India Shared Mobility Market Research Report by Industry Size, Share Analysis and Growth Forecast to 2024

In 2018, the Indian shared mobility market generated a revenue of $630.7 million and is expected to reach a value of $3,466.7 million in 2024, advancing at a 27.6% CAGR during the forecast period (2019-2024). The market is growing due to the surging urban road congestion, emergence of shared mobility as a cost-effective and convenient mobility option, and government initiatives facilitating the adoption of shared mobility services. The integration of different transport services, such as carsharing, rise sharing, and two-wheeler sharing, in one single digital mobility offer is referred to as shared mobility.

In terms of service type, the Indian shared mobility market is categorized into bus/shuttle service, two-wheeler sharing, carsharing, ride sharing, car rental, and ride hailing. Among these, the ride hailing category dominated the market during the historical period (2014-2018) and is projected to account for the major share of the market during the forecast period as well, primarily because several automotive original equipment manufacturers are entering into partnerships with ride hailing service providers. The fastest growth is predicted to be witnessed by the two-wheeler sharing category during the forecast period.

When commuting pattern is taken into consideration, the Indian shared mobility market is divided into last-mile connectivity, daily commuting, occasional commuting, and others (which include usage of luxury vehicles and business-class transport). Out of these, the occasional commuting division held the largest share of the market during the historical period and is further expected to dominate the market during the forecast period. The fastest growth is predicted to be witnessed by the daily commuting division during the forecast period, as these services are increasingly being adopted by the young population in the country.

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A major driving factor of the Indian shared mobility market is the increasing government initiatives for encouraging the adoption of shared mobility services. The rising concern regarding the environment and rapidly increasing traffic in the country are compelling the government to come up with effective solutions for dealing with these problems. Attributed to these factors, the government of India is formulating regulatory policies and offering financial benefits for encouraging the adoption shared mobility services.

For example, under the FAME II scheme, the government has designed incentive plans for the purchase of electric vehicles for commercial usage.
The ongoing technological development is a key trend being witnessed in the Indian shared mobility market. Different shared mobility services are based on mobile applications, where providers and users connect with each other for the purpose of booking rides and making related payments. Advancements in technologies have resulted in the introduction of various platforms which have allowed the provision of simplified access to services. One such innovation is cloud sharing which delivers computer services related to analytics, network, database, software, and storage to the users at a minimal cost.

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Shared mobility services are a cost-effective and convenient mobility option, which is also a major driving factor of the Indian shared mobility market. Owning a private vehicle demands high investments, as different types of expenses need to be taken care of other than that of the cost of the vehicle. Attributed to these factors, shared mobility services enable the users to enjoy the facilities of owning a private vehicle. Furthermore, these services are convenient for the general public, majorly for daily commuters.

Hence, the market is witnessing growth due to the cost efficiency and convenience of shared mobility services and increasing government initiatives.

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