India Shared Mobility Market Research Report

The problem of road congestion is rising in India day by day due to the surging population, which has resulted in an increased number of daily commuters. This problem is further enhanced during the peak hours, especially in the major cities, such as Mumbai, Delhi NCR region, and Bengaluru. Ascribed to this, the authorities of these cities are taking several initiatives for encouraging the daily commuters to make use of shared mobility services. Different companies are also focusing on introducing alternative mobility options in order to deal with this problem. The utilization of shared mobility services can significantly reduce the number of vehicles on the road.

Shared mobility is basically the integration of different transport services in one digital mobility offer, with an efficient public transport system and active mobility as its basis. As per a research conducted by PS Intelligence, the Indian shared mobility market generated a revenue of $630.7 million and is projected to reach $3,466.7 million in 2024, growing with a 27.6% CAGR during the forecast period (2019–2024). Cars, buses/vans, and two-wheelers are the vehicles that are used to provide shared mobility services. Among these, the largest demand during 2014–2018 was created for cars and the situation is going to be the same in the coming years as well.

Another factor driving the growth of the Indian shared mobility market is the convenience and cost-effectiveness of shared mobility option. Owning a private vehicle requires high investment, including fuel cost, maintenance charge, vehicle cost, insurance cost, and parking expense. Shared mobility on the other hand, allows the user to enjoy the benefits of owning a private vehicle without having to worry about the expenses of actually owning it. The user just needs to pay on the basis of the usage of the vehicle. Furthermore, the users can avail these services simply by booking the vehicle through the companies’ mobile applications.

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Market Segmentation by Service Type