According to data, India’s shared mobility market is projected to reach USD 3466 million by 2024 and technology will undoubtedly be at the core of driving this growth Over the years, mobility has undergone a drastic change thanks to the advent of technology. A series of technological and social trends have contributed to the breakneck pace at which the mobility segment has transformed. Gone are the days when owning a car was seen as the ideal option.
The fast-paced lifestyle has brought about significant changes in the way we view car ownership. Shared mobility and electric vehicles have gained immense traction, the result of which is the emergence of an entirely new system of mobility that is quicker, more convenient, cost-effective, and commitment-free. This fundamental shift in the mobility segment has been driven by technology. While the pandemic has left a profound impact on the world and has effectively changed the way businesses function, it has thrown a catalyst that generates changes in the mobility ecosystem. Particularly for the shared mobility sector, the pandemic appears to smile upon it while it frowns on other industries. This is primarily due to how flexible and welcoming the sector has been in adopting cutting-edge technology in its day-to-day operations. On that note, let us take a look at how technology has been the driving force of change for the mobility sector. Short-term subscriptions: A game-changer The pandemic has almost erased the concept of purchasing a car for a variety of reasons, and subscription models are the trend of tomorrow. Offering the ideal solution to pandemic-induced challenges, subscription models are hassle-free. Sensing the opportunity, prominent players in the shared mobility segment have introduced short-term subscriptions that are extremely convenient and cost-effective. Besides, people who prefer to change/upgrade their vehicles can easily do so at a much lesser cost than buying a new car.