Market Size of ASEAN Taxi Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 22.70 Billion |
| Market Size (2029) | USD 32.47 Billion |
| CAGR (2024 - 2029) | 7.40 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
