Electric Car Rental Market to grow at a CAGR of 16.68% during 2024-2028
The Electric Car Rental Market is expected to grow at a CAGR of 16.68% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 18005.9 million. The electric vehicle (EV) rental market's expansion hinges significantly on the progression of battery technology. Current lithium-ion batteries face challenges in adhering to the exponential growth rate of Moore's Law due to their intricate chemistry. To date, only marginal enhancements have been achieved to boost battery performance. However, recent discoveries indicate that incorporating new compounds into battery materials can alter their properties, leading to increased energy density. The next-generation battery technology is predicted to replace the anode material from graphite to silicon, which can store more lithium ions than graphite, thereby enhancing energy density. Nevertheless, silicon anodes quadruple in size upon absorbing lithium ions, which weakens the anode and may ultimately destroy the battery. Overcoming these challenges is essential to realizing the full potential of EV rental market growth.
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Technavio analysts predict that the Economy cars subsegment will lead the Type segment during 2024 and 2028 The electric car rental market is experiencing significant growth due to increasing consumer preference for eco-friendly transportation solutions. Companies are investing heavily in expanding their fleets and improving infrastructure to meet this demand. Key players in the market include car-sharing services and traditional rental companies. Advancements in battery technology and charging infrastructure are also driving market growth, making electric cars a more viable and convenient option for both short-term and long-term rentals.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Electric Car Rental Market include:
There are several factors that are causing the market to flourish increasing demand for rental cars due to rise in international tourism
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Electric car rentals have gained significant attention in the automotive industry due to their environmental sustainability and ease of access. However, the electric car rental market faces several challenges, including transparency issues and affordability. Travelers looking to rent electric vehicles (EVs) for their travel trips may encounter difficulties in finding accurate and up-to-date information about the availability and pricing of EV rentals. Online payment options and booking engines have made the process of electric car booking more convenient, but the charging infrastructure remains a concern for some renters. Travel rental companies are addressing these challenges by expanding their charging infrastructure and offering incentives for customers who rent EVs for extended periods. The automotive industry is responding to the growing demand for electric vehicles by investing in new technologies and improving the in-car infotainment systems. EVs, including battery cars and hybrid cars, are now available for rent on a monthly, weekly, hourly, and even daily basis. Whether you're planning a short or long-term trip, electric car rentals offer a cost-effective and eco-friendly alternative to traditional gasoline-powered cars. As the Internet continues to play a crucial role in the rental industry, online rent-a-car services are becoming increasingly popular, offering customers the convenience of booking EVs from the comfort of their own homes. With the growing availability and affordability of electric cars, it's an exciting time for those looking to reduce their carbon emissions and explore new travel opportunities.
The global passenger ground transportation market encompasses businesses involved in passenger transportation and associated services, comprising bus companies, taxi services, vehicle rental and leasing firms, ridesharing and on-demand ride-sharing platforms, and other passenger logistics providers. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by entities operating within the passenger land transportation sector, specifically vehicle rental, ridesharing, and on-demand ride-sharing platforms, and other passenger logistics. Factors propelling the expansion of the global passenger ground transportation market include the surge in disposable income and the growing accessibility of self-driving car rental services. These trends have significantly altered the way individuals commute and travel.
The Electric Car Rental Market is experiencing significant growth, fueled by the increasing demand for rental cars due to rise in international tourism. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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