India’s shared mobility space is projected to see a 5X growth on the back of growing user penetration, according to consulting firm RedSeer. The firm estimated shared mobility space to have a user base of about 150 million by 2025.
The firm’s findings suggest that causal factors responsible for this growth include growing disposable income, inadequacy of the public transport infrastructure, and the demand-supply gap. In an event conducted by Redseer, Ground Zero 6.0, Siddharth Surana, Engagement Manager, Redseer, said, “In the years to come, the shared mobility sector will witness greater democratisation with the share of moto increasing against the backdrop of low ARV and geographic penetration into smaller cities. And by 2030, we can also expect to see more categories evolving. Penetration in non-metros will also increase, giving a boost to the economy, and creating a viable revenue-generating opportunity for more than three million drivers across various platforms. With the increased Y-o-Y growth expected in non-metros, the Indian market will evolve to add more categories”.
The research conducted by Redseer also suggested that the Indian mobility market, while growing in line with the overall global trend, will see some localisation like rapid traction for two-wheelers and three-wheelers. Post Covid, bikes and autos have been seeing rapid traction, gaining share quickly within the wider market. India is expected to emerge as a key market for some of the world’s largest shared mobility players, said the report. Additionally, multiple platforms serving varied use cases are expected to emerge and further consolidate the mobility landscape in India.
Vogo-Chalo deal
This report comes on the heels of shared mobility start-up Vogo getting acquired by public transport tech company Chalo. As part of the deal, Vogo is said to switch to a complete electric vehicle fleet and expand beyond two-wheelers and offer other types of EVs.
Vogo’s competitor Bounce has also switched to an electric vehicle fleet. The company is also said to be working on manufacturing a different variant of Bounce Infinity scooters for shared mobility use case. Last year, Bounce forayed into EV manufacturing and opened consumer bookings for Bounce Infinity scooters. The company is also offering its battery swapping network as a service to OEMs. Last month, in a conversation with BusinessLine, Bounce COO Anil Giri Raju said, “Now that we have withdrawn ICE scooters, we have about 4,000 to 5,000 scooters in shared mobility. In a quarter’s time, that number should be close to 12,000-13,000 scooters. “