APAC Two-Wheeler Taxi Market Size

Asia-Pacific Two-Wheeler Taxi Market Analysis

The APAC Two-Wheeler Taxi Market size is estimated at USD 0.39 billion in 2024, and is expected to reach USD 1.17 billion by 2029, growing at a CAGR of 24.5% during the forecast period (2024-2029).

• The pandemic has adversely affected the two-wheeler taxi market. With lockdowns and restricted moments, the demand for two-wheeler taxi qs increased. The increased risk associated with crowded places with social distancing measures has hurt the growth of the market as the preference of customers has shifted towards personal vehicles. However, the country across the region is recovering and witnessing stable growth in the economy. Owing to the post-pandemic, ride-sharing services are gaining rapid pace across the region.
• Over the medium term, two-wheeler taxis are majorly used in the Asia-Pacific region, as compared to the other parts of the world. Over the past three years, motorcycle/bike taxis have been witnessing a slow rate of growth, due to cultural and societal challenges, like sitting behind strangers and rider safety. However, the above challenges are likely to reduce, owing to the ongoing regulatory amendments in the taxi industry across several Asian countries like Vietnam, India, Thailand, and other nations.
• Many start-ups have entered the two-wheeler taxi market in different countries, but very few companies have achieved success in this business. Rapido, which operates in India, is a good example of a successful bike taxi player.
• Ease of commute in congested traffic and lower fares have been the primary driving factors of this market's growth, and it is anticipated to increase in the coming years, owing to the above trends and the ongoing plans of launching bike taxis in potential markets, like Vietnam, Thailand, and others.