Bolt Eyes Continued Growth in Thailand's Ride-Hailing Market

Bolt expects Thailand's ride-hailing market to expand steadily as both Thai and international users increasingly adopt app-based transport services. The company has achieved double-digit annual growth in Thailand over the past 3-4 years, outpacing the broader industry, with millions of users already on its platform and room to grow among younger demographics and mid-to-premium market segments.

Bolt began operations in Thailand in 2020 and now serves all 77 provinces nationwide, with Bangkok, Phuket, and Chiang Mai as key markets and secondary cities as priority expansion areas. Competition varies between Bangkok and other provinces: Bangkok sees intense price and promotional competition, while other areas face more small-scale and local operators, requiring platforms to tailor strategies rather than compete on price alone.

The company positions itself as a challenger focused on long-term growth, targeting expansion at airports, event venues, and concert halls. A critical industry issue this year is upgrading standards and ensuring all drivers obtain legal public transport licenses by the September 30, 2025 deadline. Bolt currently has approximately 100,000 drivers with or in process of obtaining such licenses, up from 60,000 at year start. New drivers must obtain licenses before joining the platform, while existing unlicensed drivers face temporary service suspension to encourage compliance, with full 100-percent licensing compliance targeted by the deadline.