Key regions: Malaysia, Thailand, United States, Indonesia, South America
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.
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.
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