Market Highlights
MarketResearch Future (MRFR) expects the electric car rental market 2020 to expand toa size of approximately USD 15 Billion by 2025-end. MRFR also estimates thatthe market expansion rate to be 15% between 2019 and 2025 (appraisal period).
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Top Boosters and Main Deterrents
A trend gainingmomentum in the car rental industry is the use of electric vehicles in these services.This is mostly owing to the surge in government-backed initiatives acrosscountries in the form of policies and regulations that promote use of electric vehicles.An increasing number of car rental operators are now undertaking initiatives,aiming to increase the use of electric vehicles in their fleet. Electric carsgenerally outperform other types of vehicles, since they offer benefits like lowcarbon emission, higher fuel economy, comfortable drive, reduced sound fromengine and convenience of charging at home, and more. Considering thesefactors, it is safe to predict that the demand for electric car rental marketcan increase rapidly in the following years.
Theblossoming travel and tourism sector everywhere acts as an important growth boosterin the electric car rental market.The electric car rental industry is scattered,with the preference of a massive number of organized as well as unorganized companies.The need to move from unorganized to organized sector has led to the prevalenceof digital or online electric car rental system. The rising demand for onlinecar rental services is touted to be a lucrative opportunity for the renownedmarket players and can help market gain huge impetus in the following years.
Frequent technologicalinnovations in e-car rental service, evolving lifestyle, and the high demandfrom emerging nations also induce significant market growth.Other than this,the escalating adoption of smartphones, the expanding worldwide service sector,strict vehicle emission policies and regulations, and the rapidly burgeoningglobal population can also accelerate Electric Car Rental Market growth over thenext several years.
Market Segmentation
The marketfor electric car rental has been considered for segments like vehicle type,application and service.
The vehicletypes taken into account for market study are hybrid, plugin hybrid and batteryelectriccar.
The main applicationareas of electric car rental services are executive, economic, and others. The excellent fuel efficiency, spike in gasolineprices and the mounting environmental concerns have led to great demand foreconomic cars in the market.
With respectto services, the market has been narrowed down to online as well as offline.The online channel is the most preferred option across the world, on account ofthe rising smartphone penetration, expansion of the internet of things (IoT), combinedwith the enhanced experience it offers to the users.
Regional Outlook
The topmarkets for electric car rental are Europe, North America, APAC or AsiaPacific,and the rest of the world or RoW.
The maximumshare in the global market belongs to APAC, with the rising sales of e-cars andan expansive consumer base deemed as the chief growth boosters. The high demandoriginating from the developing nations like India, the Philippines, Vietnam andChina, also benefits the market. The region boasts of a lucrative car rental marketas well as tourism industry, which results in market growth as well.
Thesecond-lead has been taken by the European market, mostly due to the highconcentration of leading automotive manufacturers like Audi AG and BMW AG. Strictvehicle emission policies and regulations in France, the UK and Germanydiscouraging the use of diesel engines also boost the use of electric cars inthe region. France, Spain and Germany have been identified as the prime marketsin the region, thanks to the surge in electric vehicle car rental services andthe thriving tourism sector.
NorthAmerica comes third in the global market for electric car rental, in view ofthe widespread presence of a massive number of electric car on rental service vendorsin Canada and the US. There is a strong possibility that the US can emerge asthe most successful market in the region, following the expanding population ofmigrants and the frequent technological developments in the automobileindustry.
The Africanmarket for electric car rental services can perform well in the ensuing years,all because of the favorable growth of the tourism industry. Zambia is the thirdfastest-expanding tourism destination in the world, which contributesconsiderably to the country’s GDP as well as to the growth of the electric carrental market.
Notable Companies
Easirent(UK), Sixt SE (Germany), Europcar Group (France), The Hertz Corporation (US),Zipcar (US), DriveElectric (UK), Green Motion International (UK), BlueIndy(US), Zoomcar (India), Europcar Mobility Group (France), Wattacars (Spain),AvisBudget Group, Inc. (the US),Enterprise Holdings Inc. (US), are the notablecompanies in the electric car rental market. These companies are undertaking strategicmeasures like partnerships and new service launches to procure a strongermarket position.
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