Bolt plans to up Thai investment, challenge top three players

Despite unfavourable economic conditions, Estonia-based ride-hailing app Bolt plans to increase its investment in Thailand next year, aiming to challenge the top three players.

- SUCHIT LEESA-NGUANSUK

The company plans to increase its brand visibility and expand service coverage, while offering the lowest service fees among rivals. It aims to keep such fees 40% lower than those of its rivals.

Bolt found Gen Z's attitude has shifted towards ride-hailing, instead of owning a private car.

According to Mordor Intelligence, Thailand's ride-hailing market is expected to reach US$2.55 billion in 2025, then rise to $4.01 billion by 2030.

Thailand's cities are at a tipping point with over 20 million registered vehicles and one of the world’s worst rates of traffic congestion. Ride-hailing services can play a major role in helping improve the quality of air in the country’s cities, said Nathadon Suksiritarnan, general manager of Bolt Thailand.

Thailand is the first country in South-east Asia in which Bolt operates.