Navigating LatAm’s Ride-Hailing Landscape: Growth, Competition, and User Engagement Strategies

Key Takeaways:

• In LatAm, the ride-hailing sector continues to grow, as Sensor Tower data reveals a 10% YoY increase in total session counts across the five most populated LatAm markets (Brazil, Mexico, Colombia, Argentina, and Chile). Notably, Argentina, with its high urbanization rate of 92%, recorded a substantial 36% YoY rise in sessions and a 28% increase in downloads in the first three quarters of 2024

• Over the past few years, Uber has seen its market share shrink significantly, losing 32ppts of MAU share in YTD 2024 compared to 2019. Despite this decline, Uber still maintains a substantial lead in mobile app MAU market share in LatAm, with 49% through YTD 2024. Following Uber are inDrive, with 24%, and DiDi, with 18% of MAU market share

• Ride-hailing services have gained significant traction among younger users. Recognizing this demographic trend, inDrive has strategically invested in advertising on TikTok to effectively reach and engage this audience. In Brazil, it leads the ride-hailing cohort in average SOV on TikTok, achieving 6% in the first three quarters of 2024, a substantial increase from 0.24% during the same period in 2023

• 99 has emerged as a leader in user loyalty within the LatAm ride-hailing market, with a power user rate of 12% in 3Q24, compared to 9% for Uber, 6% for DiDi, and 5% for inDrive. Moreover, it reduced its churn rate to 19% in 3Q24, outperforming DiDi at 21% and inDrive at 25%

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