Market overview
The electrical rental car market is expected to register a CAGR of 15% from 2020 to 2028. The market was valued at USD 246.70 billion in 2020. It’s expected to be worth USD 1,318.22 billion in 2028.
The reason why the market is growing so fast is that rental car sales are starting to return to their pre-pandemic levels. Electrical cars are more popular in general because they’re perceived to be more environmentally friendly.
Segment overview
By vehicle type
This segment can be grouped into the following sub-segments:
● Battery cars
● Hybrid cars
● Plug-in electric cars based on performance.
Both hybrid and plug-in electric cars have been registering the highest CAGRs. This is expected to continue for the time period that this report covers. Also, these sub-segments are expected to introduce customized mobility services for global customers during the time period that this report covers.
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By application
This segment can be grouped into the following sub-segments:
● Economic cars
● Exclusive cars
● Others
Wealthier customers tend to want to rent exclusive cars. People from more of a middle-class background tend to want to rent economic cars. Both the economic and exclusive car sub-segments currently have a substantial market share. This is expected to continue for the time period that this report covers.
By service
This segment can be grouped into the following sub-segments:
● Online
● Offline
The online sub-segment has both a high market share and a high CAGR. Once again, these are expected to continue for the time period that this report covers. The reason for this is that it’s convenient for people to rent these types of cars.
Regional analysis
The global electrical rental car market can be grouped into the following geographic regions:
● Asia-Pacific
● North America
● The European Union
● The Rest of the World
The Asia-Pacific region currently has the largest market share. The reason is that economic growth has been exponential in most nations in this region. This has created a middle class that’s growing increasingly wealthy. They want to rent fancier cars that are also environmentally friendly. Electric cars fit this bill.
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The Asia-Pacific region is expected to continue to have the largest market share for the time period that this report covers. It’s also expected to register the greatest CAGR during this time period.
India’s government, for example, recently passed legislation that mandated that cars emit fewer particulates in terms of polluting emissions when they operate. Electric cars tend to operate cleaner and this is why the average Indian middle class consumer has been more inclined to buy them!
The European Union and the North American region are both expected to register moderate CAGR and hold moderate market shares for the time period that this report covers.
Industry news
● Hertz grabbed a major chunk of the digital car rental market by offering electronic cars for rent in 2021.
● Companies that make electric cars for rental purposes have been working hard to integrate artificial intelligence into them. The intent is to make smart cars that are also safer for people to drive!
