The Indian 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 (2019–2024). Among service types, ride hailing service dominated the market during the historical period.
Whereas, during the forecast period, the Indian shared mobility market is expected to witness the fastest growth in the two-wheeler sharing category, owing to its easy availability, time/route flexibility, and affordability (marginal premium for travel with respect to other forms of shared mobility).
Increasing Investments from Investors is a Key Trend Observed in the MarketCost-Effective and Convenient Mobility Option is a Major Factor Driving the Market Growth
The Indian shared mobility market is experiencing substantial amount of investments from major global investors. For instance, in June 2019, a scooter rental company, WickedRide Adventure Services Pvt. Ltd. (Bounce) received an investment of $72.0 million in a fresh funding round, which was led by B Capital Group and Falcon Edge Capital. With this fund, the company looks to expand out of Bengaluru into ten new cities in the coming years. Additionally, with this expansion, the company has planned to add 100,000 more scooters in its fleet in next 12–18 months, with a focus on electric scooters.
 |
| India Shared Mobility Market |
Owning a private vehicle demands a high investment, which mainly comprises vehicle cost, fuel cost, parking expense, maintenance charge, and insurance cost. In this regard, shared mobility allows user to enjoy the facilities of owning a personal vehicle, without having the need to actually own it. The users can make the payments on the basis of their usage only. Besides, shared mobility is extremely convenient for general public, primarily daily commuters, as they can enjoy driving to their required destination without having the hassles of owning and maintaining their own vehicles.
Additionally, the users can easily access to the services by booking the vehicles, directly through the companies’ mobile applications. Thus, the cost-effectiveness and convenience of shared mobility facilitates the growth of the Indian shared mobility market.
Segmentation Analysis of India Shared Mobility Market
Geographical Analysis of India Shared Mobility Market
The south region held the largest share in the Indian shared mobility market in 2018, primarily due to the fact that the majority of shared mobility service providers are present in cities in south India, including Bengaluru, Chennai, Hyderabad, and Visakhapatnam. Additionally, the growing demand for car hailing and rental services is boosting the market growth in the region. Whereas, the north region is the second-largest revenue generator in the market, owing to the high demand for shared mobility services among people, primarily for meeting daily commuting and outstation travel needs.
Some of the other 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.
