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Vietnam Taxi Market Size, Share, Trends, Growth, Forecast: By Booking Type: Online, Offline; By Vehicle Type: Cars, Motorcycle, Others; By Service Type: Ride Hailing, Ride Sharing; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Vietnam Taxi Market Outlook
The Vietnam taxi market size was approximately USD 0.5 billion in 2023. The market is assessed to grow at a CAGR of 7% between 2024 and 2032, reaching a value of USD 0.93 billion by 2032.
Key Trends in the Market
Taxis have become an inseparable part of the urban landscape, a majority of the population uses them to reach the nearest airport, gas station, or hospital. The different types of taxi services available include ridesharing and ride hailing. Ridesharing allows you to share the travelling vehicle with other travellers, reducing fairs and carbon emissions. Ride hailing eliminates the hassle of looking for parking spaces and provide the travellers a convenient travelling experience.
- Taxi operating firms in Vietnam have adopted app booking due to increasing digitalisation in the country, supporting the Vietnam taxi market growth. The convenience offered through these booking services along with the option of pre-booking is boosting their popularity in Vietnam.
- Multimodal transportation companies like Uber in Vietnam have announced plans for lateral expansion into other services like food delivery, parcel shipment, and shopping services. This is because of their conviction to provide services that meet the evolving consumer requirements. This is one of the key Vietnam taxi market trends shaping the market dynamics.
- Traditional taxi services have no waiting period in Vietnam. This facilitates consumers in taking rides quickly. It also helps them in reaching destinations with poor route optimisation on Google Maps quickly by relying on the experiences and knowledge of local drivers who are more familiar with routes and shortcuts of the city, thus, boosting the Vietnam taxi market demand.
Market Segmentation
Based on booking type, the market is bifurcated into online and offline. On the basis of vehicle type, the market can be divided into cars and motorcycle, among others. The Vietnam taxi market segmentation, based on service type, includes ride hailing and ride sharing.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Vietnam taxi market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
Market Share by Vehicle Type
As per the Vietnam taxi market analysis, motorcycles are expected to constitute a significant share in the market. This is because they have good speed and charge lower fares, thereby becoming an increasingly cost and time effective option for regular commuters. They can be steered more easily as compared to cars on congested roads and can bypass other vehicles on road quickly, reducing the travel time. Various customers also prefer hailing motorcycle due to their relatively inexpensive and economic nature.
Market Share by Service Type
Ride hailing is expected to account for a significant Vietnam taxi market share owing to the rise of online apps for cab-booking and route searching. This feature enables traditional taxi operators and big multi-transportation companies to track the passenger, ensuring their safety.
Meanwhile, ride sharing is expected to an increase in popularity over the forecast period due to increasing traffic and congestion in urban cities in Vietnam. Rising environmental consciousness among consumers is further expected to boost the popularity of ride sharing services.
Competitive Landscape
Grab Holdings Inc. was founded in 2021 and is headquartered in Singapore. It enables consumers to order food and groceries online, book rides, make online purchases, and receive financial services like insurance, wealth management, and mortgage loans. It operates in 500 cities across 8 different countries in Southeast Asia. This includes Vietnam, Indonesia, Myanmar, and Cambodia, among others.
VINATAXI Company was established in October 1992 and is headquartered in Tan Phu District of Vietnam. It provides ride hailing services that are paid via prepaid vouchers or a postpaid card. Its taxis are highly comfortable with spacious interiors and good quality music systems, with an LCD screen to watch movies and television shows.
Avis Budget Group Inc. was incorporated in 1994 and is headquartered in New Jersey, United States. It is mainly engaged in providing car rental and ride sharing services to people and has a significant global presence. Its rental taxis include luxury cars and specialty use vehicles, among others. Some of its most popular mobility brands include Avis, Budget, and Zipcar.
Other major players in the Vietnamese taxi market include Go Viet Technology Trading Joint Stock Company, FASTGO Vietnam Joint Stock Company, Mai Linh Group, Anh Duong Vietnam Joint Stock Company (Vinasun Corp.), Be Group JSC, VATO.EC, and Thien Phong Trading Co., Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Booking Type |
|
| Breakup by Vehicle Type |
|
| Breakup by Service Type |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Taxi Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Taxi Historical Market (2018-2023)
8.3 Asia Pacific Taxi Market Forecast (2024-2032)
8.4 Asia Pacific Taxi Market breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 Vietnam
8.4.7 Others
9 Vietnam Taxi Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Taxi Historical Market (2018-2023)
9.3 Vietnam Taxi Market Forecast (2024-2032)
10 Vietnam Taxi Market by Booking Type
10.1 Online
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Offline
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Vietnam Taxi Market by Vehicle Type
11.1 Cars
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Motorcycle
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Others
12 Vietnam Taxi Market by Service Type
12.1 Ride Hailing
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Ride Sharing
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Go Viet Technology Trading Joint Stock Company
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 FASTGO Vietnam Joint Stock Company
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Grab Holdings Inc.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Mai Linh Group
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 VINATAXI Company
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Anh Duong Vietnam Joint Stock Company (Vinasun Corp.)
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Avis Budget Group Inc.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Be Group JSC
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 VATO.EC
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Thien Phong Trading Co., Ltd.
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Taxi Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Taxi Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Taxi Historical Market: Breakup by Booking Type (USD Billion), 2018-2023
4. Vietnam Taxi Market Forecast: Breakup by Booking Type (USD Billion), 2024-2032
5. Vietnam Taxi Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
6. Vietnam Taxi Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
7. Vietnam Taxi Historical Market: Breakup by Service Type (USD Billion), 2018-2023
8. Vietnam Taxi Market Forecast: Breakup by Service Type (USD Billion), 2024-2032
9. Vietnam Taxi Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 0.5 billion.
The market is estimated to grow at a CAGR of 7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 0.93 billion by 2032.
The market is being driven by increasing popularity of ride sharing services due to increasing traffic and congestion in Vietnam and provision of various safety features by several taxi companies including live location sharing to ensure the safety of the passengers.
The key trends aiding the market expansion include adoption of digital technologies by taxi firms and lateral expansion plans of ride hailing companies.
Taxis can be booked through either online or offline mode.
The major vehicle types include cars and motorcycle, among others.
The key players in the market are 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, and Thien Phong Trading Co., Ltd., among others.
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