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Shared economy at $2 billion by end-2020
Why is it in the news?
- The shared economy in India is estimated to be an about $2 billion industry by the end of the current year, according to a recent report by Maple Capital Advisors.
More in the news
- The ‘shared economy’ includes segments such as:
(1) Co-working (Awfis, WeWork India)
(2) Co-living (Stanza Living, OYO Life, Oxford Caps)
(3) Shared mobility (Uber, Ola, Shuttl)
(4) Furniture rental (Furlenco, Rentomojo)
- India Story,’ with high mobile penetration, high millennial concentration and an aspirational population, Asia has the highest willingness to use shared assets.
- In 2019, the segment was estimated to be over $1.5 billion in size in India.
- Market size:
(1) The market size for the co-working sector is pegged at $500 million, while that for co-living is estimated to be $400 million, shared mobility at over $630 million, and furniture rental at $200 million.
(2) The report noted that about $3.7 billion worth of capital has been infused in India in such services till now, adding that a similar amount is expected to be infused in the next couple of years.
Source
The Hindu