Market Size of Vietnam Taxi Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.5 Billion |
| Market Size (2029) | USD 0.96 Billion |
| CAGR (2024 - 2029) | 11.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vietnam Taxi Market Analysis
The Vietnam Taxi Market size is estimated at USD 0.5 billion in 2024, and is expected to reach USD 0.96 billion by 2029, growing at a CAGR of 11.80% during the forecast period (2024-2029).
Over the medium term, passengers' preferences for utilizing taxi services and ride-sharing services across the country are expected to increase. Hence, this is likely to lead the companies to enhance the options and expand their operations to be provided in mobile applications to retain their respective market shares in a highly competitive market.
Internet penetration, the rise in living standards, and the emergence of local players are slowly shifting the landscape. Over the forecast period, the rising demand and the market scenario are expected to be graphically different and favor on-demand transportation services.
The reduced taxi fares and ease of booking through mobile applications are the major factors that drove the modern taxi service to capture a major share of the Vietnamese taxi market. Moreover, vehicle booking through phone calling and hailing on the streets continue to exist as a major service among popular taxi firms like Mai Linh, Vinasun, Vinataxi, TaxiGroup, Hoang Long, etc. Thus, traditional taxi service has a major share of the Vietnamese taxi market.
Among the cities in Vietnam, Hanoi is likely to grow at a faster rate owing to the launches of new ride-hailing services from companies like Grab, Fast Go, Gojek, etc., and such developments are anticipated to continue over the forecast period.
Vietnam Taxi Industry Segmentation
A taxi is a vehicle that can be hired for short-term purposes alongside the driver to transport people from one point to another. The Vietnamese taxi market report covers the latest trends, followed by technological developments in the market. The scope of the report covers segmentation based on Booking Type, Service Type, and Vehicle Type.
By Booking Type, the market is segmented into Offline and Online booking. By Service Type, the market is segmented into Ride-Hailing and Ride-Sharing. The market is segmented by Vehicle Type into Motorcycles, Cars, and Other Vehicle Types (Vans). For each segment, the market sizing and forecast have been done on the basis of value (USD billion).
| Booking Type | |
| Offline | |
| Online |
| Service Type | |
| Ride-Hailing | |
| Ride-Sharing |
| Vehicle Type | |
| Motorcycle | |
| Cars | |
| Othe Vehicle Type (Van) |
Vietnam Taxi Market Size Summary
The Vietnam Taxi Market, which includes both traditional taxis and ride-sharing services, has experienced a shift in customer preferences due to the Covid-19 pandemic. The market has seen a decline in demand due to increased risk associated with crowded places and social distancing measures. However, over the medium term, the demand for taxi services and ride-sharing is expected to increase, leading to an expansion of mobile application offerings from taxi companies. The market landscape is gradually changing due to internet penetration, rising living standards, and the emergence of local players, favoring on-demand transportation services. The Vietnam Taxi Market is also experiencing major trends such as the rise of motorcycle ride-hailing services and the dominance of online booking. The taxi industry, which has been a long-standing contributor to the economy, is now being replaced by the rising demand for ride-hailing and taxi sharing. The increasing sales of motorbikes in Vietnam and their integration into the ride-hailing industry has led to the emergence of app-based motorbike taxi services. Meanwhile, online booking is dominating the market due to the ease of booking through apps, increased internet usage, and the availability of detailed information within the app. Major operators are now focusing on providing ride-sharing services to meet the increasing demand for low taxi fare services.
Explore MoreVietnam Taxi Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.1.1 Rapid Urbanization and Demand for Convinient Transportation
-
-
1.2 Market Restraints
-
1.2.1 Traffic Congestion in Major Cities
-
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD billion)
-
2.1 Booking Type
-
2.1.1 Offline
-
2.1.2 Online
-
-
2.2 Service Type
-
2.2.1 Ride-Hailing
-
2.2.2 Ride-Sharing
-
-
2.3 Vehicle Type
-
2.3.1 Motorcycle
-
2.3.2 Cars
-
2.3.3 Othe Vehicle Type (Van)
-
-
Vietnam Taxi Market Size FAQs
How big is the Vietnam Taxi Market?
The Vietnam Taxi Market size is expected to reach USD 0.5 billion in 2024 and grow at a CAGR of 11.80% to reach USD 0.96 billion by 2029.
What is the current Vietnam Taxi Market size?
In 2024, the Vietnam Taxi Market size is expected to reach USD 0.5 billion.
