The electrical rental car market is expected to register a CAGR of 15% from 2020 to 2028. The market was valued at USD 246.70 billion in 2020. It’s expected to be worth USD 1,318.22 billion in 2028.
The rapid growth of the market can be
attributed to the resurgence of rental car sales, which are now approaching
pre-pandemic levels. Additionally, there is a rising preference for electric
cars in general due to their perceived environmental friendliness.
Overview of the Electric Car Rental
Segment
When examining the Electric Car Rental
segment, it becomes evident that it encompasses a variety of sub-categories
based on different criteria:
- Vehicle Types:
Within this segment, we can distinguish the following sub-categories:
- Battery-powered cars
- Hybrid vehicles
- Plug-in electric cars, categorized by their
performance characteristics.
- Applications:
The Electric Car Rental segment can also be further divided based on its
various applications:
- Economic cars
- Exclusive or luxury cars
- Other categories that do not fall into these two
groups.
- Service Modes:
Lastly, in terms of service provision, the Electric Car Rental segment can
be segmented into the following sub-divisions:
- Online services
- Offline services
This multifaceted segmentation provides a
comprehensive view of the Electric Car Rental sector, highlighting its diverse
offerings catering to different vehicle types, applications, and service
delivery modes.
Electric Car Rental
Market Regional analysis
The global electrical rental car market can be grouped into the following geographic
regions:
- Asia-Pacific
- North America
- The European Union
- The Rest of the World
Currently, the Asia-Pacific region boasts
the most substantial market share, a phenomenon primarily attributed to the
remarkable economic growth experienced by many nations in this geographical
area. This sustained economic expansion has given rise to a burgeoning middle
class with increasing wealth. As a result, there is a growing demand among this
middle-class demographic for upscale, environmentally-friendly rental cars.
Electric cars align perfectly with these preferences.
Projections indicate that the Asia-Pacific
region is poised to maintain its dominant market share throughout the duration
covered by this report. Additionally, it is expected to exhibit the highest
Compound Annual Growth Rate (CAGR) during this period.
Notably, the government of India has taken
significant steps in this direction, enacting legislation that mandates reduced
particulate emissions from cars during operation. Electric vehicles are known
for their cleaner operation, making them an appealing choice for the average
middle-class consumer in India.
Conversely, the European Union and the
North American region are anticipated to record moderate CAGR figures and hold
relatively moderate market shares within the timeframe under consideration.
Electric Car Rental
Industry news
- Hertz grabbed a major chunk of the digital car rental market by offering electronic cars for rent in
2021.
- Companies that make electric cars for rental
purposes have been working hard to integrate artificial intelligence into
them. The intent is to make smart cars that are also safer for people to
drive!
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