“We are growing significantly faster than the market, and we’re confident that our market share will only grow from here,” Khosrowshahi told reporters. His remarks come as Uber continues to make strides in a market where Kakao holds more than 90% of the taxi-hailing share.
Uber initially entered South Korea in 2013 but exited due to stringent regulations that required companies to have taxi licenses to operate ride services. The company made a comeback in 2021 through a joint venture with SK Group, forming UT. This joint venture’s taxi-hailing service was rebranded as Uber Taxi in March 2024.
Khosrowshahi highlighted that about 20% of South Korean taxi drivers are now using the Uber Taxi platform. The company has seen a nearly 80% increase in passenger numbers year-on-year during the first half of 2024, with international travelers’ usage more than doubling since the rebranding.
“The fact is that a taxi driver who uses the Uber app will make more money and be busier,” Khosrowshahi said, emphasizing the benefits for drivers who join the Uber platform.
Despite its current smaller share of the market, Uber’s CEO remains confident that its growth trajectory will continue to accelerate. The company’s strategy involves expanding its driver base and leveraging increased demand from both local and international users to capture a larger slice of the South Korean ride-hailing market.
As Uber navigates the competitive landscape dominated by Kakao, its efforts to innovate and adapt to local regulations seem to be paying off, setting the stage for continued growth in one of Asia’s most challenging markets.
Tags:
Uber, DaraKhosrowshahi, SouthKorea, TaxiHailing, Kakao, MarketShare, RideHailing, SKGroup, UberTaxi, SouthKoreanMarket
hii Aditi Sahu this side..
As an author and writer specializing in investment and finance , I am dedicated to delivering insightful articles and news stories that inform and engage the investment community . My focus is on providing timely and relevant content that covers market trends , innovative strategies , and key financial development . My goal is to equip investors with the knowledge and insights needed to make informed decisions and succeed in a dynamic financial environment.
