Asia-Pacific Ride-Hailing Market Assessment, By Mode of Booking [Online, Offline], By Offering [Affordable, Premium], By Vehicle Type [Two-Wheeler, Three-Wheeler, Four-Wheeler], By Propulsion Type [Internal Combustion Engine (ICE), Electric], By Region, Opportunities and Forecast, 2018-2032F

Asia-Pacific ride-hailing market is projected to witness a CAGR of 12.10% during the forecast period 2025-2032, growing from USD 47.29 billion in 2024 to USD 117.93 billion in 2032. The market has experienced significant growth in recent years and is expected to maintain a decent expansion in the coming years owing to convenience, rapid urbanization and growing disposable income.

Report Attribute	Details
Base Year of the Analysis	2024
Historical Period	2018-2023
Forecast Period	2025-2032
Projected Growth Rate	CAGR of 12.10% between 2025 and 2032
Revenue Forecast in 2032	USD 117.93 billion

China, India and some Southeast Asian nations witnessed growing urbanization which directly raises demand for convenient transport. Currently, the availability of smartphones and mobile internet makes it convenient for users, that they can easily download and use applications belonging to the ride-hailing platform which further drives the Asia Pacific ride-hailing market growth. Moreover, increasing levels of disposable income make sure that more consumers will be willing and able to buy such services, propelling the demand for ride-hailing services across emerging countries. The problems with traffic jams and insufficient parking in large cities have increased the demand for ride-hailing opportunities for market players. Also, user engagement has been boosted and services developed due to technological improvements in the use of artificial intelligence, machine learning, and big data analytics. The favorable government policies and increasing adoption of environmentally friendly transport such as electric cars also play a very important role in driving this market more significantly in the forecast period.

The market for ride-hailing services in India is on the rise. It is bolstered by technology, of which sustainability remains a primary concern in the growth and development of organizations. Traditional vehicles that rely on fuel are slowly being replaced in the ride-hailing market because of the adoption of electric vehicles (EVs). The current government policies have initiated positive responses towards the usage of EVs and the changing consumer behavior along with global trend points towards strong growth in the future utilization of EVs within ride-hailing services.

For instance, in July 2024, the Small Industries Development Bank of India (SIDBI) and Blu-Smart Mobility Pvt Ltd launched over 140 electric cars for ride-hailing service in Delhi. This initiative was attended by representatives from the Indian government and other agencies. The initiative aims to enhance electric vehicle adoption in Delhi, to support the progressive Delhi EV Policy, and to address air pollution.

Urbanization and Congestion Relief Drives Market Growth

Population in most of the Asia-Pacific cities is expanding rapidly through urbanization, such that problems related to traffic congestion impacting traditional transport systems have become uncontrolled. When more people start moving to urban areas it results in overcrowding in those areas and increases demand for ride-hailing services.

Ride-hailing services are also addressing first-mile connectivity issues, where gaps exist between homes and public transport facilities. Furthermore, congestion costs force consumers to look for opportunities to minimize the time spent on the road. Furthermore, people are also changing preferences, and all these changes are positive for the environment. Since most governments of the region are environmentally sensitive and tend to consider and promote environmentally friendly products and services, they try to improve electric vehicles such as taxi services and other public transport means. Ride-app inclusiveness to electric vehicles (EVs) also captures this trend, running well with the self-service users, and green mobility solutions.

For instance, in March 2024, Airports of Thailand (AOT) joined forces with China's GAC Aion to introduce electric taxi services since January. The initiative aims not only to enhance passenger experience but also to propel the airport towards a greener future.

Digital Payments and Safety Trends Fuel the Asia-Pacific Ride-Hailing Market Growth

Digital payment solutions have been identified as the key factors that are fuelling the growth of the ride-hailing market in the Asia-Pacific. Customers have recently shifted from using cash to transact with merchants through moving to the use of mobile wallets and other QR-code business solutions as well as many other innovations of financial technology. Such developments have ultimately made it easier for users of ride-hailing services to make payments without uncertainty and inconveniences. This has greatly improved the usability of the payment process making it easier for users to make multiple and frequent uses of the ride-hailing services.

Also, in recent years, more people have shifted towards contactless transactions due to convenience and security. This trend is expected to grow, driven by rising consumer demand and regulatory support for digital payments, ultimately making ride-hailing transactions smoother and more efficient.  

For instance, in December 2024, Hong Kong taxi drivers were instructed to fit electronic payment and navigation, dash cams and onboarded surveillance systems in the next two years. The primary objective of this initiative is to enhance service delivery and can be explained under the general theme of lending innovative solutions in the transportation industry.

Four-Wheelers Dominate the Asia-Pacific Ride-Hailing Market

Four-wheelers are safer and more comfortable for passengers than two-wheelers and three-wheelers, especially in regions with developing traffic systems and bad weather. Moreover, with the increase in the middle-aged income earners and growing urbanization, the need for efficient and comfortable transport sectors increased what four-wheeler offers. The authorities in many countries provide stipulations to four-wheelers because of their safety and ability to carry more people.

