Summary
This This research service assesses growth opportunities in the Indian shared mobility market: ride hailing, car sharing, ride sharing, bike taxi, scooter sharing, bike sharing, rickshaw sharing, and demand-responsive transit (DRT). It dives deep into the approaches that market participants take toward achieving end-to-end mobility solutions and services. The analyst projects the shared mobility fleet size to grow from 7.02 million in 2021 to 9.70 million by 2027 at a compound annual growth rate of 5.5%. The lack of adequate public transit infrastructure in many cities has meant more private 2- and 4-wheelers on roads, resulting in more congestion and pollution. While the COVID-19 pandemic caused a dramatic decline in vehicle use for work and recreation, the easing of travel restrictions is already reversing the trend. The pandemic forced mobility companies to explore alternative business opportunities such as tie-ups with eCommerce and food delivery services, which reduced dependency on passenger revenue during lockdowns as customers expressed concerns about health and safety. Shared mobility, however, is seen as more attractive to public transit as a way to practice social distancing. Another trend is fleet electrification, which is driven by the Indian government’s target to achieve 50% vehicle electrification by 2030 and the growing demand for emission-free vehicles. Rapidly increasing urbanization in the country presents an opportunity in the long run for an integrated, multimodal transport system.
