Market Size of Indonesia Ride Hailing Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.75 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Indonesia Ride Hailing Market Analysis
The Indonesia Ride Hailing Market is valued at USD 2.67 Billion and expected to surpass a net valuation of USD 4.66 Billion, registering a solid CAGR growth of 8.75% during the forecast period.
The outbreak of COVID-19 has deeply impacted the business of Ride-Hailing in Indonesia owing to strict lockdowns prevailing across all the nations of the globe, which restricted tourists from visiting the country. Soon After Q2 2022, people again started to visit Indonesia for tourism purposes, helping the ride-hailing businesses regain their recovery.
The number of foreign tourists arriving has increased significantly, according to the Indonesian Ministry of Tourism and Creative Economy. 2.27 million foreign visitors came to Indonesia from January through September, an increase of more than 2,500 percent. The increase from the same time in 2021 was 2,530.58%. There were 538,320 visits in September alone, an increase of 10,768.46 percent over September 2021.
The market is attracting impressive investment over the online sales channel, which is slowly picking up an upward trend. Moreover, with rising internet and smartphone penetration, online booking has been witnessing a positive growth outlook. A similar scenario is anticipated to register over the forecast period. Moreover, the electric vehicle fleets in the country are expected to grow in the coming years, which will also encourage the ride-hailing services offered across the country to attract customers and curb greenhouse emissions.
Considering these aspects, demand for Indonesian ride-hailing is expected to remain on the higher side of the graph during the forecast period.
