Caribbean Islands have emerged to be a huge market for ride-hailing companies around the world. In this article, we are going to discuss in detail about every aspect of the ride-hailing industry in the Caribbean islands. So, let’s begin with the ride-hailing market in this region.
The stats support this as the revenue in the ride-hailing & taxi segments amounts a mammoth US$107m for the year 2020. This revenue is estimated to show annual growth of 16.8% from 2020-2024. This growth in the CAGR will result in the market volume of US$199m by the year 2024. Moreover, the average revenue per user (APRU) as of now amounts to US$52.87.
However, these promising stats don’t add up to the ground realities. The transportation infrastructure in the Caribbean islands is not in the greatest. Especially, when it comes to the public transportation market, modernization is the need of the hour as a poorly planned transit system and lack of information are giving rise to a number of economic and social challenges.
Caribbean Islands is a tourist destination as millions of tourists come to this beautiful place every year. However, due to lack or limited information about the status of their transportation, tourists have to suffer a lot. Not only tourists, but also locals get late for school, work, or miss their appointments due to limited knowledge of their transportation arrival.
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