A study by Google and the Boston Consulting Group (BCG) projects that by 2030, the value of the Indian mobility market will have more than doubled to USD 600 billion. Major factors contributing to this growth include rapid urbanization, advancements in mobility technologies, increasing adoption of electric vehicles (EVs), and a surge in digital platforms that provide ride-hailing and shared mobility services.
Relevant Aspects of the Report
Due to substantial infrastructure investments and growing consumer demand, the Indian mobility market is anticipated to expand dramatically.
Electric Vehicles (EVs): Electric Vehicles are expected to gain momentum as government regulations and incentives accelerate the transition to eco-friendly transportation.
Shared Mobility: Market growth will be greatly accelerated by the growth of shared mobility services, such as ride-hailing and car-sharing platforms.
Technology Integration: Enhancing user experiences and operational efficiencies within the mobility ecosystem is possible through the integration of digital technologies like artificial intelligence, the Internet of Things, and data analytics.
Urbanization: As cities expand, more effective and scalable urban transportation options are required.
Shared Mobility Growth Rate
The report forecasts that various segments of the mobility market—such as shared mobility services, electric vehicles, and the traditional automotive sector—will experience different growth rates. By 2030, the electric mobility market is anticipated to reach a value of approximately USD 12.3 billion.
India’s market for shared mobility is anticipated to expand at a remarkable 56.8% compound annual growth rate (CAGR) between 2020 and 2025 as a result of rising urbanization and technological developments. China, where services have expanded as a result of rapid urbanization and higher rates of vehicle ownership, has a larger share of the global shared mobility market than India. In India, shared taxis make up less than 1% of all vehicles, compared to about 45% in the United States. Countries like South Africa and Brazil have also adopted shared mobility at higher rates.
Challenges for India Ahead
In keeping with climate goals and targets for reducing carbon emissions, India’s expanding mobility market will spur employment and development. India will be positioned as a significant global player in the mobility sector with improved options, affordability, and accessibility, which will expand customer access and options.
