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.
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 Southeast Asia in which Bolt operates.
"We now cover 35 cities and aim to add 15 more cities by the year-end. We aim to make our service available across Thailand," Mr Nathadon said.
Over the past three years, the company has grown its driver base by 13 times, driven by strategic pricing and the public's rising interest in shared mobility.
Mr Nathadon said the company plans to increase its investment in the country, with a greater appetite expected in 2026.
Between 2023 and 2025, it spent 300 million baht in Thailand.
He added that Bolt has growth opportunities even amid the economic challenges. It has spent more on boosting brand recognition, incentives for drivers and promotional campaigns to challenge the top three players in the ride-hailing sector.
He noted the decline in foreign clients, especially Chinese tourists, with their frequent usage falling by 50%, while the number of domestic passengers remains at the normal rate.
According to Bolt, about 25% of ride-hailing users in Thailand are foreign tourists, accounting for 20.1 million rides in 2024.
He said the ride-hailing sector helps reduce commuting time and improves societal movement.
In Thailand, average commute times exceed one hour and 16 minutes daily, highlighting the need for more efficient transport options.
Bangkok's congestion index rose from 60 in 2023 to 137 in May 2025, ranking 11th globally.
Parking infrastructure is strained, with informal parking causing bottlenecks and enforcement challenges.
According to Bolt's Economic Impact Report survey of 1,200 respondents, 82% believe ride-hailing is a real alternative to owning a car, while 64% use ride-hailing 3-4 times a week.
Youngsters, particularly members of Gen Z, prefer ride-haling over private car ownership.
Attitudes towards car ownership are also shifting with 12.5% of non-car owners having sold their vehicles.
"Ride-hailing adoption in Thailand is still less than 10% of the population. We can grow more to increase the adoption rate, particularly upcountry. Our fares vary according to region," said Mr Nathadon.
He added that Bolt will increase new usage models and provide more new safety features for passengers.