WireTap - Taxi: Supply Drives Demand
The Moscow taxi market accelerated growth to 16% y-o-y in 1H19 in terms of number of rides following 6% growth in 2018, according to the Moscow Transport Department. Together with car-sharing, the number of rides rose 25% y-o-y. This is an amazing result given that Moscow already has the highest density of taxi and car-sharing rides in Russia. We think this provides a positive read-through for other regions and supports our view that the substitution of private cars and public transport will contribute 53% to the urban shared transportation market by 2025. The Analytical Center (AC) for the Government of the Russian Federation estimates that Moscow and St Petersburg will account for 43% of the legal taxi market in 2019, which will reach R709 bln (+6% y-o-y). It estimates the illegal taxi market at R101 bln, or 12% of the total.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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