Leading ridesharing companies
Given the dramatic rise in ridesharing 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 ridesharing and have firmly established themselves within the ridesharing market. The companies which dominate the ridesharing market throughout the Asia Pacific region are GrabTaxi, Go-Jek, Ola, and Uber Technologies, Inc. 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 ridesharing, but it has reached Super App status, offering food delivery services. A direct competitor with Uber is GrabTaxi – a fellow Super App company, based in Singapore. Similarly to Uber, Grab Taxi also exhibited steady progression through its increased revenue. Additionally, Go-Jek has displayed an astronomical number of monthly active users throughout Southeast Asia, firmly holding onto its position within the ridesharing market.
COVID-19 impacts and the future of ridesharing
The unprecedented outbreak of the coronavirus had an adverse impact on many industries throughout the Asia Pacific region. As such, the ridesharing market faced austerity and many companies made significant employee cuts to account for the losses incurred during the pandemic. Unsurprisingly, consumer spending on ride-hailing in Singapore declined throughout the pandemic, as it did in many other Asia Pacific countries. Despite the interruptions to the market which the outbreak of COVID-19 has caused, the ride-hailing industry is set to recover. Not only is recovery expected but forecasts have shown that it will become cheaper to rideshare rather than own a car by 2027. Consumers have also begun to question the necessity of car ownership now that ridesharing services have become widely available and accessible. In this regard, it can indeed be inferred that ridesharing will retain its popularity in the Asia Pacific region within the years to come.