Uber Reports Growth in South Korea Market

Uber's CEO Dara Khosrowshahi reported significant growth in South Korea, where the company has managed to capture about 20% of local taxi drivers despite Kakao's dominance with over 90% market share. Following a rebranding to Uber Taxi in March 2024, Uber has seen a nearly 80% increase in passengers, particularly benefiting from a surge in international travelers. Khosrowshahi emphasized that drivers using the Uber platform earn more and have increased workloads, contributing to its appeal. The company initially entered the South Korean market in 2013 but exited due to restrictive regulations, only to re-enter in 2021 through a joint venture with SK Group. Uber's commitment to collaborating with local regulations and its growing presence signals potential for market disruption against Kakao. The CEO remains confident that Uber's market share will continue to grow as they adapt to local dynamics.