Indian Shared Mobility Market to Surpass $3,000.0 Million Revenue in 2024

One of the major factors fuelling the surge in the demand for shared mobility services in India is the rising urban road congestion level, on account of the soaring population in several cities and towns. In major cities, such as Mumbai, Bengaluru, and Delhi/National Capital Region (NCR), various companies are launching shared mobility services, in order to combat the problem of road congestion, slow traffic, and high commuting time. Moreover, the governments and regulatory bodies in various states are increasingly taking initiatives and enacting policies in order to encourage the wide-scale availing of shared mobility services.

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Due to the above-mentioned factors, the Indian shared mobility market size is expected to increase from $630.7 million in 2018 to more than $3,466.7 million by 2024, with a CAGR of 27.6% during the forecast period (2019-2024). There are multiple types of shared mobility services, namely two-wheeler sharing, ride hailing, ride sharing, car rental, car sharing, and bus/shuttle services. Out of these, ride hailing services recorded the highest use in 2018, mainly due to the increasing partnerships and collaborations amongst major automotive original equipment manufacturers (OEMs) and ride hailing service providers.

The Indian shared mobility market is presently witnessing heavy investments. For instance, Hyundai Motor Co. made an investment of $300 million on ANI Technologies Pvt. Ltd. (Ola), one of the major ride hailing companies in India, in March 2019. This investment was done for increasing the number of electric vehicles in Ola's fleet in the country. Furthermore, Ola announced in December 2018 that it will invest $100 million in Vogo, a scooter sharing company, to add 100,000 scooters to the latter's fleet, in order to provide short-range sharing services.

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Market Segmentation by Service Type
o Two-Wheeler Sharing
o Ride Sharing
o Ride Hailing
o Car Rental
o Carsharing
o Bus/Shuttle Service
Market Segmentation by Vehicle Type
o Two-Wheelers
o Cars
o Buses/Vans
Market Segmentation by Commuting Pattern
o Daily Commuting
o Last-Mile Connectivity
o Occasional Commuting
o Others
Market Segmentation by End Use
o Personal
o Business

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