Thailand Ride Hailing Market Size (2024 - 2029)

The Thailand ride-hailing market has experienced significant changes in its market size, particularly following the COVID-19 pandemic, which initially disrupted demand due to lockdowns. However, the market has shown a robust recovery, driven by increased passenger preferences and the expansion of service options through mobile applications. Companies are also focusing on sustainability by converting their fleets to electric vehicles, which not only aims to reduce carbon emissions but also supports the development of public charging infrastructure and enhances consumer exposure to electric vehicles. These factors have positively influenced the market dynamics, contributing to the growth and expansion of the ride-hailing sector in Thailand.

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Market Size of Thailand Ride Hailing Industry

Thailand Ride Hailing Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 9.38 %
Market Concentration Medium

Major Players

Thailand Ride Hailing Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thailand Ride Hailing Market Analysis

Thailand Ride Hailing Market is valued at USD 2.26 billion and is expected to reach USD 4.60 billion while registering a CAGR above 9.38% during the forecast period.

During the COVID-19 pandemic outbreak, the market was severely hit because of the imposed lockdowns worldwide to curb the spread of the virus. People across Thailand avoided visiting places and reduced gatherings at public places. It reduced the ride-hailing demand across the country. Although, 2021 showcased a significant recovery post-pandemic which portrayed high demand for ride-hailing services across the country.

Recently, passenger preferences for ride-hailing services across Thailand have increased. It helped the companies to enhance the options and expand their operations to be provided in mobile applications, to retain their respective market shares in a highly competitive market.

Ride-hailing companies are working to eliminate overall vehicle carbon emissions across Thailand by converting the gasoline fleet to electric. Fleet conversion includes various direct environmental and indirect benefits for other markets. It can support the public charging infrastructure and increase individual consumer exposure to EVs. Thus, considering these factors and changing consumer preferences towards ride-hailing positively impacted the market dynamics.

Thailand Ride Hailing Industry Segmentation

Ride-hailing allows booking and paying for service through an app with a transportation network company (TNC). The market comprises vehicle types, such as motorcycles and cars.

The market is segmented by vehicle type, booking type, and end-use. Based on vehicle type, the market is segmented into two-wheeler and passenger cars. Based on booking type, the market is segmented into online and offline, and based on end-use, the market is segmented into personal and business. For each segment, market sizing and forecast have been done based on the value of USD billion.

Vehicle Type
Two-Wheeler
Passenger Car
Booking Type
Online
Offline
End-Use
Personal
Commercial
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Thailand Ride Hailing Market Size Summary

The Thailand ride-hailing market is experiencing significant growth, driven by increasing consumer preferences for convenient and accessible transportation options. The market, which faced challenges during the COVID-19 pandemic due to lockdowns and reduced public gatherings, has shown a robust recovery with a surge in demand for ride-hailing services. This recovery is supported by the rising adoption of smartphones and online booking platforms, which have become the preferred choice for customers seeking to rent vehicles. The market is further bolstered by the country's status as a major tourist destination, attracting millions of visitors who rely on ride-hailing services for mobility. Companies are expanding their operations and enhancing their service offerings through mobile applications to maintain competitiveness and cater to the growing demand.

The ride-hailing industry in Thailand is also witnessing a shift towards sustainability, with companies focusing on reducing carbon emissions by transitioning to electric vehicles. This shift not only aligns with global environmental goals but also supports the development of public charging infrastructure and increases consumer exposure to electric vehicles. The market is moderately fragmented, with key players like Grab Holdings Inc., Bolt, and AirAsia leading the charge. These companies are continuously seeking to expand their market share by offering competitive pricing and innovative services. Government regulations, such as those issued by Thailand's Transport Ministry, are shaping the market dynamics by promoting a healthy ride-hailing culture and ensuring seamless online booking processes. As the market continues to evolve, it is poised for further growth, driven by technological advancements and the expanding tourism sector.

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Thailand Ride Hailing Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Value Chain / Supply Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD Billion)

    1. 2.1 Vehicle Type

      1. 2.1.1 Two-Wheeler

      2. 2.1.2 Passenger Car

    2. 2.2 Booking Type

      1. 2.2.1 Online

      2. 2.2.2 Offline

    3. 2.3 End-Use

      1. 2.3.1 Personal

      2. 2.3.2 Commercial

Thailand Ride Hailing Market Size FAQs

The Thailand Ride Hailing Market is projected to register a CAGR of 9.38% during the forecast period (2024-2029)

Grab Holdings Inc., Bolt, Airasia, AllThaiTaxi and GoBike are the major companies operating in the Thailand Ride Hailing Market.

Thailand Ride Hailing Report Snapshots

Thailand Ride Hailing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)