HDFC Securities says the auto industry in India is expected to witness multiple disruptions, from Mobility services and Electric Vehicles in the medium term. It said EVs are at the startup stage of the S-Curve, while shared mobility is in the growth stage. However, sustained profitability is essential to ensure scale and longevity of operations and business models will continue to evolve on the roadmap to profitable growth. The growth is now originating from 2W-based operators as the traditional cab-based aggregators (Ola, Uber) are unable to expand beyond the large metros. Start-ups such as Bounce, Vogo, Yulu are focusing on the bike rental model while Rapido has adopted the bike aggregation model. The latter segment is growing exponentially (off a low base) with a current market size of $150mn. These services are expanding across tier-I and tier-II towns due to the economical fares/improved connectivity.