Tourism growth attracts foreign taxi companies to Greece
After Free Now and Uber, another multinational company with the purpose of providing hired transportation services, Bolt, has begun operating in the Greek market.
The company, which was established in Estonia, announced last Thursday, it has created a Greek version of its app, which has been operating in Athens for several days, which implies that Bolt’s managers have made a large number of agreements with local taxi drivers.
The high performance of tourism, combined with the limited cost of starting operations in the Greek market and the difficulty of finding parking spaces, are some of the main reasons why taxi services attract new players.
As Sotiris G. Tsigaridis, General Manager of Rides Bolt Cyprus and Greece, explains to Kathimerini, “Greece is a dynamic country, with tourism being a strong pillar of the economy throughout history. It records high performance, attracting citizens throughout the year who seek quality services and unique experiences in a multitude of destinations across the country.”
He cites data from the Association of Greek Transport Engineers, based on the average time to travel 10 kilometers within the city is almost 30 minutes, with Athens ranking eighth in Europe, based on this specific criterion.
According to the Greek regulatory regime, the taxi profession remains closed, as the issuance of new licenses is not allowed. In Athens, today, there are approximately 13,600 valid traxi permits.
According to a recent study by the National Technical University of Athens, by 2030, on a daily basis, the number of passengers using taxi rental applications is estimated to increase from 650,000 to up to 770,000 passengers, while the total number of trips (by all means of transport) is estimated to exceed 7 million (from 6.4 million in 2024) in the same decade. Globally, the value of the car rental services market is estimated to reach 200 billion euros by 2028, showing an annual growth rate of 6.83%.
In Europe, the estimated revenues of this market amounted to approximately €19 billion in 2024 and are expected to reach €22 billion in 2028. Accordingly, the annual growth rate is set at 3.6% from 2024 to 2028. The regulatory regime of taxi rental platforms is not uniform in Europe, given that their operation is prohibited in a large number of countries. However, according to research, the number of those using taxi rental applications is estimated to increase from 19.8% in 2024 to 22.2% in 2028.
As Tsigaridis states, Bolt’s experience in other European markets demonstrates that the on-demand mobility sector in Greece has got considerable scope for growth.
“The growing popularity of ride-hailing services, fueled by tourism and urban development, is fully aligned with our strategy. We believe that our entry into the Greek market will create a more competitive environment, to the benefit of both consumers and industry professionals. At the same time, we provide taxi drivers with an additional source of customers and revenue,” he adds.
Abroad, the company offers food delivery and micromobility services (scooters, electric bikes). However, for now, Bolt is focused on providing hired work through cooperating taxi drivers in Greece.
Dimitris Delevegos-Kathimerini
