Ride-hailing - APAC
APAC- The Ride-hailing market in APAC is anticipated to witness significant growth in the coming years.
- According to projections, the market's revenue is expected to reach US$*****bn by ****.
- Moreover, it is estimated that the market will experience a Compound Annual Growth Rate (CAGR) of ****% between **** and ****.
- This growth trajectory is expected to result in a market volume of approximately US$******bn by ****.
- In terms of user base, the Ride-hailing market is predicted to have around ****bn users users by ****.
- It is worth noting that the user penetration rate is projected to be ****% in **** and remain the same by ****.
- This indicates that the market still has considerable room for expansion and attracting new users.
- When examining the average revenue per user (ARPU), it is expected to be around US$*****.
- This metric indicates the amount of revenue generated by each individual user in the Ride-hailing market.
- In terms of regional comparison, China is expected to dominate the global Ride-hailing market, generating the highest revenue.
- It is projected that China's revenue will amount to US$**bn in ****.
- This highlights the significant market potential and opportunities within the country.
- Overall, the Ride-hailing market in APAC is poised for substantial growth in the coming years, driven by increasing user adoption, expanding market volume, and the dominance of key players, particularly China.
- In APAC, ride-hailing services like Grab and Go-Jek dominate the market, providing convenient transportation options for millions of people.
- Key regions:
- South America,
- Europe,
- China,
- Saudi Arabia,
- Malaysia
Definition:
The Ride-hailing market encompasses on-demand transportation services facilitated through mobile apps or online platforms. This market covers both private vehicle rides and taxi services, all booked exclusively online. It includes Transportation Network Companies (TNCs), such as Uber and Lyft, traditional taxis booked via apps, such as Free Now or Cabify, and ride-pooling services, such as Moia and Via. This market excludes peer-to-peer ride-sharing, focusing on professionally operated transport services booked digitally for efficient and convenient urban mobility. Rides of traditional taxi services hailed on the street or booked via telephone are not included in this market.
Additional Information:
The main performance indicators of the Ride-hailing market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the mentioned market. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year.
The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.
For further information on the data displayed, refer to the info button right next to each box.
- Platforms that let users book rides offered by drivers using their private vehicles (e.g., Uber)
- Taxi companies that offer their services through an app (e.g., Free Now)
- Platforms that offer shared rides (ride-pooling) with other passengers (e.g., Moia, Via)
Revenue
Sales Channels
Analyst Opinion
Customer preferences: Customers in APAC are increasingly turning to ride-hailing services for their transportation needs due to the convenience and affordability they offer. Ride-hailing platforms provide a seamless booking process, allowing customers to easily request a ride with just a few taps on their smartphones. This ease of use has made ride-hailing a popular choice among tech-savvy consumers in the region. Additionally, the competitive pricing of ride-hailing services compared to traditional taxis has further contributed to their popularity.
Trends in the market: One of the key trends in the ride-hailing market in APAC is the emergence of local players that have gained significant market share. While global ride-hailing giants like Uber and Lyft are present in the region, they face stiff competition from local players who have a better understanding of the local market and customer preferences. These local players have tailored their services to meet the specific needs of customers in their respective countries, giving them a competitive edge. Another trend in the market is the expansion of ride-hailing services beyond major cities. Initially, ride-hailing services were primarily available in urban areas with high population densities. However, as the market has matured, ride-hailing companies have started to expand their services to smaller cities and rural areas. This expansion has been driven by the increasing demand for reliable transportation options in these areas and the potential for untapped market opportunities.
Local special circumstances: Each country in APAC has its own unique set of circumstances that influence the development of the ride-hailing market. For example, in countries like India and Indonesia, where public transportation infrastructure is often inadequate, ride-hailing services have become a popular alternative for commuters. In contrast, countries like Japan and South Korea have well-established public transportation systems, which has led to a slower adoption of ride-hailing services.
Underlying macroeconomic factors: The growth of the ride-hailing market in APAC is also influenced by underlying macroeconomic factors. Rising disposable incomes and a growing middle class in many countries have increased the demand for convenient transportation options. Additionally, rapid urbanization and population growth in the region have led to increased congestion and longer commuting times, further fueling the demand for ride-hailing services. In conclusion, the ride-hailing market in APAC is experiencing significant growth due to changing customer preferences, the emergence of local players, and the expansion of services beyond major cities. The unique circumstances and underlying macroeconomic factors in each country further shape the development of the market. As the market continues to evolve, ride-hailing companies will need to adapt to the specific needs and preferences of customers in each country to maintain their competitive edge.
Users
Global Comparison
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.Mobility
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