The Electric Car Rental market industry is projected to grow from USD 13.09 Billion in 2024 to USD 34.83 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.00% during the forecast period (2024 - 2032). Electric Car Rental Market Size was valued at USD 11.39 billion in 2023. The increased presence of top-notch companies and the Internet to customize travel trips, in-car infotainment systems growing online rent-a-car services, and booking engines are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By an increase in government regulations, incentives, and subsidies for electric vehicles (EVs). Government authorities globally are focusing on environmental sustainability and are implementing regulations to reduce carbon emissions. As the automotive industry is a significant contributor to carbon dioxide emissions, regulatory bodies are advocating for the adoption of alternative energy vehicles like EVs. This focus on reducing carbon emissions is acting as a catalyst for market growth, with a higher market CAGR expected as a result.
Additionally, introducing battery-swapping technology is the key trend impeding market growth. Range anxiety is a major problem that hinders the growth of electric cars. Battery manufacturers, suppliers, and OEMs are working on battery-swapping technology that allows batteries to be hot-swapped. Hot-swappable batteries allow you to change batteries in minutes, which solves the remote alarm problem. Changing the batteries allows you to travel 80 miles in 5 minutes, which is very useful for consumers. Replacement costs vary between batteries. It ranges from $80 to $100. Vendors plan to offer replaceable batteries for charging stations for an additional fee. The technology is being tested, but faster availability could help boost electric cars. These factors drive the Electric Car Rental market revenue.
Based on vehicle type, the Electric Car Rental Market segmentation includes battery cars, hybrid cars, and plug-in electric cars. The hybrid cars segment dominated the market. New opportunities are expected to arise for businesses to provide customized mobility services that cater to the preferences and requirements of customers worldwide due to the emergence of various market segments. Businesses are anticipated to find new prospects in the segments above for offering tailored mobility services that match the preferences and requirements of customers worldwide.
Based on application, the Electric Car Rental Market segmentation includes economic cars, exclusive cars, and others. The economic cars segment dominated the market. The demand for cost-effective and high-end cars depends on the customers' income level. Furthermore, individuals from middle-class backgrounds often choose economical cars for rental purposes.
The Electric Car Rental Market segmentation, based on application includes online and offline. The online segment dominated the market; Here's another possible rephrased version. The convenience provided to customers is a significant advantage of this service type, and it is anticipated to play a pivotal role in driving the growth of the global market throughout the projected timeframe.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American electric car rental market area will dominate this market due to the Internet to customize travel trips, in-car infotainment systems growing online rent-a-car services, and booking engines.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Electric Car Rental market accounts for the second-largest market share due to the increased presence of top-notch companies. Further, the German Electric Car Rental market held the largest market share, and the UK Electric Car Rental market was the fastest-growing market in the European Region.
The Asia-Pacific Electric Car Rental Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the increase in electric car sales and a large customer base. Moreover, China’s Electric Car Rental market held the largest market share, and the Indian Electric Car Rental market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Electric Car Rental market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The electric car rental industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Electric Car Rental industry to benefit clients and increase the market sector. In recent years, the Electric Car Rental industry has offered some of the most significant advantages to medicine. Major players in the Electric Car Rental market, including Zipcar (US), Avis Budget Group, Inc. (the US), Enterprise Holdings Inc. (US), Europcar Mobility Group (France), The Hertz Corporation (US), Sixt SE (Germany), Bluelndy (US), DriveElectric (UK), Easirent (UK), Green Motion International (UK), Wattacars (Spain), Zoomcar (India), and Europcar Group (France)., and others, are attempting to increase market demand by investing in research and development operations.
BETA was founded by Michael E. Grilli, PE, with a small team of three working from a Rhode Island office. BETA's goal has always been to enhance the quality of the communities they work and live in by delivering integrated solutions. BETA specializes in planning, engineering, design, asset management, landscape architecture, and construction services for state agencies and municipalities. BETA's test group is testing Joulez's Tesla rentals as the company finalizes its booking smartphone application. Joules intends to establish an EV rental fleet and an all-inclusive support system that allows customers to experience the benefits of driving an EV. Currently, Joules is focused on developing a smartphone app for booking and designing competitively priced rental apartments in New York City, ranging from $75 to $200 per day. Bergdale is interested in collaborating with electric vehicle manufacturers, airport authorities, airlines, EV charging companies, cities, and other parties keen on accelerating the transition to an EV-driven future.
Carzonrent, an Indian car rental company founded by Rajiv Kumar Vij in 2000, has secured exclusive franchisee rights for Hertz International in India. The company has established an EV platform, Plug Mobility, to provide its customers with sustainable and clean mobility alternatives. Plug Mobility aims to introduce 20,000 electric vehicles across India to serve various clients, including corporations, hotels, airlines, governments, public sector undertakings, and small and medium-sized enterprises. The company hopes to reduce carbon emissions by 389 million tonnes over the next five years by creating a uniform EV ecosystem.
May 2024: Avis Budget Group, Inc. (NASDAQ: CAR) (the “Company”) announced today the pricing of a private offering of €200 million in additional 7.25% Senior Notes due 2030 (the “Notes”) by its wholly-owned subsidiary, Avis Budget Finance plc (the “Issuer”). The Indenture, dated July 13, 2023, under which the company had originally issued €400 million aggregate principal amount of 7.25% Senior Notes due 2030, will apply to the Issues as supplementary notes.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 11.39 billion |
| Market Size 2024 | USD 13.09 billion |
| Market Size 2032 | USD 34.83 billion |
| Compound Annual Growth Rate (CAGR) | 13.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Application, Serviceand Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Zipcar (US), Avis Budget Group, Inc. (the US), Enterprise Holdings Inc. (US), Europcar Mobility Group (France), The Hertz Corporation (US), Sixt SE (Germany), Bluelndy (US), DriveElectric (UK), Easirent (UK) |
| Key Market Opportunities | The Internet to customize travel trips In-car infotainment system Growing online rent-a-car services and booking engines |
| Key Market Dynamics | The presence of top-notch companies |
Electric Car Rental Market Highlights:
Frequently Asked Questions (FAQ) :
The Electric Car Rental Market size was valued at USD 9.9 Billion in 2022.
The global market is projected to grow at a CAGR of 13.00% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Zipcar (US), Avis Budget Group, Inc. (the US), Enterprise Holdings Inc. (US), Europcar Mobility Group (France), The Hertz Corporation (US), Sixt SE (Germany), Bluelndy (US), DriveElectric (UK), Easirent (UK).
The Hybrid Cars Electric Car Rental category dominated the market in 2022.
Online had the largest share in the global market.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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