Asia-Pacific Electric Car Rental Market
The Asia-Pacific electric car
rental market is experiencing growth, particularly in
countries like China and South Korea, where the adoption of electric vehicles
is high. Rental companies are adding electric cars to their fleets, and
government incentives are encouraging the transition to greener transportation
options. The market benefits from an expanding charging network across the
region.
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 is projected to grow from USD 11.39 Billion in 2024 to USD 34.83 billion
by 2032.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.
Get Free Sample Report of Electric Car Rental
Market
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.
Popular
EV Rental Companies:
- Hertz: Offers a variety of EVs for
rent, including the Tesla Model 3, Nissan Leaf, and
Chevrolet Bolt EV.
- SIXT: Offers a variety of EVs for
rent, including the Tesla Model S, Model X, and Model
3, as well as the BMW i3 and Chevrolet Bolt EV.
- Turo: Offers a peer-to-peer car rental
marketplace, where you can rent EVs from individual owners.
- Getaround: Another peer-to-peer car rental
marketplace, offering a wide variety of EVs for rent.
- Local EV rental companies: Many cities have
local EV rental companies that offer competitive rates and a variety of
vehicles.
Additional
Resources:
- PlugShare: A website and app that helps you
find EV charging stations.
- Electric Vehicle Association: A non-profit
organization that promotes the use of electric vehicles.
- Department of Energy: The Department of
Energy's website has information on a variety of EV incentives and resources.
Renting
an EV is a great way to experience the benefits of electric driving. With a
little planning, you can have a fun and eco-friendly trip.
EV
Rentals: A Greener Way to Get Around
Electric
vehicle (EV) rentals are a great way to experience the benefits of driving
electric without having to commit to buying an EV yourself. They are also a
convenient option for travelers who want to explore a new city without worrying
about finding charging stations.
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.
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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