Hyundai Motor Company has announced a partnership with Revv, a self-driving car rental service that is one of the strongest propagators of the car sharing philosophy in India. The pair of companies will now work toward developing an innovative car-sharing service, and will even work together to market the new brand, with creative marketing activities in India. The strategic partnership will allow both, Hyundai Motor and Revv to build competency and conduct R&D for the technology necessary to create a leading future mobility in the market. Now the trend towards renting as opposed to owning vehicles is growing strong in India, considering that Hyundai motor is not the only ones taking a foothold in the ride-sharing space. Mahindra has long been partnered with Zoomcar and has similar plans to expand into the ride-sharing space.
At present, the Indian ride-sharing market is estimated to be 15,000 vehicles strong, although, experts estimate that this number could triple as early as 2020 with 50,000 cars to be in use as sharing cars. The number is expected to hit a 150,000 by 2022. The expanding market which is based around the growing number of millennials who are expected to drive this car sharing philosophy. Currently, Millennials make up 35 per cent of the total population in the Country. As for Revv, who now have the countries largest manufacturer on their list of investors, will benefit from the company’s corporate muscle including the supply of car sharing products, the development of new mobility service platforms, and product marketing.
Speaking on their new relation, Managing Director and CEO of Hyundai Motor India, YK Koo said that Hyundai has been in the process of exponential growth, emerging as one of the market leaders in the country. Koo believes that the new partnership will boost the business opening them to new markets and a range of customers. It is fast becoming obvious that the millennial market isn’t interested in ownership of cars, with one Google Waymo executive prophesying a future where mobility will be a service offered as a package with other products. Obviously, it will be a while before we see such drastic changes in India, although, it is interesting to see the grassroots of a new kind of vehicle sharing market starting even in India.