United States Animal Protein Market Report and Forecast 2024-2032

Vietnam Taxi Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the Vietnam taxi market reached a value of USD 0.5 billion in 2023. Aided by the increasing urbanisation, the surge in tourism, and technological advancements in ride-hailing services, the market is projected to further grow at a CAGR of 7% between 2024 and 2032 to reach a value of USD 0.93 billion by 2032.

The taxi industry in Vietnam is undergoing a transformative phase, with traditional taxi services and app-based ride-hailing platforms co-existing and contributing to the Vietnam taxi market growth. The rapid adoption of smartphone technology and internet penetration has fuelled the rise of ride-hailing apps, such as Grab, Gojek, and Be, which offer convenient, reliable, and affordable transportation options to millions of users. These platforms have revolutionized the way people commute, providing flexibility and enhancing customer experiences with features like real-time tracking, cashless payments, and feedback systems.

Tourism influences the Vietnam taxi market outlook. With the country becoming an increasingly popular destination for international travellers, the demand for taxi services to navigate cities, tourist attractions, and remote areas has surged. Taxis offer tourists a hassle-free and accessible mode of transportation, contributing significantly to the local economy and the overall growth of the service sector.

Moreover, the Vietnamese government's initiatives to improve transportation infrastructure and regulate the taxi industry have provided a solid foundation for the market's growth. Efforts to ensure safety, standardize fares, and promote fair competition among service providers have helped build trust among users and encouraged the adoption of taxi services.

The integration of technology and innovation continues to be a key driver of the Vietnam taxi market growth. The adoption of electric and hybrid vehicles, along with initiatives to enhance driver training and service quality, are expected to further propel the Vietnam taxi market. Additionally, the exploration of advanced technologies such as artificial intelligence (AI) for route optimization and blockchain for secure transactions could redefine the operational efficiencies and customer satisfaction levels in the industry.

The taxi market is poised for continued growth, powered by technological advancements, a booming tourism sector, and supportive government policies. As the market evolves, the focus on sustainability, customer-centric services, and innovation will be paramount in shaping the future of urban transportation in Vietnam. With its vibrant growth prospects, the Vietnam taxi market is set to play a pivotal role in the country's journey towards modernisation and enhanced urban mobility.

Market Segmentation

The market can be divided based on booking type, vehicle type, and service type.

Market Breakup by Booking Type

• Online
• Offline

Market Breakup by Vehicle Type

• Cars
• Motorcycle
• Others

Market Breakup by Service Type

• Ride Hailing
• Ride Sharing

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Vietnam taxi market. Some of the major players explored in the report by Expert Market Research are as follows:

• Go Viet Technology Trading Joint Stock Company
• FASTGO Vietnam Joint Stock Company
• Grab Holdings Inc.
• Mai Linh Group
• VINATAXI Company
• Anh Duong Vietnam Joint Stock Company (Vinasun Corp.)
• Avis Budget Group Inc.
• Be Group JSC
• VATO.EC
• Thien Phong Trading Co., Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.