Electric Car Rental Market Grows
A trend gaining momentum in the Electric Car Rental Market is the use of electric vehicles in these services. This is mostly
owing to the surge in government-backed initiatives across countries in the
form of policies and regulations that promote use of electric vehicles. An
increasing number of car rental operators are now undertaking initiatives,
aiming to increase the use of electric vehicles in their fleet. Electric cars
generally outperform other types of vehicles, since they offer benefits like low
carbon emission, higher fuel economy, comfortable drive, reduced sound from
engine and convenience of charging at home, and more. Considering these
factors, it is safe to predict that the demand for electric car rental market
can increase rapidly in the following years.
The blossoming travel and tourism sector everywhere acts as an
important growth booster in the electric car rental market. The electric car
rental industry is scattered, with the preference of a massive number of organized
as well as unorganized companies. The need to move from unorganized to
organized sector has led to the prevalence of digital or online electric car
rental system. The rising demand for online car rental services is touted to be
a lucrative opportunity for the renowned market players and can help market
gain huge impetus in the following years.
Frequent technological innovations in e-car rental service, evolving
lifestyle, and the high demand from emerging nations also induce significant
market growth. Other than this, the escalating adoption of smartphones, the
expanding worldwide service sector, strict vehicle emission policies and regulations,
and the rapidly burgeoning global population can also accelerate market growth
over the next several years.
Market Segmentation
The market for electric car rental has been considered for
segments like vehicle type, application and service.
The vehicle types taken into account for market study are hybrid, plugin
hybrid and battery electric car.
The main application areas of electric car rental services are executive,
economic, and others. The excellent fuel
efficiency, spike in gasoline prices and the mounting environmental concerns have
led to great demand for economic cars in the market.
With respect to services, the market has been narrowed down to online
as well as offline. The online channel is the most preferred option across the
world, on account of the rising smartphone penetration, expansion of the internet
of things (IoT), combined with the enhanced experience it offers to the users.
Regional Outlook
The top markets for electric car rental are Europe, North America,
APAC or Asia Pacific, and the rest of the world or RoW.
The maximum share in the global market belongs to APAC, with the
rising sales of e-cars and an expansive consumer base deemed as the chief
growth boosters. The high demand originating from the developing nations like India,
the Philippines, Vietnam and China, also benefits the market. The region boasts
of a lucrative car rental market as well as tourism industry, which results in
market growth as well.
The second-lead has been taken by the European market, mostly due
to the high concentration of leading automotive manufacturers like Audi AG and BMW
AG. Strict vehicle emission policies and regulations in France, the UK and Germany
discouraging the use of diesel engines also boost the use of electric cars in
the region. France, Spain and Germany have been identified as the prime markets
in the region, thanks to the surge in electric vehicle car rental services and
the thriving tourism sector.
North America comes third in the global market for electric car
rental, in view of the widespread presence of a massive number of electric car
on rental service vendors in Canada and the US. There is a strong possibility
that the US can emerge as the most successful market in the region, following
the expanding population of migrants and the frequent technological developments
in the automobile industry.
The African market for electric car rental services can perform
well in the ensuing years, all because of the favorable growth of the tourism
industry. Zambia is the third fastest-expanding tourism destination in the
world, which contributes considerably to the country’s GDP as well as to the
growth of the electric car rental market.
Notable Companies
Easirent (UK), Sixt SE (Germany), Europcar Group (France), The
Hertz Corporation (US), Zipcar (US), DriveElectric (UK), Green Motion
International (UK), BlueIndy (US), Zoomcar (India), Europcar Mobility Group
(France), Wattacars (Spain), Avis Budget Group, Inc. (the US), Enterprise
Holdings Inc. (US), are the notable companies in the electric car rental
market. These companies are undertaking strategic measures like partnerships and
new service launches to procure a stronger market position.
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