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.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
The Ride-hailing market in Vietnam has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in Vietnam have increasingly embraced ride-hailing services due to their convenience, affordability, and safety. With the rise of smartphone usage and internet connectivity, customers have found it easier to book rides through mobile applications, eliminating the need for hailing taxis on the street. Moreover, the transparent pricing and cashless payment options offered by ride-hailing platforms have also appealed to customers, providing a hassle-free experience.
Trends in the market: One of the key trends in the ride-hailing market in Vietnam is the growing popularity of motorcycle taxis, known as "xe om. " These services cater to customers who prefer faster and more flexible transportation options, especially in congested urban areas. Motorcycle taxis have gained traction due to their ability to navigate through traffic jams and reach destinations quickly. Additionally, the lower cost compared to traditional taxis has made motorcycle taxis a preferred choice for many customers. Another emerging trend in the market is the integration of various transportation services within ride-hailing platforms. In addition to car and motorcycle taxis, customers can now access other modes of transportation such as bicycles and electric scooters through the same app. This multimodal approach provides customers with more options and flexibility, allowing them to choose the most suitable mode of transport for their needs.
Local special circumstances: Vietnam's rapidly urbanizing population, especially in major cities like Hanoi and Ho Chi Minh City, has contributed to the growth of the ride-hailing market. As more people move to urban areas, the demand for convenient and efficient transportation solutions has increased. Ride-hailing services have filled this gap by offering a reliable and affordable alternative to traditional taxis. Furthermore, the rise of the gig economy in Vietnam has also played a role in the development of the ride-hailing market. Many individuals, including students and part-time workers, are attracted to the flexible working hours and income opportunities provided by ride-hailing platforms. This has led to an increase in the number of drivers, ensuring a sufficient supply of vehicles to meet the growing demand.
Underlying macroeconomic factors: Vietnam's growing middle class and rising disposable incomes have contributed to the expansion of the ride-hailing market. As people have more disposable income, they are willing to spend on convenient transportation options that save time and offer a better experience. Additionally, the increasing penetration of smartphones and internet connectivity has made ride-hailing services more accessible to a larger portion of the population. In conclusion, the ride-hailing market in Vietnam has experienced significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and safety offered by ride-hailing services have resonated with customers, leading to increased adoption. As the market continues to evolve, it is likely that we will see further innovations and developments in the ride-hailing industry in Vietnam.
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights