In 2019, the Indian two-wheeler sharing market generated $31.1 million and is projected to reach a value of $94.0 million by 2025, registering a CAGR of 20.2% during the forecast period (2020–2025). The market is growing due to the urban road congestion, increasing requirement for first and last-mile connectivity, and low-priced convenient solution for commuting. The two-wheeler sharing service is a facility in which two-wheelers are made available to public for long-range and short-range commute and travel purposes. The service can be utilized through the booking platforms provided by the service providers.
When vehicle is considered, the Indian two-wheeler sharing market is bifurcated into bicycle and motorcycle/scooter. The motorcycle/scooter category dominated the market in 2018 and is predicted to account for the major share of the market during the forecast period as well. The category is further divided into scooter sharing, bike taxi, and rental, among which, the bike taxi division is expected to grow at the fastest pace during the forecast period. The bicycle category is further divided into station-based and dock-less, between which, the dock-less division held the larger share of the market in 2018.
On the basis of region, the Indian two-wheeler sharing market is divided into east, west, north, and south. Out of these, the Southern region accounted for the major share of the market in 2018 and is further predicted to dominate the market during the forecast period. This is due to the increasing presence of major two-wheeler sharing companies in cities of the Southern region, such as Hyderabad, Bengaluru, and others. The Eastern region is projected to grow at the fastest pace during the forecast period.
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A key trend in the Indian two-wheeler sharing market is the increasing number of investments in the market. Over 200 million two-wheelers on Indian roads have made the Indian motorcycle/scooter market one of the largest across the globe. Several two-wheeler sharing services companies are engaging with different investors for raising funds for operational area and fleet size expansion to offer more effective and optimized service to their users. For instance, WickedRide Adventure Services Pvt. Ltd. raised $72 million, led by B Capital Group and Falcon Edge Capital, to expand its services into new cities.
The growing demand for first and last-mile connectivity is a major driving factor of the Indian two-wheeler sharing market. People in India are still dependent on walking or using local rickshaw for reaching the nearest public metro-station or bus stand. Attributed to this, the requirement and adoption of two-wheeler sharing services for covering short distances and dealing with the first and last-mile connectivity issue is increasing in the country. Companies such as Uber Technologies Inc. offers convenient motorcycle/scooter rides from and to any point in the city through its Uber Moto service.
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The establishment of electric fleet in the country is creating wide opportunities for players operating in the Indian two-wheeler sharing market. The concern regarding pollution levels in India is increasing, which is leading to an urgent need for environmental protection. This is creating opportunities for the two-wheeler sharing services providers to expand their fleet with electric two-wheelers. The industry has been witnessing a gradual shift from traditional to electric two-wheelers, as these vehicles can help in overcoming the air pollution issues.
Hence, the market is growing due to the increasing requirement for first and last-mile connectivity.
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