Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 93

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4
Chunk 93
---
 an integral part of the transportation networks of the cities we serve, and of the lives of our customers.

Market Overview

We compete in Türkiye’s shared mobility
market, which is a subset of the $55-$65 billion consumer mobility market in the country. Mobility is currently in high demand in
Türkiye due to a variety of factors, including, but not limited to, inadequate public transportation options, limited taxi penetration,
heavy traffic, and high costs of private car ownership. According to the McKinsey & Company’s Turkish Consumer Mobility Market
Assessment from 2021, the size of the shared mobility market in Türkiye is currently $10-$15 billion, with car rental and car
sharing comprising approximately $1 billion to $3 billion and taxis (licensed and unlicensed) comprising the remaining $9 billion
to $12 billion.

Marti is currently the largest ride-hailing operator
in the country and was the category creator in Türkiye for the shared e-scooter, e-bike, and e-moped markets that make up the two-wheeled
electric vehicle portion of the shared mobility market. As of December 31, 2024, we have approximately 262,000 registered drivers, including
approximately 208,000 registered drivers in Istanbul, in contrast to approximately 20,000 taxis serving the city of Istanbul. Prior to
the commencement of Marti’s operations, these methods of shared transportation were not available to Turkish consumers. Our goal
is to grow in market share and compete with traditional shared mobility providers as well as public and private transportation riders
from the larger consumer mobility market, whose customers increasingly prefer the more convenient, available, and economical services
that we offer. We also believe that our modalities continue to attract new customers to the shared mobility market. We believe we will
continue to increase our share of the shared mobility market via our ride-hailing service and two-wheeled electric vehicles.

The consumer mobility and shared mobility markets
in Türkiye are forecasted to increase to at least $65 billion and $16 billion, respectively, by 2030, according to McKinsey &
Company. Based on our revenue as of December 31, 2024, our business currently represents less than 1% of the shared mobility market. Therefore,
in part due to our ability to provide increased vehicles and mobilities, as well as our strong brand recognition, we believe that we are
well-positioned to grow rapidly and capture significant additional market share in the urban transportation