Ride-hailing - ASEAN | Statista Market Forecast

According to recent projections, the Ride-hailing market in ASEAN is expected to see significant growth in the coming years.
By 2024, revenue is projected to reach US$8.87bn and is expected to maintain an annual growth rate of 5.38% (CAGR 2024-2029).
This growth is anticipated to result in a market volume of US$11.52bn by 2029.
Furthermore, the number of users in this market is expected to reach 218.20m users by the same year.
It is projected that user penetration will increase from 25.0% in 2024 to 30.4% by 2029.
The average revenue per user (ARPU) is also expected to be US$51.30.
In terms of revenue generation, it is forecasted that 100% of the total revenue in this market will be generated through online sales by 2029.
It is interesting to note that China is expected to generate the most revenue in the Ride-hailing market globally, with a projected revenue of US$60bn in 2024.
In Indonesia, ride-hailing services like Gojek and Grab are expanding to offer more than just transportation, including food and grocery delivery.

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)

Traditional taxi rides booked offline with taxi companies (via street-hailing or by telephone)

The Ride-hailing market in ASEAN has been experiencing significant growth and development in recent years.

Customer preferences: Customers in ASEAN countries have shown a strong preference for ride-hailing services due to their convenience and affordability. The rise of smartphone penetration and internet connectivity has made it easier for customers to access these services, leading to increased demand. Additionally, customers in ASEAN countries are increasingly looking for alternative transportation options that are more reliable and efficient than traditional taxis.

Trends in the market: One of the key trends in the ride-hailing market in ASEAN is the rapid expansion of local and regional players. While international ride-hailing companies initially dominated the market, local players have gained traction by offering services tailored to the specific needs and preferences of customers in each country. This has led to increased competition and innovation in the market, driving further growth. Another trend in the market is the diversification of services offered by ride-hailing companies. In addition to traditional car-hailing services, companies are now offering options such as motorbike taxis and delivery services. This diversification allows companies to tap into new customer segments and maximize their revenue potential.

Local special circumstances: Each country in ASEAN has its own unique set of circumstances that impact the ride-hailing market. For example, in Indonesia, the largest market in ASEAN, the high population density and traffic congestion in cities like Jakarta have made ride-hailing services a popular choice for commuters. In Thailand, the popularity of motorbike taxis has led to the emergence of ride-hailing companies that specifically cater to this mode of transportation.

Underlying macroeconomic factors: The rapid growth of the ride-hailing market in ASEAN can be attributed to several underlying macroeconomic factors. Firstly, the region has been experiencing strong economic growth, leading to an increase in disposable income and a growing middle class. This has resulted in higher demand for transportation services, including ride-hailing. Additionally, the increasing urbanization in ASEAN countries has created a need for efficient and reliable transportation options. As more people move to cities, the demand for ride-hailing services has grown, as they provide a convenient and cost-effective alternative to owning a car. Furthermore, the growing digital economy in ASEAN has played a significant role in the development of the ride-hailing market. The rise of e-commerce and online payment platforms has made it easier for customers to access and pay for ride-hailing services, further driving the growth of the market. In conclusion, the ride-hailing market in ASEAN is experiencing significant growth and development due to customer preferences for convenience and affordability, as well as the expansion of local players and diversification of services. The unique circumstances of each country in the region, along with underlying macroeconomic factors such as economic growth and urbanization, have contributed to the rapid development of the market.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.