DUBLIN--(BUSINESS WIRE)--The "India Shared Mobility Market Research Report: By Service Type, Vehicle Type, Commuting Pattern, End Use, Region - Competitive Analysis and Growth Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Opting for shared mobility is way more cost-effective than buying an automobile and then maintaining it throughout its lifetime. This is why the Indian shared mobility market will witness a massive 56.8% CAGR between 2020 and 2025.
At this rate, the revenue generated from the provision of such services across the country is expected to increase from $1,025.8 million in 2019 to $3,952.8 million by 2025.
Cost-effectiveness is a key driver for the Indian shared mobility market as most people living in cities still are not too wealthy, therefore cannot afford to purchase vehicles. By sharing an automobile, people do not have to pay for the vehicle and fuel cost, regular repairs and maintenance, insurance, and parking, as all such expenses are borne by the service provider. Users only need to pay on the basis of the journey distance and time.
Due to the COVID-19 pandemic, the Indian shared mobility market has been dealt a severe blow. Due to the lockdown and movement restrictions imposed in the country last year, offices and manufacturing plants were shut down. This led to a mass exodus of working-class people back to their hometowns, thereby reducing the demand for transportation services massively. Similarly, seeing the decrease, many of the drivers of shared vehicles also went home, so the market players in many places didn't have enough resources to offer the services.
In the coming years, the ride-hailing category is expected to witness the fastest growth in the Indian shared mobility market, on the basis of service type. The millennials in big cities are rapidly shifting from conventional mobility options, such as buses and auto rickshaws, to ride-hailing services, as these services are integrated with advanced technologies and offer the advantage of no crowding.
The cars category, under the vehicle type segment of the Indian shared mobility market, held the largest share in the past. Compared to two-wheeler sharing and bus/van shuttle services, car rental and ride-hailing services saw the earlier introduction in the country.
In the near future, the highest CAGR in the Indian shared mobility market, of 60.3%, is predicted to be seen in the daily commuting category, based on commuting pattern. The demand for shared mobility services for daily commuting is rising among young professionals and college-goers.
Personal will be the larger bifurcation in the Indian shared mobility market in the years to come, under segmentation by end use. Presently, such services are majorly used by people for visiting someone, traveling to the office or college, buying groceries, and leisure purposes, such as going to shopping malls, bars, stadia, and restaurants.
Currently, players in the Indian shared mobility market prosper the most in the southern part of the country. All major cities in South India, including Chennai, Bengaluru, Hyderabad, and Visakhapatnam, have a strong network of service providers.
The market is expected to grow the fastest in the eastern region of the country in the near future because of the rising demand for such services in Assam, West Bengal, and Odisha.
Market Dynamics
Trends
- Ongoing technological development
- Increasing investments from investors
Drivers
- Cost-effective and convenient mobility option
- Government initiatives facilitating the adoption of shared mobility services
- Urban road congestion
- Impact analysis of drivers on market forecast
Restraints
- Improper infrastructure for deployment of shared mobility
- Insufficient internet penetration
- Regulatory hurdles
- Impact analysis of restraints on market forecast
Opportunities
- Introduction of shared mobility ecosystem
- Deployment of electric fleet in shared mobility services
- Introduction of autonomous vehicles in shared mobility
Porter's Five Forces Analysis
Regulatory Landscape
- Guidelines for Ride Sharing and Ride Hailing
- Guidelines for Car Rental
- Guidelines for Two-Wheeler Sharing
Companies Mentioned
- Uber Technologies Inc.
- ANI Technologies Pvt. Ltd. (Ola)
- Comuto SA
- Zoomcar India Pvt. Ltd.
- Meru Mobility Tech Pvt. Ltd.
- Carzonrent India Pvt. Ltd.
- Mega Cabs Pvt. Ltd.
- Roppen Transportation Services Pvt. Ltd.
- Vogo Automotive Pvt. Ltd. (Vogo)
- Wicked Ride Adventure Services Pvt. Ltd. (Bounce)
- Yulu Bikes Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/74yxdq
