Indian Shared Mobility Market Set to Demonstrate Over 20.0% CAGR During 2019—2024

The escalating road congestion levels, especially in the urban areas, is a major factor responsible for the increasing demand for shared mobility solutions in India. The increasing population levels in several cities of the country has contributed significantly toward the huge population of daily commuters all over the country. This is one of the biggest factors driving the progress of the Indian shared mobility market. The regulatory bodies and governments in the various urban cities such as Mumbai, Bengaluru, and Delhi and National Capital Region (NCR) are increasingly implementing policies and measures for encouraging the adoption of shared mobility services.

The other major factor fuelling the surge of the Indian shared mobility market is the greater cost-effectiveness and convenience offered by the shared mobility solutions and services as compared to the private vehicles. Owning a personal vehicle requires huge investments, mainly in the form of parking expenses, vehicle costs, insurance costs, and maintenance charges, owing to which, the people are increasingly preferring to avail the services of shared mobility solutions. Moreover, owing to the increasing smartphone usage and rising internet penetration in India, the users can easily book these services with the help of mobile applications.

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Due to the above-mentioned factors, the valuation of the Indian shared mobility market is predicted to rise from $630.7 million to $3,466.7 million from 2018 to 2024. The Indian shared mobility market is expected to exhibit a CAGR of 27.6% during the forecast period (2019—2024). The most widely used vehicles in shared mobility solutions are— two-wheelers, buses/vans, and cars. Amongst these, the two-wheelers are predicted to register the highest growth rate in the Indian shared mobility market during the forecast period, because of the growing popularity of two-wheeler sharing services in Hyderabad and NCR.

Therefore, it can be concluded that the adoption of shared mobility solutions will increase considerably in India in the coming years, owing to the increasing road congestion in urban areas across the country and the greater convenience offered by these services as compared to the private vehicles.