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Shared Mobility Market in India will Grow at 56.8% CAGR in Coming Years

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Shared Mobility Market in India will Grow at 56.8% CAGR in Coming Years

June 22
12:28 2021
Shared Mobility Market in India will Grow at 56.8% CAGR in Coming Years
The India Shared Mobility Market size is expected to reach $3,952.8 million by 2025 by P&S Intelligence.

The Indian shared mobility market will grow at 56.8% CAGR, owing to the increasing urban road congestion, growing investments, and rising government support,during the forecast period (2020–2025). The market generated $1,025.8 million revenue in 2019 and it is expected to reach $3,952.8 million by 2025. Moreover, the cost effectiveness and convenient mobility provided by shared mobility service companies is propelling the demand for such services in India.These service providers take care of additional expenses like fuel, parking, insurance, and maintenance, thereby, reducing the overall burden on customers.

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Governments across the world are taking several initiatives to stimulate the adoption of shared mobility services. This is due to the surging awareness regarding environmental protection, on account of the accelerating levels of air pollution caused byrising amount of exhaust fumes from automobiles. For example, under the FAME India II Scheme, the Indian government offers incentives for purchasing electric vehicles (EVs) for commercial usage. This has resulted in the largescale adoption of EVs by shared mobility service companies in their fleets.

The service type segment of the Indian shared mobility market is divided into two-wheeler sharing, ride hailing, carsharing, ride sharing, and bus/shuttle service. Among these, the ride hailing division accounted for the largest share in 2019 and is expected to witness the highest growth during the forecast period. This is ascribed to the gradual shift of millennials toward ride hailing services from traditional mobility solutions. Moreover, advent of cloud sharing technology,which delivers computing services associated with software, storage, analytics, database, and network at lower cost, has attracted large consumer base for this service.

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Geographically, southern region held the largest Indian shared mobility market share in 2019, owing to the increased demand for car hailing and rental services in Chennai, Hyderabad, and Bengaluru. Whereas, northern region is expected to dominate the market in the forecast years. This will be attributedto the rising preference for shared mobility services to meet the outstation travel and daily commuting needs. However, the market in eastern region will display the highest growth in the forecast period, due to the rising number of daily commuters, who are preferring shared mobility services.

Thus, the rising congestion on the Indian roads and the amplifying investments in the shared mobility sector will boost the market growth throughout the forecast period.

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