The Electric Car Rental Market is growing rapidly primarily in the developed regions like North America and Europe and is expanding globally at a rapid pace due to the increasing number of business & leisure trips worldwide are increasing significantly. The increasing use of online portals is shaping the growth of this market. Furthermore, the rising use of smartphones, growing service sector globally, stringent vehicle emission regulations, and growing population is expected to accelerate the growth of this market. Additionally, fluctuation in crude oil prices and lack of government transport facilities are also contributing to the growth of this market.
CNG and gasoline rental cars, lack of infrastructure, unorganized car rental service, and the high initial prices of electric vehicle are expected to hamper the market growth during the forecast period. However, technological advancement in e-car rental service, changing lifestyle, and developing economies in emerging countries create ample opportunities for the expansion and growth of this market. Therefore, the global Electric Car Rental Market is projected to reach around USD 15 Billion by 2025 and is estimated to witness 15% CAGR during the forecast period, 2019–2025.
Market Research Analysis
The global Electric Car Rental Market is segmented based on vehicle type, application, service, and region. Based on vehicle type, the global market has been segmented into battery, hybrid, plugin hybrid electric car. Based on application, the global market has been segmented into economic, executive, and others. Based on service, the global market has been segmented into online and offline.
In terms of region, the global market for electric car rental is segmented as North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to hold the largest share in the global Electric Car Rental Market throughout the forecast period owing to the presence of emerging economies, such as China and India, is contributing to the market growth in the region. Furthermore, in Asia-Pacific, China is projected to grow at a rapid pace over the forecast period due to the growing per capita disposable income, fluctuation in gasoline prices, and large consumer base.
On the other hand, North America is projected to witness significant growth for the Electric Car Rental Market. The growing demand for environment-friendly vehicle and developing car rental service centers in the US and Canada are expected to support the growth of the market during the forecast period. In North America, the US is anticipated to grow at faster rate than Canada over the forecast period due stable economy, advanced technology, and presence of major players such as Zipcar and Avis Budget Group, Inc. in the US. In North America, Canada is the second leading country after the US. The market in Canada is growing at substantial rate over the forecast period due to the increasing number of passenger cars among the population.
The Electric Car Rental Market in Europe is expected to witness significant growth due to the presence of many developed nations and their willingness to adopt new technologies. The market in Europe is dominated by Germany and is projected to grow at a substantial rate over the forecast period due to increasing demand for offline electric car rental services from schools, malls, and hospitals.
The rest of the world includes regions such as South America and the Middle East & Africa. South America is an emerging region, which is incorporating technological advancements in the Electric Car Rental Market at a rapid pace.
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Scope of the Report
This study provides an overview of the global Electric Car Rental Market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Electric Car Rental Market by vehicle type, product, weight capacity, travel range, application, and region.
By Vehicle Type
- Battery Electric Car
- Hybrid Electric Car
- Plug-In Hybrid Electric Car
- North America
- Rest of the World
The leading players operating in the Global Electric Car Rental Market are The Hertz Corporation (US), Sixt SE (Germany), Europcar Group (France), Zipcar (US), Avis Budget Group, Inc. (US), Enterprise Holdings Inc. (US), Europcar Mobility Group (France), BlueIndy (US), DriveElectric (UK), Easirent (UK), Green Motion International (UK), Wattacars (Spain), and Zoomcar (India).