India Shared Mobility Market Overview
The Indian shared mobility market is expected to grow at a significant rate during the forecast period, owing to the rapidly increasing urban population, rising disposable income, and technological advancements in the mobility sector.
Based on the business model, the shared mobility market can be categorized into ride-hailing service, vehicle sharing, peer-to-peer vehicle sharing, fixed-route commuter service, and others. The ride-hailing service category is poised to grow considerably during the forecast period, much of which can be owed to the ease and convenience involved in availing such service.
On the basis of the vehicle type, the shared mobility market is categorized into hatchback, sedan, sports utility vehicle (SUV), and others. The hatchback category is forecasted to grow significantly during the forecast period. The cost of hailing/sharing vehicles under the hatchback category are less than those under sedan and SUV categories, supporting the growth of former in the market.
India Shared Mobility Market Dynamics
The Indian shared mobility market is witnessing the emergence of electric vehicles, especially in the field of corporate mobility. With government implementing stringent norms and regulations regarding emissions and providing incentives to boost the sales of electric vehicles, the mobility solutions companies have been investing considerably into electric vehicles fleet, which is to be used for corporate mobility. Also, there has been a shift in the preference of the consumers from ownership to sharing and usership over the recent years, owing to the transforming demographics. The vehicles are now being seen as mere utilities; it is no longer about prestige, as it once used to be.
The shared mobility market in India is predominantly driven by increasing urbanization, rise in the living standards, and technological advancements in the field of mobility. Over the past decade, the disposable income of inhabitants of the country has risen significantly, which in turn, rises the living standards of the people. The people now have started using shared mobility services, in addition to other public transit services. Also, the advancements in the technology have contributed significantly towards the market growth, as the shared mobility services can now easily be accessed and availed.
With the growing environmental awareness and increasing traffic congestion on the roads, the people have also started using shared mobility services, such as, vehicle sharing, for transportation, thereby contributing to the growth of the shared mobility market.
Inadequate transit infrastructure is a major factor restraining the growth of the shared mobility market in the country. It is due to this reason that the shared mobility services are limited to mostly metro cities and other developed regions of the country.
In addition, the presence of cheap and efficient public transportation means, such as, metro system is also posing challenges to the Indian shared mobility market. These substitutes have an upper hand over the shared mobility services because they are economical, convenient, and time-saving.
India Shared Mobility Market Competitive Landscape
The shared mobility market in the country is on the rise. The market is dominated by a few established players. Anticipating the rapid ramp-up in the demand for shared mobility services in the country, a few established foreign players are now entering the Indian market. Some of the key players in the market include Uber Technologies Inc., ANI Technologies Pvt. Ltd. (OLA), BlaBlaCar, and Zoomcar India Pvt. Ltd.