Ride-hailing - Taiwan | Statista Market Forecast

By 2024, the projected revenue in Taiwan's Ride-hailing market is estimated to be US$828.90m.
This revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.75%, resulting in a projected market volume of US$904.10m by 2029.
It is anticipated that the number of users in this market will be 6.63m users by 2029, with user penetration projected to be 26.1% in 2024 and 27.6% by 2029.
The average revenue per user (ARPU) is expected to amount to US$132.80.
It is further estimated that 100% of total revenue in Taiwan's Ride-hailing market will be generated through online sales by 2029.
When compared globally, China is expected to generate the most revenue in this market, with US$60bn26.1% in 2024.
Taiwan's Ride-hailing market is dominated by domestic players, such as Uber's Taiwanese subsidiary and home-grown services like iTaxi, which focus on safety and local customer preferences.

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 Taiwan has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Taiwan are increasingly looking for convenient and affordable transportation options. Ride-hailing services provide a convenient alternative to traditional taxis, allowing customers to easily book a ride through a mobile app and track the arrival of their driver. This level of convenience has resonated with customers, particularly those in urban areas where traffic congestion and limited parking options are common challenges. Additionally, ride-hailing services often offer competitive pricing, making them an attractive option for cost-conscious consumers.

Trends in the market: One of the key trends in the ride-hailing market in Taiwan is the increasing adoption of ride-hailing services by older demographics. Initially, ride-hailing services were primarily used by younger generations who were early adopters of new technologies. However, as ride-hailing platforms have become more established and trusted, older demographics have also started to embrace these services. This trend is driven by the convenience and ease of use offered by ride-hailing apps, as well as the increasing availability of driver-partners in different areas. Another trend in the market is the emergence of specialized ride-hailing services. In addition to traditional ride-hailing options, there are now niche services that cater to specific customer needs. For example, there are ride-hailing services that focus on providing transportation for families with young children, offering car seats and other child-friendly amenities. This trend reflects the growing demand for personalized and tailored transportation solutions.

Local special circumstances: Taiwan has a highly developed public transportation system, with extensive coverage of buses and trains. However, there are certain areas and times when public transportation may not be readily available or convenient. This is particularly true in remote or rural areas, where access to public transportation may be limited. In such cases, ride-hailing services can fill the transportation gap and provide a reliable option for individuals who need to travel to these areas. Additionally, ride-hailing services can also be a convenient option for tourists who are unfamiliar with the local transportation system.

Underlying macroeconomic factors: The growth of the ride-hailing market in Taiwan is also influenced by underlying macroeconomic factors. Taiwan has a strong and stable economy, which has contributed to the increasing disposable income of its population. With more disposable income, individuals are more willing to spend on transportation services that offer convenience and comfort. Furthermore, Taiwan has a high smartphone penetration rate, which has facilitated the widespread adoption of ride-hailing apps. The combination of a strong economy and high smartphone usage has created a favorable environment for the growth of the ride-hailing market in Taiwan. In conclusion, the ride-hailing market in Taiwan has experienced significant growth due to changing customer preferences, such as the desire for convenience and affordability. The market has also been influenced by local special circumstances, such as limited public transportation options in certain areas. Additionally, underlying macroeconomic factors, including a strong economy and high smartphone penetration rate, have contributed to the growth of the ride-hailing market in Taiwan.

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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