Why Is Indian Government Encouraging People to Avail Shared Mobility Services?

Major cities of India, such as Mumbai, Bengaluru, and Delhi NCR, are home to a large number of vehicles on account of their booming population, owing to which they witness heavy traffic on road. Due to the increasing congestion, such cities are taking numerous initiatives to encourage daily commuters to opt for shared mobility services. The main objective of such initiatives is to reduce the number of vehicles on the roads and effectively drive down emissions.

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Thus, the surging government concern for the environment will help the Indian shared mobility market progress at a robust CAGR of 56.8% during 2020–2025. According to P&S Intelligence, the market was valued at $1,025.8 million in 2019, and it is projected to reach $3,952.8 million revenue by 2025. For example, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) II scheme of the Government of India offers incentives on the purchase of electric vehicles (EVs) for commercial usage. Thus, the increasing incorporation of EVs in mobility fleets is also attracting more people to such services.

Currently, Yulu Bikes Pvt. Ltd., Uber Technologies Inc., Meru Mobility Tech Pvt. Ltd. (Meru), ANI Technologies Pvt. Ltd. (Ola Bike), Roppen Transportation Services Pvt. Ltd. (Rapido), Comuto SA (BlaBlaCar), Bycyshare Technologies Pvt. Ltd. (Mobycy), WickedRide Adventure Services Pvt. Ltd. (Bounce), Bashar Technologies Pvt. Ltd. (Wheelstreet), Zoomcar India Pvt. Ltd., and Royalbison Autorentals India Pvt. Ltd. (Royal Brothers) are incorporating cars, two-wheelers, and buses/vans in their sharing fleets for ride hailing, ridesharing, car sharing, car rental, two-wheeler sharing, and bus/shuttle services.

Geographically, the Southern region led the Indian shared mobility market in the past due to the rising demand for car hailing and rental services in Hyderabad, Chennai, and Bengaluru to meet daily commuting needs. Additionally, the eastern region is expected to adopt such services at the highest rate in the forthcoming years. Whereas, the Northern region will emerge as the largest user of shared mobility services soon, owing to the growing number of people traveling out of station or going to college/office.

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Therefore, the increasing road congestion and mounting environmental concerns will attract more people toward shared mobility services in India.

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This release was published on openPR.