HÀ NỘI — Xanh SM has risen to lead the technology taxi sector, capturing 37.41 per cent of the market share in the fourth quarter of 2024, according to the annual summary report on Việt Nam's taxi market by Mordor Intelligence.

This surpasses Grab, which holds 36.62 per cent, and places Xanh SM far ahead of other competitors such as Be (5.55 per cent), Mai Linh (4.81 per cent) and Vinasun (2.44 per cent).

Xanh SM operates in two main fields, electric taxis and rental of electric cars and motorcycles from VinFast.

Mordor Intelligence attributes Xanh SM's success to its exceptional performance in service quality, geographical coverage and customer satisfaction. The report also forecasts a significant acceleration in the industry's average growth rate, projecting a compound annual growth rate (CAGR) of 22.7 per cent from 2025 to 2030, a notable increase from the previous average of 4.72 per cent during the 2020-24 period, which was impacted by the COVID-19 pandemic.

 

This confirms previously data and research conducted at the end of 2024 by Q&Me - a leading company in the field of market research in Việt Nam - showing Xanh SM's strong market position and growing consumer trust in Việt Nam's ride-hailing industry. The high customer satisfaction (83 per cent) and recommendation rates (84 per cent for electric taxis and 77 per cent for electric motorbikes) indicated a positive user experience, likely driven by service quality, sustainability efforts, and pricing strategies.

A Decision Lab report reinforced Xanh SM’s rapid market penetration, with it taking a 32 per cent share in Q1/2024, in second place. This fast growth suggests that Xanh SM is not only competing with Grab and Be but also positioning itself as a dominant player, particularly in the eco-friendly transport sector.— VNS