DUBLIN--(BUSINESS WIRE)--The "India Two-Wheeler Sharing Market Research Report: By Vehicle Type - Market Size, Share Analysis and Growth Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Indian two-wheeler sharing market was valued at $31.1 million in 2019, which is projected to reach $94 million by 2025, witnessing a CAGR of 20.2% during the forecast period (2020-2025). In the vehicle type, the motorcycle/scooter category dominated the market during the historical period.
During the forecast period, the market for motorcycle/scooter sharing service is expected to witness faster growth. This is ascribed to the fact that there are many players providing motorcycle/scooter sharing, rental and bike taxi services, and their lucrative two-wheeler sharing services are making the Indian people to shift toward using shared motorcycles and scooters from using other modes of transport.
The Indian two-wheeler sharing market is presently filled with various startup companies. To expand their operational areas and to increase their fleet size, they require large amount of funds. For this reason, these players have been receiving investments from investors in forms of debt funding and equity funding continuously; and most of the two-wheeler sharing companies are in talks with various individuals and group companies for funds. For instance, scooter rental company, WickedRide Adventure Services Pvt. Ltd. (Bounce) raised $72 million fund, led by Falcon Edge Capital and B Capital Group, for the expansion of its services into new cities in the near future.
Due to a large number of vehicles, such as private cars, buses, auto-rickshaws, and motorcycles/scooters, on roads in India, people are facing road congestion issue on daily basis. Most of the urban cities, such as Delhi/NCR region, Bengaluru, Mumbai, and Chennai, are facing heavy traffic. This increases the travel time of commuters. To resolve this issue of daily commuters, two-wheeler sharing companies are providing sharing services, which are convenient for travelling short distances and require less space on the roads than other mode of transport. The growth in ridership from last two-three years has shown that two-wheeler sharing rides are increasingly being used by daily commuters to reduce their travel time.
Bike taxi service is expected to witness fastest growth during the forecast period in the motorcycle/scooter sharing category across India. This is attributed to the increasing adoption of on-demand two-wheeler sharing services, coupled with aggressive geographic expansion into tier-1 and tier-2 cities with huge support from investors.
Dock-less bicycle sharing service constitute larger market share in the bicycle sharing category. This can be mainly attributed to the fact that most of the companies use dock-less concept for providing bicycle sharing service as it is less capital-intensive, due to less requirement to build stations for parking the bicycles.
- Partnerships Among Companies
- Increasing Number of Investments in the Market
- Low-Priced Convenient Solution for Commuting
- Urban Road Congestion
- Rising Demand for First and Last-Mile Connectivity
- Regulatory Hurdles
- Cultural and Societal Issues
- Weather Unsuitability
- Establishing Electric Fleet
- Vogo Automotive Pvt. Ltd. (Vogo)
- Roppen Transportation Services Pvt. Ltd.
- ANI Technologies Pvt. Ltd. (Ola)
- Uber Technologies Inc.
- Bycyshare Technologies Pvt. Ltd. (Mobycy)
- Yulu Bikes Pvt. Ltd.
- Motocruizer Technologies India Pvt. Ltd. (Onn Bikes)
- Bashar Technologies Pvt. Ltd. (Wheelstreet)
- Wicked Ride Adventure Services Pvt. Ltd. (Bounce)
- ZipHop Technologies Pvt. Ltd.
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