India Shared Mobility Market 2021 to Witness Stunning Growth

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Due to the rapid environmental degradation because of the extensive usage of fossil fuel-powered vehicles, the government is increasingly implementing policies aimed at encouraging the adoption of shared mobility solutions in India. Moreover, the government is providing various financial incentives for promoting the adoption of these solutions in the country. For example, under the faster adoption and manufacturing of (hybrid) and electric vehicles (FAME) II scheme, the government launched initiatives for augmenting the deployment of electric vehicles for commercial purposes. 


These initiatives are propelling the deployment of electric vehicles and their adoption by various shared mobility service providers in the country. Apart from this factor, the increasing road congestion, especially in the urban areas, on account of the booming population levels and the surging number of daily commuters, is also pushing up the demand for shared mobility solutions in India. Different companies are introducing alternative mobility options for tackling this problem.

Due to the above-mentioned factors, the Indian shared mobility market is growing rapidly, and it is predicted to witness a surge in its value, that is, from $1,025.8 million to $3,952.8 million, from 2019 to 2025. Furthermore, the market is predicted to progress at a CAGR of 56.8% between 2020 and 2025. Depending on service type, the market is divided into ride sharing, car rental, ride hailing, two-wheeler sharing, bus/shuttle service, and carsharing categories.

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Out of these, the ride hailing category dominated the Indian shared mobility market in 2019, due to the launch of several advanced technologies for improving the customer experience and expanding the customer base. The market is also classified, on the basis of vehicle type, into cars, two-wheelers, and buses/vans. Amongst these, the cars category is predicted to lead the market in the forthcoming years, primarily because of the early introduction of car hailing and rental services in the country.

Hence, it can be safely said that the demand for shared mobility services will skyrocket in India in the forthcoming years, primarily because of the surging deployment of electric vehicles, rising road congestion, growing implementation of favorable government policies, and the increasing concerns being raised over the escalating pollution levels in the country. 

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