Demand for Shared Mobility Set to Explode in India in Coming Years

Due to the rapid environmental degradation because of the extensive usage of fossil fuel-powered vehicles, the government is increasingly implementing policies aimed at encouraging the adoption of shared mobility solutions in India. Moreover, the government is providing various financial incentives for promoting the adoption of these solutions in the country. For example, under the faster adoption and manufacturing of (hybrid) and electric vehicles (FAME) II scheme, the government launched initiatives for augmenting the deployment of electric vehicles for commercial purposes.

Shared Mobility Outlook For India

Additionally, in many urban cities such as Mumbai, Bengaluru, and Delhi & NCR region, authorities and companies are taking various initiatives for encouraging the adoption of shared mobility services in order to reduce the number of vehicles running on the roads. Besides, shared mobility solutions are more convenient and affordable for daily commuters, as they don’t require maintenance, parking, and insurance expenses, which are usually associated with private vehicle ownership.

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Due to the above-mentioned factors, the Indian shared mobility market is growing rapidly, and it is predicted to witness a surge in its value, that is, from $1,025.8 million to $3,952.8 million, from 2019 to 2025. Furthermore, the market is predicted to progress at a CAGR of 56.8% between 2020 and 2025. Depending on service type, the market is divided into ride sharing, car rental, ride hailing, two-wheeler sharing, bus/shuttle service, and carsharing categories.

The southern region will dominate the Indian shared mobility market till 2025, as per the estimates of P&S Intelligence, a market research company based in India. This will be due to the existence of several leading shared mobility service providing organizations in the southern cities such as Bengaluru, Visakhapatnam, Chennai, and Hyderabad. On the other hand, the market is expected to exhibit the highest growth rate in the eastern region in the coming years.

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Hence, it can be safely said that the demand for shared mobility services will skyrocket in India in the forthcoming years, primarily because of the surging deployment of electric vehicles, rising road congestion, growing implementation of favorable government policies, and the increasing concerns being raised over the escalating pollution levels in the country.