services offer a convenient solution for those in need of transportation. In urban areas, where public transportation may be limited or congested, ride-hailing provides an alternative that is both efficient and reliable.

Underlying macroeconomic factors: Norway's strong economy and high disposable income levels contribute to the growth of the ride-hailing market. With a high standard of living and relatively high wages, Norwegians have the financial means to afford ride-hailing services. This, coupled with the convenience and flexibility offered by ride-hailing platforms, has led to increased demand for these services. In conclusion, the ride-hailing market in Norway is growing due to customer preferences for convenience and flexibility, as well as the adoption of electric vehicles and the emergence of localized platforms. The country's unique geography and strong economy also contribute to the development of the market. As customer needs continue to evolve and technology advances, the ride-hailing market in Norway is expected to further expand and innovate.

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.