Market Research Future Insights
The electric car rental market has been growing steadily in recent years as more people are becoming aware of the benefits of electric cars. The market is expected to continue to grow in the coming years as more countries are committing to reducing carbon emissions and transitioning to electric vehicles.
One of the main factors driving the growth of the electric car rental market is the increasing popularity of electric cars. As more people become interested in driving electric cars, they are also looking for ways to rent these vehicles to test them out before making a purchase.
Another factor driving the growth of the electric car rental market is the increasing number of charging stations being installed worldwide. This has made it easier for electric car drivers to travel longer distances and has made electric cars a more viable option for rental car companies.
The Global Electric Car Rental Market is expected to grow at a 15% CAGR and is estimated to be worth USD 20.42 Billion by the end of 2030.
The primary market drivers that favorably impact the market include the growth of the travel and tourism sector and increased cognizance of electric mobility services. As several governments have acquainted new environmental regulations, businesses have shifted towards sustainable and environmentally friendly business concepts and ideas.
Over the long term, there's a huge rise in the number of individuals traveling for business and pleasure around the world is punching the demand for zero-emission electric car rental services, fueling the industry's growth. Factors similar to increased demand for fuel-efficient, high-performance, and low-emission rental vehicles, strict government rules and regulations on vehicle emissions, as well as lower battery costs, and increasing gasoline prices, all contribute to the rise of the electric car rental market.
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Growing internet penetration in both arising and developed countries has empowered enterprises in the sector to attract a wider consumer base through the use of dedicated mobile apps for customer convenience. Technology is regarded as a critical element driving market expansion.
Regional Analysis
The global Electric Car Rental Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.
During the projection period, North America is anticipated to avouch considerable growth. This is ascribed to the existence of several of the region's largest vehicle rental companies, similar to Avis Budget Group and Enterprise Rent-a-Car, which are anticipated to present fascinating growth potential.
In Europe, the global electric car rental market is expected to hold the second-largest share over the forecast period.
The presence of steering automotive OEMs like Audi AG and BMW AG, strict vehicle emission regulations declared by the UK, France, and Germany to phase out diesel engines by 2030, the cultivating need for electric cars, growing electric vehicle hire services in Spain, France, and Germany, and growth of the tourism industry are adding to the global electric car rental market growth in the region. Italy and Germany hold the utmost market share.
The African market can achieve well due to the applauding growth of the tourism industry. Zambia is the third quickly-expanding tourism destination in the world which enormously contributes to the GDP of the nation and also the growth of the electric car rental market.
The Asia Pacific regional segment has been dominating the global market setting due to the boost in sales of electric cars and the existence of a large customer base. During the predicted period, the region is anticipated to drive global market growth.
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Market Segmentation
The Electric Car Rental request is segmented based on Information by Vehicle Type( Battery, Hybrid, and Plug-In Electric Car), Application( Economic Car, Executive Car, and others), and Service( Online and Offline). Though, each segment is anticipated to capture a decent portion of the global market share of electric car rental during the forecasted period.
Key Players
The global Electric Car Rental Market key players are Zipcar (US), Avis Budget Group Inc. (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), and Europcar Group (France)
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