What Factors Propelled The Growth Of The Electric Car Rental Market In The Past?
The electric car rental market has seen considerable growth due to a variety of factors.
• There has been a swift expansion in the electric car rental market in the last few years. It's projected to escalate from a value of $11.29 billion in 2024 to $13.06 billion in 2025, recognizing a compound annual growth rate (CAGR) of 15.6%. This growth during the historical period can be explained through factors like increased ecological cognizance, issues related to urbanization and congestion, governmental incentives and subsidies, public fascination towards eco-friendly transportation, and initiatives taken by corporates for sustainability.
What Are the Future Growth Projections for the Electric Car Rental Market in the Coming Years?
The Electric Car Rental market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the market size of electric car rentals is expected to witness a steep rise, growing to $23.06 billion in 2029 with a CAGR of 15.3%.
Factors contributing to this projected growth can be traced back to an increase in electric vehicle models, an international surge in eco-tourism, emphasis on green certification for rentals, incorporation with mobility-as-a-service (maas), and global endeavors to cut down on carbon emissions. Key trends for the forecasting period include collaborations with ride-hailing services, innovative pricing structures, contactless rental options, reliance on data analytics and predictive maintenance, along with the integration of autonomous features.
What Are The Core Factors Supporting Growth In The Electric Car Rental Market?
The anticipated growth of the electric car rental market is being driven by a rising demand for fuel-efficient vehicles. Electric cars, which do not produce any emissions, are viewed as an eco-friendly mode of transport. They offer a solution to the increasing fuel prices and contribute towards reducing fuel emissions, thereby playing a role in environmental protection. For example, Kelly Blue Book, a vehicle valuation company based in the USA, stated in April 2022 that Americans have a growing interest in more fuel-efficient cars. There has been a 66% increase in interest in electric vehicle purchases amongst customers in January 2022. Consequently, this elevated demand for fuel-efficient vehicles is propelling the growth of the electric car rental market.
What Are The Major Segments Within The Global Electric Car Rental Market?
The electric car rental market covered in this report is segmented –
1) By Vehicle Type: Battery Cars, Hybrid Cars, Plug-In Electric Cars
2) By Vehicle Category: Economy Cars, Luxury Cars
3) By Application: Leisure Or Tourism, Business
4) By Booking Type: Online, Offline
Subsegments:
1) By Battery Cars: All-Electric Vehicles (AEVs), Compact Battery Cars, Luxury Battery Cars, SUVs And Crossovers
2) By Hybrid Cars: Mild Hybrids, Full Hybrids, Plug-In Hybrids
3) By Plug-In Electric Cars: Plug-In Hybrid Electric Vehicles (PHEVs), Extended Range Electric Vehicles (EREVs)
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Which Trends Are Expected To Transform The Electric Car Rental Market?
The advent of innovative plug mobility solutions is a crucial trend garnering traction in the electric car rental industry. Big industry players are creating superior plug mobility technologies in order to maintain their market standing. For instance, in September 2024, digital automotive aftermarket platform myTVS, based in India, rolled out its Mobility-as-a-Service (MaaS) platform. This scheme merges a complete network of partners, including OEMs, to provide a wide variety of services for the full life span of electric vehicle (EV) fleets all in one place. The system spans everything, from lease and real-time fleet administration to maintenance and spare parts management, all supported by a digital catalogue of 180,000 SKUs. Additionally, the platform dispenses charging solutions, such as portable chargers and myTVS charging stations, plus telematics, roadside support, insurance, and tire management, all of which ensure fleet operation is seamless. This platform's goal is to hasten vehicle electrification through its plug-and-play solutions while facilitating exceptional performance. Additionally, this project will aid the government in its pursuit to encourage swift EV uptake and eco-friendly mobility.
Who Are the Key Players In The Electric Car Rental Market?
Major companies operating in the electric car rental market include:
• Zipcar
• Avis Budget Group Inc.
• Enterprise Holdings Inc.
• Europcar Mobility Group
• The Hertz Corporation
• Chefenxiang
• DriveElectric
• Easirent
• Green Motion International
• Sixt SE
• Wattacars
• Zoomcar
• Blink Mobility
• Share Now GmbH
• E-Car Club
• Eco Rent a Car
• Ecomilhas
• Ecomobix
• Ekar
• Electric Car Rentals
• EVision Electric Car Hire
• E-Wheels
• GIG Car Share
• Green Cabs
• Greenz Car Rental
• MILES Mobility
• Oply
• Spark Rentals
• Sparky
• Wattmobile
What Is The Most Dominant Region In The Electric Car Rental Market?
North America was the largest region in the electric car rental market in 2024. Asia-Pacific is expected to be the fastest-growing region in the electric car rental market during the forecast period. The regions covered in the electric car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
