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The electric car rental market is inspired by using diverse marketplace elements that contribute to its boom and improvement. One key reason for the expansion of this market is the growing international awareness of environmental issues and the developing demand for sustainable transportation alternatives. As issues about weather exchange increase, clients are becoming more inclined to look closer to eco-friendly alternatives, mainly due to a surge in the reputation of electrical cars (EVs). This shift in patron choices has created conducive surroundings for the electric car rental market to thrive.
Technological improvements in electric-powered car infrastructure additionally affect the electric car rental marketplace. The development in battery technology, charging infrastructure, and range capabilities has addressed a number of the preliminary concerns associated with the adoption of electric-powered vehicles. As charging stations grow to be more extensive and charging times lower, the practicality of electric automobiles as condominium alternatives will increase. This technological progress not only complements the ease of using electric cars but also reduces the anxiety related to range limitations.
Furthermore, the cost of possession is an important issue influencing the electric car rental marketplace. While the preliminary buy price of electric cars can be higher than that of traditional vehicles, the decreased operating and protection fees cause them to be an economically viable choice over a long time. Electric cars usually have fewer transferring elements, resulting in decreased upkeep necessities and decreased typical ownership costs. As customers and corporations prioritize value-effectiveness, the monetary advantages of electric cars contribute to the developing demand for electric car rentals.
Consumer attention and education additionally play a crucial position in shaping the electric car rental market. As humans become more informed about the benefits of electrical motors and the wonderful effect they could have on the environment, there is a greater willingness to select electric-powered automobiles for rental purposes. Rental agencies that put money into teaching their clients about the benefits of electric vehicles, which include decreased emissions and lower gas costs, are likely to draw an extra environmentally aware purchaser base.
In conclusion, the electric car rental marketplace is influenced by a mixture of environmental consciousness, authorities' policies, technological improvements, value concerns, and client recognition. These marketplace factors together contribute to the growth and expansion of the electric car rental industry. As the arena continues to prioritize sustainability and inexperienced technologies, the electric car rental market is poised for further improvement, supplying a cleaner and more eco-friendly alternative to standard automobile leases.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 9.9 Billion |
| Market Size Value In 2023 | USD 11.39 Billion |
| Growth Rate | 15.00% (2023-2032) |
Electric Car Rental Market Highlights:
Electric Car Rental Market Overview:
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
Electric Car Rental Market Trends
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The growth of the automotive market is being driven market growth
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.
Electric Car Rental MarketSegment Insights:
Electric Car Rental Vehicle Type Insights
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.
Electric Car Rental Application Insights
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.
Electric Car Rental Service Insights
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.
Figure 1: Electric Car Rental Market, by Service, 2024 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Electric Car Rental Regional Insights
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.
Figure 2: Electric Car Rental Market Share By Region 2024 (%)
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.
Electric Car Rental Key Market Players & Competitive Insights
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.
Key Companies in the electric car rental market include
- The Hertz Corporation
- Zoomcar
- Enterprise Holdings Inc.
- Drive Electric
- Green Motor International
- Avis Budget Group, Inc.
- Zipcar
- Europcar Group
- Blueindy
- Wattacars
Electric Car Rental Industry Developments
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.
Electric Car Rental Market Segmentation:
Electric Car Rental Vehicle Type Outlook
- Battery Cars
- Hybrid Cars
- Plug-in Electric Cars
Electric Car Rental Application Outlook
- Economic Cars
- Exclusive Cars
- Others
Electric Car Rental Service Outlook
- Online
- Offline
Electric Car Rental Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
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Middle East
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Africa
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Latin America
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