The India shared mobility market was valued at $630.7 million in 2018, which is projected to reach $3,466.7 million by 2024, witnessing a CAGR of 27.6% during the forecast period.
Different services which are included under shared mobility are bus/shuttle service, carsharing, two-wheeler sharing, carsharing, ride sharing, car rental, and ride hailing. Out of all these, the largest demand in 2018 was created for ride hailing services, which can be ascribed to the fact that several ride hailing service providers and major automotive original equipment manufacturers have entered into partnerships and collaborative agreements for encouraging the adoption of these services in India. Furthermore, the introduction of innovative technologies and shifting preference of millennials towards these services are also resulting in an increasing consumer base.
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Cars, two-wheelers, and buses/vans are utilized for the provision of shared mobility services. While the demand for cars was the highest in the past, the adoption of two-wheelers is predicted to rise considerably in the years to come. This is owing to the growing operations of companies that provide two-wheeler shared mobility services in different cities and growing acceptance of two-wheeler sharing services in Hyderabad and the National Capital Region. In addition, the popularity of two-wheeler sharing services in India is growing due to their affordability, convenience, and availability.
Shared mobility services can be availed for different purpose, such as occasional commuting, daily commuting, and last-mile connectivity. During the initial phase of the Indian shared mobility market, the demand for shared mobility was the highest for occasional commuting; however, now, with the increased popularity of these services, more people, especially young professionals and students, are opting them for daily commuting. Moreover, various government and private organizations are also taking several initiatives for encouraging the adoption of shared mobility services instead of vehicle ownership to reduce pollution and traffic congestion in the country.
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Some of the major players operating in the Indian shared mobility market include Zoomcar India Pvt. Ltd., Drivezy India Travels Pvt. Ltd., Carzonrent India Pvt. Ltd., Vogo Automotive Pvt. Ltd., WickedRide Adventure Services Pvt. Ltd., Royalbison Autorentals India Pvt. Ltd., Roppen Transportation Services Pvt. Ltd., Bashar Technologies Pvt. Ltd., Meru Mobility Tech Pvt. Ltd., Bycyshare Technologies Pvt. Ltd., Yulu Bikes Pvt. Ltd., Motocruizer Technologies India Pvt. Ltd., Comuto SA, and Mega Cabs Pvt. Ltd.
Market Size Breakdown by Segment
By Service Type
- Two-Wheeler Sharing
- Ride Sharing
- Ride Hailing
- Car Rental
- Bus/Shuttle Service
By Vehicle Type
By Commuting Pattern
- Daily Commuting
- Last-Mile Connectivity
- Occasional Commuting
By End Use
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Car Rental Market – https://www.psmarketresearch.com/market-analysis/car-rental-market
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