Over the last few years, electric four-wheelers incorporated into the ride-hailing sector. It also expected the Asia-Pacific to be the largest market for electric vehicles-taxi due to government promotion of EVs and increasing concern over environmental regulations. Government programs to increase consumers’ demand for electricity, including rebates for purchasing electric cars, increasing the availability of charging stations to purchase electric cars, and investments in infrastructure for electric vehicles are also fostering the replacement of fleet cars with electrically powered ones.

Ride-hailing giant Uber has teamed up with Chennai-based Refex Green Mobility to deploy 1,000 electric four-wheelers across key Indian cities by 2026. The EVs will be introduced in Chennai, Hyderabad, Bengaluru, and Mumbai as part of Uber’s push for zero-emission mobility. This aligns with Uber’s global goal of offering 100% emission-free rides by 2040.

For instance, in December 2023, electric mobility startup Blu-Smart Mobility Pvt Ltd raised USD 24 million in a fresh round of funding to build large-scale charging superhubs that would enable the expansion of its electric ride-hailing services.

India is Expected to Hold a Significant CAGR During the Forecast Period

India is rapidly establishing itself as a pivotal growth region in the Asia-Pacific ride-hailing market, fueled by a variety of socio-economic and technological factors. The widespread adoption of smartphones has made it easier for people to access ride-hailing services, which is further supported by the country's rising urbanization and expanding middle class. The growing population of tech-savvy consumers is increasingly relying on ride-hailing services for daily commutes, long-distance travel, and other transportation needs.

Also, the policies relating to the use of electricity as a means of propulsion in automobiles by the Indian government have been of immense interest. The government has a goal to make cities less polluted and the use of rides-for-hire services is one of the measures which has encouraged the use of EVs. This focus on gradual advancement in the use of environmentally friendly services correlates with the goal across the world and with the image of India as a progressive participant in the ride-hailing services market.

For instance, the official government Vahan portal that tracks the records of all registered vehicles in India reveals that the yearly registration of electric motor cabs in Delhi was 161 in 2018 and 2,516 in 2022. Regarding the use of electric cabs, only 1.18% of new electric cars were operational in Delhi in 2018, increasing to 3.74% in 2019, 20.3% in 2020, 36% in 2021 and 49.1% in 2022. Today almost half of the registered cabs in Delhi are electric cabs.

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Future Market Scenario (2025 – 2032F)

• The Asia-Pacific ride hailing market is expected to grow significantly, owing to the increasing smartphone adoption and urbanization.
• Initiatives like Digital India and smart city projects are facilitating market expansion.
• The shift towards electric and hybrid vehicles is expected to enhance the sustainability and cost-efficiency of the ride-hailing market in the Asia-Pacific.
• Continuous collaborations and partnerships by major key players are expected to enhance operational efficiency and service offerings in the Asia-Pacific market.

Report Scope

“Asia-Pacific Ride-Hailing Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the Asia-Pacific ride-hailing market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Segments Covered	Mode of Booking, Offering, Vehicle Type, Propulsion Type
Countries Covered	China, Japan, India, and South Korea
Key Companies Profile	DiDi Global Inc, Uber Technologies Inc., BluSmart Tech Pvt Ltd, Grab Holdings Limited, Lyft, Inc., PT GoTo Gojek Tokopedia Tbk, Roppen Transportation, Ola Electric Mobility Pvt Ltd, InDrive (SUOL INNOVATIONS LTD), Nihon Kotsu Co., Ltd.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, the Asia-Pacific ride-hailing market has been segmented into the following categories: 

• By Mode of Booking
  • Online
  • Offline
• By Offering
  • Affordable
  • Premium
• By Vehicle Type
  • Two-Wheeler
  • Three-Wheeler
  • Four-Wheeler
• By Propulsion Type
• Internal Combustion Engine (ICE)
• Electric
• By Country
  • China
  • Japan
  • India
  • South Korea

Key Players Landscape and Outlook

Existing players in the Asia-Pacific ride-hailing sector are positioning themselves for a changing market by developing and adding new services that meet customers’ emerging needs. Many companies are not only expanding outside the concept of app-based ride-hailing but are also investing in electric bikes, electric cars and even future concepts like flying cars. In addition, the new entrant companies are further increasing competition and pushing the pace of innovations in the market.

Business entities are engaging in strategic alliances like partnerships and collaborations with each other to acquire market presence and meet emerging requirements in the market. For instance, in October 2024, ride-hailing giant Uber Technologies Inc. formed a strategic partnership with Shadowfax, a logistics services company based in Bengaluru to boost its UberMoto bike-taxi services. The partnership brings a broader base to UberMoto as it will gain access to Shadowfax’s fleet of more than 200,000 two-wheelers besides benefiting from adding more drivers and penetration of more cities across India.

Key Players Operating in the Asia-Pacific Ride-Hailing Market are:

• DiDi Global Inc
• Uber Technologies Inc.
• BluSmart Tech Pvt Ltd
• Grab Holdings Limited
• Lyft, Inc.
• PT GoTo Gojek Tokopedia Tbk
• Roppen Transportation
• Ola Electric Mobility Pvt Ltd
• InDrive (SUOL INNOVATIONS LTD)
• Nihon Kotsu Co., Ltd

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