Ride-hailing - a booming industry

  • Business
  • Saturday, 24 Aug 2019

It is something unheard of about 10 years ago.

But today, ride-hailing service has grown to become a multi-billion dollar industry. And it is set to grow even bigger, as increasingly more people are turning to online and app-enabled platforms to solicit rides to get around town, thanks to the convenience as well as the transparent and competitively priced fees that it offers.

According to Allied Market Research, the ride-hailing services market is expected to grow to US$126.5bil by 2025 from US$36.5bil in 2017.

Internationally, Uber, Grab, Lyft and Didi are among the key players operating in the fast-expanding ride-hailing, or sometimes called e-hailing, service market.

In Malaysia, where only e-hailing for cars is available for the time being, Grab is the dominant player.

Apart from that, there are smaller players such as MyCar, Mula, EzCab and Riding Pink.

Nevertheless, competition in Malaysia’s e-hailing service market is set to heat up following the Cabinet’s approval over the week for Indonesia’s Gojek to operate in the country.

The move will open the door to motorcycle e-hailing service to operate in Malaysia. The country has previously banned bike hailing for bikes due to concerns over road safety and the impact on country’s image.

This means Singapore will remain the only Southeast Asian country that continues to ban motorcycle e-hailing service. While the city-state has opened the door to Gojek, the company is only allowed to offer car e-hailing service there, and not the service it is best known for.

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