NEW YORK, Jan. 29, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the Indian two-wheeler sharing market share was valued at $31.1 million in 2019, which is projected to reach $94.0 million by 2025, witnessing a CAGR of 20.2% during the forecast period (2020–2025). In the vehicle type, the motorcycle/scooter category dominated the market during the historical period.
During the forecast period, the market for motorcycle/scooter sharing service is expected to witness faster growth. This is ascribed to the fact that there are many players providing motorcycle/scooter sharing, rental and bike taxi services, and their lucrative two-wheeler sharing services are making the Indian people to shift toward using shared motorcycles and scooters from using other modes of transport.
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The Indian two-wheeler sharing market is presently filled with various startup companies. To expand their operational areas and to increase their fleet size, they require large amount of funds. For this reason, these players have been receiving investments from investors in forms of debt funding and equity funding continuously; and most of the two-wheeler sharing companies are in talks with various individuals and group companies for funds. For instance, scooter rental company, WickedRide Adventure Services Pvt. Ltd. (Bounce) raised $72 million fund, led by Falcon Edge Capital and B Capital Group, for the expansion of its services into new cities in the near future.
Due to a large number of vehicles, such as private cars, buses, auto-rickshaws, and motorcycles/scooters, on roads in India, people are facing road congestion issue on daily basis. Most of the urban cities, such as Delhi/NCR region, Bengaluru, Mumbai, and Chennai, are facing heavy traffic. This increases the travel time of commuters. To resolve this issue of daily commuters, two-wheeler sharing companies are providing sharing services, which are convenient for travelling short distances and require less space on the roads than other mode of transport. The growth in ridership from last two-three years has shown that two-wheeler sharing rides are increasingly being used by daily commuters to reduce their travel time.
Browse report overview with 22 tables and 50 figures spread through 102 pages and detailed TOC on "India Two-Wheeler Sharing Market Research Report: Industry Size, Share Analysis and Growth Forecast to 2025" at: https://www.psmarketresearch.com/market-analysis/india-two-wheeler-sharing-market
Bike taxi service is expected to witness fastest growth during the forecast period in the motorcycle/scooter sharing category across India. This is attributed to the increasing adoption of on-demand two-wheeler sharing services, coupled with aggressive geographic expansion into tier-1 and tier-2 cities with huge support from investors.
Dock-less bicycle sharing service constitute larger market share in the bicycle sharing category. This can be mainly attributed to the fact that most of the companies use dock-less concept for providing bicycle sharing service as it is less capital-intensive, due to less requirement to build stations for parking the bicycles.
The Indian two-wheeler sharing market comprises many start-ups currently. Few of the major players operating in the market are Roppen Transportation Services Pvt. Ltd. (Rapido), Uber Technologies Inc. (UberMoto), WickedRide Adventure Services Pvt. Ltd. (Bounce), Royalbison Autorentals India Pvt. Ltd. (Royal Brothers), and Vogo Automotive Pvt. Ltd. (Vogo).
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In January 2020, Bounce raised $105 million in its series D funding round which was led by Accel Partners and B Capital. With this, the company’s total funding is now over $194 million. The company has planned to use this amount in its fleet expansion and in building of its own electric vehicles.
Some other important players operating in the Indian two-wheeler sharing market are Yulu Bikes Pvt. Ltd., Bashar Technologies Pvt. Ltd. (Wheelstreet), Motocruizer Technologies India Pvt. Ltd. (Onn Bikes), ANI Technologies Pvt. Ltd. (Ola Bike), Drivezy India Travels Pvt. Ltd., and ZipHop Technologies Pvt. Ltd.
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