NEW
YORK, July 3, 2024 /PRNewswire/ -- The
global electric car rental market size is estimated to
grow by USD 18.00 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 16.68% during the forecast period.
Increasing demand for rental cars due to rise in international
tourism is driving market growth, with a trend
towards technological advancements in battery technology.
However, global power crisis hindering the growth of ev market
poses a challenge. Key market players include Avis Budget Group
Inc., Blu Smart Mobility Pvt. Ltd., Blue Cars Ltd., Current
Vehicles Ltd., DriveElectric, Enterprise Holdings Inc., Envoy
Technologies Inc., ETO Motors Pvt. Ltd., Evoke Pty Ltd., Green
Motion International, Hertz Global Holdings Inc., Plug N Drive,
SIXT SE, Stellantis NV, UFODrive SA,
Volkswagen AG, Volt Age Hire, Wattacars, ZERO Carbon Technologies
Inc., and Zoomcar India Pvt. Ltd..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Electric Car Rental
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
16.68%
|
Market growth
2024-2028
|
USD 18005.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
13.19
|
Regional
analysis
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
Europe at
41%
|
Key
countries
|
US, China, Germany,
Italy, and France
|
Key companies
profiled
|
Avis Budget Group Inc.,
Blu Smart Mobility Pvt. Ltd., Blue Cars Ltd., Current Vehicles
Ltd., DriveElectric, Enterprise Holdings Inc., Envoy Technologies
Inc., ETO Motors Pvt. Ltd., Evoke Pty Ltd., Green Motion
International, Hertz Global Holdings Inc., Plug N Drive, SIXT SE,
Stellantis NV, UFODrive SA, Volkswagen AG, Volt Age Hire,
Wattacars, ZERO Carbon Technologies Inc., and Zoomcar India Pvt.
Ltd.
|
Market Driver
The electric car rental market is experiencing significant
growth due to advancements in battery technology. Li-ion batteries,
while important, do not follow the trend of Moore Law and have
complex chemistry, limiting faster advancements. New compounds are
being explored to enhance battery performance. Silicon anodes,
which can store more lithium ions than graphite, are the next step
in energy density. However, silicon's expansion during charging
weakens the anode and can cause dissolution. Companies like Enovix
and Samsung SDI are addressing these challenges with innovative
battery designs, such as porous silicon anodes and quick charging
capabilities. The Joint Center for Energy Storage Research is also
developing multivalent-ion and lithium-sulfur batteries, which can
store twice the energy of Li-ion batteries. These advancements will
drive the growth of the electric car rental market during the
forecast period.
The electric car rental market is experiencing significant
growth with an increasing number of consumers opting for
eco-friendly transportation solutions. According to recent trends,
the demand for electric cars in rental services is on the rise.
This shift is driven by several factors including the reduction in
battery costs, government incentives, and the growing awareness of
environmental concerns. Additionally, technological advancements in
battery technology and charging infrastructure are making electric
cars more convenient and accessible. Companies are responding to
this trend by expanding their electric vehicle fleets and investing
in charging stations. Overall, the electric car rental market is
poised for continued growth in the coming years.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The electric car rental market faces challenges due to
increasing power demand for electric vehicles, particularly in
developing countries. For instance, Europe's shift to electric vehicles reduces
crude oil consumption but increases global power demand by 11%. In
Asia, power crises in countries
like India and Japan, driven by high hybrid vehicle adoption
in Japan, exacerbate the issue.
Japan's power crisis, caused by
the 2011 Fukushima disaster and reliance on imports, increases
electricity costs and hinders EV market growth. These power crises
pose significant hurdles for the electric car rental market
expansion during the forecast period.
- The electric car rental market is experiencing significant
growth, with an increasing number of consumers opting for
eco-friendly transportation solutions. However, challenges persist
in this sector. One major issue is the high cost of electric
vehicles (EVs) compared to traditional cars. Additionally, the
limited range of EVs and the lack of charging infrastructure in
some areas can deter potential renters. Furthermore, the high cost
of battery replacement and maintenance can also be a concern. To
address these challenges, rental companies must invest in expanding
their EV fleets, improving charging infrastructure, and offering
competitive pricing to attract customers. Collaborations with
charging station providers and government incentives can also help
mitigate these issues. Overall, the electric car rental market
presents both opportunities and challenges, requiring strategic
planning and innovation to succeed.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This electric car rental market report extensively covers market
segmentation by
- Type
- 1.1 Economy cars
- 1.2 Luxury cars
- Distribution Channel
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Economy cars- The electric car rental market is
experiencing significant growth due to increasing environmental
consciousness and advancements in technology. Companies are
investing in electric fleets to cater to the rising demand.
Cost-effective batteries and government incentives are boosting the
industry. Electric cars offer lower operating costs and reduced
emissions, making them an attractive option for both businesses and
individuals. The market is expected to continue expanding, driven
by continuous innovation and consumer preference.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Electric Car Rental Market is experiencing significant
growth due to the increasing popularity of electric vehicles (EVs)
and the convenience of online rent-a-car services. Renting electric
cars on a short-term basis, such as hourly or for a few days, is
becoming increasingly common for travel trips. For longer periods,
weekly or monthly rentals are also available, providing an
affordable and eco-friendly alternative to traditional gasoline
cars. Battery cars and hybrid cars are the primary offerings in
this market, with incentives from governments and organizations
promoting their use for environmental sustainability. Internet
connectivity and in-car infotainment systems are essential
features, allowing for seamless booking engines and online payment
options. The rental service industry is adapting to the changing
automotive landscape, addressing transparency challenges and
expanding charging infrastructure to accommodate the growing demand
for electric car rentals. The market's future looks bright, with
the potential to reduce carbon emissions and contribute to a more
sustainable transportation sector.
Market Research Overview
The Electric Car Rental market is experiencing significant
growth as more individuals and businesses seek sustainable
transportation solutions. With the increasing awareness of
environmental concerns and the availability of advanced technology,
electric cars have become a popular choice for short-term vehicle
rentals. These vehicles offer numerous benefits, including reduced
emissions, lower operating costs, and the convenience of not having
to refuel with traditional gasoline. Additionally, the rise of
ride-sharing and car-sharing services has further boosted the
demand for electric car rentals. The future of this market looks
promising, as technological advancements continue to improve
battery life and charging infrastructure becomes more widespread.
Overall, the Electric Car Rental market is poised for continued
growth and innovation in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Distribution Channel
-
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio