India shared mobility market is expected to witness the fastest growth in the two-wheeler sharing category, owing to its easy availability, time/route flexibility, and affordability (marginal premium for travel with respect to other forms of shared mobility)
NEW YORK, Sept. 30, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, The Indian shared mobility market was valued at $630.7 million in 2018, which is projected to reach $3,466.7 million by 2024, witnessing a CAGR of 27.6% during the forecast period (2019–2024). Among service types, ride hailing service dominated the market during the historical period.
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The Indian shared mobility market is experiencing substantial amount of investments from major global investors. For instance, in June 2019, a scooter rental company, WickedRide Adventure Services Pvt. Ltd. (Bounce) received an investment of $72.0 million in a fresh funding round, which was led by B Capital Group and Falcon Edge Capital. With this fund, the company looks to expand out of Bengaluru into ten new cities in the coming years. Additionally, with this expansion, the company has planned to add 100,000 more scooters in its fleet in next 12–18 months, with a focus on electric scooters.
The two-wheelers category is expected to witness the fastest growth, in terms of vehicle type, in the Indian shared mobility market. Two-wheeler shared mobility is gaining traction in view of the fact that two-wheelers address multiple pain points with respect to affordability (~26% of the cab cost), availability, and convenience.
The daily commuting category is projected to register the fastest growth in the Indian shared mobility market, during the forecast period. This is due to the fact that several initiatives taken by private and government organizations to encourage the adoption of shared mobility model over vehicle ownership to minimize traffic congestion and environmental pollution.
Browse report overview with detailed TOC on "India Shared Mobility Market Research Report: By Service Type (Two-Wheeler Sharing, Ride Sharing, Ride Hailing, Car Rental, Carsharing, Bus/Shuttle Service), Vehicle Type (Two-Wheelers, Cars, Buses/Vans), Commuting Pattern (Daily Commuting, Last-Mile Connectivity, Occasional Commuting), End Use (Personal, Business), Regional Outlook – Industry Size, Share Analysis and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/india-shared-mobility-market
The south region held the largest share in the Indian shared mobility market in 2018, primarily due to the fact that the majority of shared mobility service providers are present in cities in south India, including Bengaluru, Chennai, Hyderabad, and Visakhapatnam. Additionally, the growing demand for car hailing and rental services is boosting the market growth in the region. Whereas, the north region is the second-largest revenue generator in the market, owing to the high demand for shared mobility services among people, primarily for meeting daily commuting and outstation travel needs.
The Indian shared mobility market is consolidated in nature, with the top two players, namely, ANI Technologies Pvt. Ltd. and Uber Technologies Inc. accounted for more than 60% of the market share in 2018. ANI Technologies Pvt. Ltd. (Ola) was the market leader 2018, which was followed by Uber Technologies Inc. (Uber), holding the second spot in the market.
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The market is characterized by numerous strategic developments, such as investment, partnerships and collaborations, and service launches. For instance, in September 2019, Mahindra & Mahindra Ltd. announced plans to acquire a 55% stake in ride hailing and radio taxi service provider, Meru Travel Solutions Pvt. Ltd. (Meru) (including all of its subsidiaries), for a cash consideration of up to $29.5 million (INR 201.5 crore). Mahindra & Mahindra Ltd. will make a primary investment of $15.2 million (INR 103.5 crore) by a fresh issue of shares in the company, in tranches. This investment in the company is aimed at uplifting the ride hailing business of Meru and generate more revenues.
Some of the other major players operating in the Indian shared mobility market include Zoomcar India Pvt. Ltd., Drivezy India Travels Pvt. Ltd., Carzonrent India Pvt. Ltd., Vogo Automotive Pvt. Ltd., WickedRide Adventure Services Pvt. Ltd., Royalbison Autorentals India Pvt. Ltd., Roppen Transportation Services Pvt. Ltd., Bashar Technologies Pvt. Ltd., Meru Mobility Tech Pvt. Ltd., Bycyshare Technologies Pvt. Ltd., Yulu Bikes Pvt. Ltd., Motocruizer Technologies India Pvt. Ltd., Comuto SA, and Mega Cabs Pvt. Ltd.
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