Electric Car Rental Market Overview:
The electric car rental market has experienced significant growth and
transformation in recent years, driven by the increasing global awareness of
environmental sustainability and a shift towards greener transportation
solutions. As governments and consumers alike become more conscious of the
environmental impact of traditional combustion engine vehicles, the demand for
electric cars has surged. This trend has paved the way for the expansion of
electric car rental services, offering individuals and businesses a convenient and
eco-friendly alternative to traditional car rentals. The market has witnessed
the emergence of various players, both established car rental companies
integrating electric vehicles into their fleets and specialized startups
focusing exclusively on electric car rentals, fostering healthy competition and
innovation within the industry.
Electric
Car Rental Market Size is expected to cross USD $ 34.83 billion by 2032 at a CAGR of 15%
during the forecast period 2023-2032
One of the key
drivers of the electric car rental market is the growing infrastructure for
electric vehicle charging stations. As governments and private entities invest
in building a robust charging network, the range anxiety associated with
electric cars is gradually diminishing, making them more appealing to renters.
Additionally, advancements in battery technology have improved the range and
performance of electric vehicles, addressing another concern for potential
users. The electric car rental market is poised for further expansion as
technology continues to evolve, costs decrease, and regulatory support for
sustainable transportation gains momentum. As more consumers experience the
benefits of electric cars through rental services, it is anticipated that the
market will continue to play a pivotal role in the broader adoption of electric
vehicles worldwide.
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Top Boosters and Main Deterrents
A trend
gaining momentum in the car rental industry 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.
Electric Car Rental Market Notable Companies
·
Zipcar (US)
·
Avis Budget Group Inc. (the US)
·
Enterprise Holdings Inc. (US)
·
Europcar Mobility Group (France)
·
The Hertz Corporation (US)
·
Sixt SE (Germany)
·
BlueIndy (US)
·
DriveElectric (UK)
·
Easirent (UK)
·
Green Motion International (UK)
·
Wattacars (Spain)
·
Zoomcar (India)
·
Europcar Group (France)
Electric Car Rental 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.
Car Rental Market Highlights:
Electric Car Rental Market 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.
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