Ride-hailing - Asia | Statista Market Forecast

The Ride-hailing market in Asia is expected to reach a revenue of US$81.66bn by 2024.
The projected annual growth rate (CAGR 2024-2029) of 6.65% is expected to result in a market volume of US$112.70bn by 2029.
Looking at user statistics, the number of users in this market is expected to reach 1.50bn users by 2029, with a user penetration of 25.1% in 2024, rising to 32.1% by 2029.
The average revenue per user (ARPU) is estimated to be US$71.72.
The Ride-hailing market is an online-only market.
In terms of global revenue, China is expected to generate the most revenue, with a projected revenue of US$60bn in 2024.
In Indonesia, ride-hailing companies have expanded their services to include motorcycle taxis, catering to the country's heavy traffic and providing a cheaper alternative for commuters.

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 Asia has witnessed significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all played a role in shaping the industry.

Customer preferences: Asian consumers have shown a strong preference for convenience and affordability, which has contributed to the rise of ride-hailing services. The ability to book a ride with just a few taps on a smartphone and the availability of various payment options have made ride-hailing a popular choice for many. Additionally, the option to choose between different vehicle types and the ability to track the location of the driver in real-time have further enhanced the customer experience.

Trends in the market: One of the key trends in the ride-hailing market in Asia is the increasing competition among different service providers. Local and international players are vying for market share, leading to aggressive marketing campaigns and attractive promotions to attract customers. This intense competition has resulted in lower prices and improved service quality, benefiting consumers. Another trend is the expansion of ride-hailing services beyond major cities. As the market matures, ride-hailing companies are targeting smaller towns and rural areas, offering transportation options in areas where traditional taxis may be scarce. This expansion has not only increased accessibility for customers but has also created economic opportunities for drivers in these regions.

Local special circumstances: The unique characteristics of each country in Asia have also influenced the development of the ride-hailing market. For example, in densely populated cities like Tokyo and Seoul, where owning a car can be expensive and parking space is limited, ride-hailing services have become a popular alternative to private vehicle ownership. In contrast, in countries like India and Indonesia, where public transportation infrastructure may be less developed, ride-hailing has filled a significant transportation gap.

Underlying macroeconomic factors: The rapid urbanization and growing middle class in many Asian countries have been key drivers of the ride-hailing market. As more people move to cities and disposable incomes rise, the demand for convenient and affordable transportation options has increased. Additionally, the proliferation of smartphones and the widespread availability of mobile internet have made it easier for ride-hailing companies to reach and serve a larger customer base. In conclusion, the ride-hailing market in Asia has experienced remarkable growth due to customer preferences for convenience and affordability, increasing competition among service providers, expansion into smaller towns and rural areas, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it will be interesting to see how ride-hailing companies adapt to changing customer needs and navigate the regulatory landscape in different countries.

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.

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