Size of private-hire car services market in S’pore to nearly double by 2025, says Temasek and Google
SINGAPORE — Private-hire car services such as Uber and Grab are expected to keep growing.
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SINGAPORE — Private-hire car services such as Uber and Grab are expected to keep growing.
A joint report by Google and Temasek Holdings found that last year, this market was worth US$800 million, and it is expected to grow to US$1.5 billion in Singapore (S$2.1 billion) by 2025.
In comparison, the Indonesian market is the same size as Singapore’s currently, but will soar to US$5.6 billion in 10 years — the highest of all six South-east Asian countries studied in the report.
On the whole, the private-hire car services market is predicted to grow from US$2.5 billion last year to US$13.1 billion by 2025. The number of active riders per 30 days in all six countries is slated to grow from 7.3 million to 28.7 million in that period. Indonesia will have the highest number of active riders at 15.4 million, as compared to 1.5million riders for Singapore.
It added that Singapore will continue to record the highest fare per trip, three times that of the average fare in South-east Asia.
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