Key regions: Malaysia, Thailand, United States, Indonesia, South America
The ride-hailing market in Thailand has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Thailand have shifted towards convenience and efficiency, leading to the rise in popularity of ride-hailing services. With increasing urbanization and traffic congestion in major cities like Bangkok, customers are looking for alternative transportation options that can help them navigate through the city quickly and easily. Ride-hailing services provide a convenient solution by offering on-demand transportation at the tap of a button, eliminating the need to wait for taxis or navigate public transportation systems. Additionally, the ability to track the location of the vehicle and estimated time of arrival provides customers with a sense of security and peace of mind. Trends in the ride-hailing market in Thailand reflect global patterns, but with some unique local characteristics. One of the key trends is the growing adoption of ride-hailing services by younger generations. Millennials and Gen Z, who are more tech-savvy and comfortable with using smartphone apps, are increasingly turning to ride-hailing platforms for their transportation needs. This demographic shift is driving the overall growth of the market and shaping the future of mobility in Thailand. Another trend in the market is the expansion of ride-hailing services beyond major cities. Initially, ride-hailing platforms were primarily available in Bangkok and other major urban centers. However, as the market has matured and competition has intensified, ride-hailing companies have begun expanding their services to secondary cities and even rural areas. This expansion is driven by the desire to tap into new customer segments and capture untapped market potential. Local special circumstances in Thailand also play a role in the development of the ride-hailing market. The country's growing middle class and increasing disposable income levels have contributed to the rising demand for ride-hailing services. Additionally, the government's push for digital transformation and the promotion of a cashless society have created an enabling environment for the growth of ride-hailing platforms. Moreover, the popularity of ride-hailing services among tourists and expatriates in Thailand has further fueled the market expansion. Underlying macroeconomic factors, such as GDP growth, urbanization, and technological advancements, have also influenced the ride-hailing market in Thailand. The country's steady economic growth has led to an increase in disposable income, allowing more people to afford ride-hailing services. Urbanization has created a conducive environment for ride-hailing platforms, as densely populated cities provide a large customer base and higher demand for transportation services. Technological advancements, including the widespread adoption of smartphones and the availability of high-speed internet, have made it easier for customers to access ride-hailing services and for companies to operate efficiently. In conclusion, the ride-hailing market in Thailand is experiencing rapid growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The convenience, efficiency, and expanding availability of ride-hailing services have made them a popular choice among Thai customers, particularly younger generations. As the market continues to evolve, ride-hailing companies are likely to further expand their services and innovate to meet the changing needs of customers.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings and revenues of ride-hailing services.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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