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 P&S 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.
Shared mobility offers various services including ride sharing, car rental, bus/shuttle service, two-wheeler sharing, ride hailing, and car sharing. Out of these, the ride hailing services are projected to be the most in demand during the forecast period. In the recent years, key automotive original equipment manufacturers and ride hailing service providers have joined their forces in order to boost shared mobility in India. In addition to this, millennials are increasingly preferring ride hailing services over conventional mobility solutions. The fastest growth in demand is expected to be witnessed by the two-wheeler sharing services in the near future.
Government initiatives in India are playing a major role in facilitating the adoption of shared mobility services for dealing with the ever-increasing environmental pollution and, as mentioned above, road congestion. The exhaust fumes from vehicles are among the major factors responsible for the rapidly degrading quality of the air in India. Because of these factors, the government of the country is offering financial benefits for encouraging the adoption of shared mobility services. For example, under the FAME II scheme, the Government of India has introduced incentive plans on the purchase of electric vehicles for commercial usage.
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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.
