ASEAN Taxi Market Size (2024 - 2029)

ASEAN Taxi Market Analysis

The ASEAN Taxi Market size is estimated at USD 22.70 billion in 2024, and is expected to reach USD 32.47 billion by 2029, growing at a CAGR of 7.40% during the forecast period (2024-2029).

The COVID-19 pandemic hurt the market. With social distancing norms in place, the demand for shared mobility and ride-hailing services drastically reduced in the region. Furthermore, the lockdown norms implemented in this region deteriorated the demand for the taxi market by significant margins.

Consumers were unwilling to invest heavily in commodities that were only used for a short time. As a result, the taxi services industry expanded. Booking Taxis do not require maintenance and are widely available at low prices. A lack of parking spaces in congested cities and other forms of traffic congestion drives the ASEAN region's growth.

Various factors, including population rise and economic growth, make the ASEAN countries the fastest and most attractive economic market to investors. The ASEAN region includes already developed countries like Singapore, Thailand, Malaysia, and Indonesia, while developing countries with low per capita revenue, like Vietnam and The Philippines, also see a massive Taxi demand.

The rise of electric cars providing the same utility as any taxi with the added benefit of reduced ill effects on the environment is also becoming popular amongst the developing ASEAN countries. Many young engineers and entrepreneurs with experience in design and innovation see the E-Taxis industry as a massive opportunity, especially in the ASEAN markets.

ASEAN Taxi Industry Segmentation

The taxi market refers to the industry and business sector providing transportation services to passengers in hired vehicles, commonly known as taxis or cabs. Taxis are a form of public transportation where individuals or groups can hire a vehicle, typically owned and operated by a taxi company or an independent driver, to transport them to a specific destination.

The ASEAN taxi market is segmented by booking type, vehicle type, service type, and country. By booking type, the market is segmented into online and offline booking. By vehicle type, the market is segmented into motorcycles, cars, and other vehicle types, van. By service type, the market is segmented into ride-hailing and ride-sharing. By countries, the market is segmented into the Philippines, Malaysia, Thailand, Singapore, and the rest of ASEAN.

For each segment, the market sizing and forecast have been done based on value (USD).