Xanh SM ranks 2nd in Vietnam's ride-hailing market after only 7 months

Xanh SM rose to second place in the technology-based ride-hailing market, just behind Grab.

On March 12, India-based market research firm Mordor Intelligence released a 144-page report on the ride-hailing market in Vietnam.

Specifically, according to research by Mordor Intelligence, the ride-hailing market in Vietnam in 2023 will be worth 727.73 million USD, estimated to reach 880 million USD in 2024 and expected to increase to 2.16 billion USD in 2029.

The annual growth rate in the period 2024 - 2029 is at 19.5%, meaning that after about 4 - 5 years, the market size will double, showing room and growth potential.

According to Mordor Intelligence, the emergence of Xanh SM in 2023 has created a revolution in the Vietnamese technology-based ride-hailing industry, disrupting the rankings and market shares of service providers in the industry.

Statistics on the number of vehicles and trips per day of technology taxi companies in Vietnam in December 2023

Specifically, Xanh SM has risen to occupy the second largest market share in the fourth quarter of 2023, after just over 7 months of officially entering the market.

In particular, Xanh SM's market share is now twice that of its previous competitor, Be Group, which held the second position in the market (18.17% compared to 9.21%).

Mordor Intelligence also noted that Xanh SM is currently leading in terms of number of vehicles owned and number of trips per day in the traditional taxi sector, compared to units owning self-employed fleets.

Compared to other units in both the traditional taxi and technology-based ride-hailing sectors, Xanh SM is rated highest in terms of service quality, coverage, fleet size and customer satisfaction.

With such impressive growth rate, Xanh SM is being recognized as a phenomenon "TikTok Shop in the technology-based ride-hailing industry".

Source: https://xe.baogiaothong.vn/thi-truong-goi-xe-cong-nghe-viet-nam-tri-gia-880-trieu-usd-192240314210605535.htm