Ride-hailing, also known as ride-sharing, has fast become a global phenomenon over the past decade, with many people favoring it over traditional taxi services. A typical ride-hailing company uses GPS tracking to match potential passengers with drivers through mobile apps or websites. Ride-hailing is preferred among many as it is often cheaper and has shorter waiting times than taxi services. Ride-hailing companies have the benefit of being able to escape normal licensing and regulatory requirements which taxi services must adhere to. Ride-hailing operates throughout the entire world, however, with increasing populations and business operations, the demand for effective mobility in the Asia-Pacific region is high. The online ride-hailing market has increased dramatically throughout recent years,
Leading ride-hailing companies
Given the dramatic rise in ride-hailing usage and revenue, it does not seem too surprising that Asia is the largest ride-hailing market globally. Many Asia-Pacific companies have taken advantage of the surge in popularity of ride-hailing and have firmly established themselves within the ride-hailing market. The companies which dominate the ride-hailing market throughout the Asia-Pacific region are Grab, Gojek, Ola, Didi, and Uber. Uber operates in Australia, New Zealand, India, Bangladesh, Sri Lanka, Japan, South Korea, Taiwan, and Hong Kong – with headquarters based in Singapore. Not only does Uber offer ride-hailing, but it has reached Super App status, also offering food delivery services. A direct competitor with Uber is Grab – a fellow Super App company based in Singapore. Similarly to Uber,
Grab also exhibited steady progression through its increased revenue and operates food delivery and digital payment services in addition to its mobility segment. Moreover, Grab acquired Uber's Southeast Asian operations in 2018. Grab's biggest regional competitor is Indonesian company Gojek, which has displayed high numbers of monthly active users throughout Southeast Asia.
Why do consumers use shared mobility services?
Changing consumer preferences have sparked higher interest in shared mobility services. The shared mobility, or ride-sharing, services provide convenient features in multiple ways. The ride-sharing apps are usually easy to use and allow digital payments that draw in consumers. Late-hours availability, reliability, and fare transparency were other
factors influencing people to use shared mobility services in Asia. However, ride-sharing services are still not widely available in some markets.
Consumers in Indonesia, India, the Philippines, and Vietnam have expressed that unavailability of such services in their area was limiting their usage. And in other cases, it is still more expensive than public transport. Safety is another concern that the shared mobility service providers should resolve to attract more customers in the future.
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