India’s Mobility Sector: A $600 Billion Revolution by 2030
India’s mobility industry is on track to soar past the $600 billion mark by 2030, as per the latest Think Mobility report released by Google and Boston Consulting Group (BCG) at the Bharat Mobility Auto Expo. This groundbreaking report sheds light on India’s unique journey in the mobility sector, showcasing a blend of traditional and emerging revenue streams that diverge from global patterns.
**Rapid Rise of Electric Vehicles**
Among the key findings is the escalating demand for electric vehicles (EVs), with one in three consumers eyeing them for their next purchase. Notably, preferences vary significantly between electric four-wheelers (E4Ws) and electric two-wheelers (E2Ws). While E4W buyers seek cutting-edge technology, sophistication, and exclusivity, E2W consumers prioritize practicality, comfort, and affordability.
**Women Driving Change in the EV Market**
In a remarkable shift, women are taking the wheel in the EV market, influencing 52% of purchase decisions, up from 38% in the internal combustion engine (ICE) segment. This growing female consumer base is reshaping the industry landscape and propelling innovation.
**Emerging Mobility Models & Consumer Priorities**
The rise of emerging mobility models like electric, shared, and connected solutions is set to inject an additional $100 billion into the sector, signaling a seismic shift in consumer preferences. Vikram Janakiraman, managing director and senior partner at BCG, underscores the need for industry players to stay agile and tailor their offerings to meet evolving consumer demands.
**Gen Z: Pioneering Self-Drive Rentals**
Gen Z is emerging as a transformative force, with members 2.7 times more inclined to opt for self-drive rentals over older generations. The surge in self-drive rentals and subscription models reflects a shifting paradigm, with 85% of users expressing interest in owning the vehicles they rent.
**Digital Revolution & AI Integration**
Moreover, digital purchase journeys are outpacing traditional methods, fueled by a growing appetite for personalized experiences. Bhaskar Ramesh, director of omni-channel businesses at Google India, emphasizes the potential of AI to enhance consumer experiences across the board, from pre-purchase interactions to in-vehicle experiences and after-sales services.
The Think Mobility Report encapsulates insights from over 4,500 Indian consumers, leading automotive manufacturers, and proprietary data analysis, making it a cornerstone for steering India’s mobility revolution. As the country stands on the brink of transformative change, harnessing global innovations in EVs, digital technologies, and AI is paramount for OEMs looking to thrive in this dynamic landscape.
