According to the annual consolidated report on the taxi market in Vietnam by Mordor Intelligence, one of the long-standing and globally reputable market research firms, Xanh SM has emerged as the leading ride-hailing service in Vietnam, capturing 37.41% of the market share in Q4/2024. This marks a significant milestone, indicating a shift towards quality and sustainability in the tech-based transportation industry.
The report by Mordor Intelligence reveals that in the fourth quarter of 2024, Xanh SM topped the market with a 37.41% share, surpassing Grab (36.62%) and far ahead of competitors such as Be (5.55%), Mai Linh (4.81%), and Vinasun (2.44%).
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According to Mordor Intelligence, Xanh SM achieved perfect scores in categories such as service quality, geographical coverage, and customer satisfaction.
Additionally, the report indicates that the industry’s average growth rate is expected to rise rapidly to 22.7% CAGR from 2025-2030, while the previous average rate was only 4.72% due to the Covid-19 pandemic from 2020-2024.
Earlier research conducted in late 2024 by Q&Me, a leading market research company in Vietnam, also showed high customer satisfaction for Xanh SM’s electric car service at 83%, surpassing Grab (80%) and Be (68%). The willingness of customers to recommend Xanh SM’s services is remarkable, with 84% for electric taxis and 77% for electric motorbikes. Moreover, Xanh SM is the app that users spend the most on, reflecting their trust in the brand.
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Furthermore, Decision Lab, the exclusive partner of YouGov in Vietnam, released a report titled “The Connected Consumer Q1/2024,” which showed that Xanh SM had a 32% market penetration rate in the first quarter of 2024, ranking second and far ahead of other applications. Thus, Xanh SM’s market share and ranking have been consistently increasing, catching up with and surpassing its biggest competitor.
This development was anticipated by many experts, as Xanh SM’s most prominent feature is its 100% electric vehicle fleet, offering a comfortable, safe, and environmentally friendly traveling experience, along with the courtesy, politeness, and professionalism of its drivers.
Moreover, Xanh SM’s rides have significantly reduced CO2 emissions in large cities and gained widespread support from users. This strategy is not only innovative but also demonstrates Xanh SM’s strong social responsibility. In 2024, choosing Xanh SM helped Vietnamese people reduce emissions by nearly 150 million kg of CO2, equivalent to the photosynthesis of 7 million trees in a year. This number corresponds to an area of more than 2,300 hectares of forest land.
Overall, experts believe that the combination of service quality and environmental responsibility has built a unique brand image for Xanh SM, attracting a large number of customers.
Thai Son (Tuoitrethudo)
