The Indian shared mobility market will witness a massive 56.8% CAGR between 2020 and 2025. At this rate, the revenue generated from the provision of such services across the country is expected to increase from $1,025.8 million in 2019 to $3,952.8 million by 2025, according to P&S Intelligence.
Key Findings of India Shared Mobility Market
- Ride-hailing services remain ever popular
- Urban road congestion major factor impelling people to share vehicles
- Shared mobility services in India presently used most for occasional commuting
- Use of shared mobility services by corporates to witness rapid rise
- Electric and autonomous vehicles in sharing fleets could offer market players lucrative opportunities
- Service providers focusing on raising funding for service launch and expansion
The cars category, under the vehicle type segment of the Indian shared mobility market, held the largest share in the past. Compared to two-wheeler sharing and bus/van shuttle services, car rental and ride-hailing services saw the earlier introduction in the country.
In the near future, the highest CAGR in the Indian shared mobility market, of 60.3%, is predicted to be seen in the daily commuting category, based on commuting patterns. The demand for shared mobility services for daily commuting is rising among young professionals and college-goers.
Currently, players in the Indian shared mobility market prosper the most in the southern part of the country. All major cities in South India, including Chennai, Bengaluru, Hyderabad, and Visakhapatnam, have a strong network of service providers. The market is expected to grow the fastest in the eastern region of the country in the near future because of the rising demand for such services in Assam, West Bengal, and Odisha.
Major companies operating in the Indian shared mobility market are ANI Technologies Pvt. Ltd. (Ola), Uber Technologies Inc., Comuto SA, Meru Mobility Tech Pvt. Ltd., Zoomcar India Pvt. Ltd., Carzonrent India Pvt. Ltd., Roppen Transportation Services Pvt. Ltd., Mega Cabs Pvt. Ltd., Vogo Automotive Pvt. Ltd. (Vogo), Yulu Bikes Pvt. Ltd., and Wicked Ride Adventure Services Pvt. Ltd. (Bounce).