Market Size of Mexico Ride Hailing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.34 Billion |
| Market Size (2029) | USD 4.45 Billion |
| CAGR (2024 - 2029) | 5.02 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Ride Hailing Market Analysis
The Mexico Ride Hailing Market size is estimated at USD 3.34 billion in 2024, and is expected to reach USD 4.45 billion by 2029, growing at a CAGR of 5.02% during the forecast period (2024-2029).
Ride-hailing platforms increase their value when they attract new users and deepen engagement with existing users. Both dynamics grow the network scale and liquidity, further expanding the platform's value to existing drivers and users due to benefits such as route traceability, real-time verification of the driver's location and approach, and electronic payments.
Reduced taxi fares and ease of booking through mobile apps are the major factors driving online taxi booking to capture a significant share in the region. With the advent of e-hailing taxi applications, such as Uber, ride-hailing has been one of the game-changing innovations in the transportation sector.
Uber maintained a significant market share in Mexico, offering various ride options such as UberX, UberPool, and UberBlack across major cities in the country. DiDi, a Chinese ride-sharing company, emerged as a strong competitor, expanding rapidly and providing stiff competition to Uber. Cabify, another prominent player, is focused on providing premium ride options that cater to a slightly different market segment.
Mexico City was a significant hub for ride-sharing services due to its large population and high demand for convenient transportation options. However, ride-sharing services were also prevalent in other major cities like Guadalajara, Monterrey, and Puebla. The Mexican government introduced regulations specific to ride-sharing services to ensure safety, fair competition, and proper taxation. Companies operating in this sector needed to comply with these regulations, which varied across different regions within Mexico.
