Authored By: Sarah
09 Dec 2024

Latest News - Electric Car Rental Market 2024-2028: Europe Leads Market Growth and Emerging Trends in Sustainable Mobility

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. 

Get more information on Electric Car Rental Market by requesting a sample report

The Economy cars subsegment is expected to dominate the Type segment during the forecast period 

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: 

  • Type

    • Economy cars
    • Luxury cars
  • Distribution Channel

    • Offline
    • Online
  • Geography

    • Europe

      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Rest of Europe
    • North America

      • US
      • Canada
    • APAC

      • Australia
      • China
      • Japan
      • India
      • South Korea
      • Rest of APAC
    • South America
    • Middle East and Africa

Key Companies and Market Insights
Some of the key companies in the Electric Car Rental Market include:

  • The Hertz Corp.
  • Zoomcar
  • Enterprise Holdings Inc.
  • Drive Electric
  • Green Motor International
  • Avis Budget Group, Inc.
  • Zipcar
  • Europcar Group
  • Blueindy
  • Wattacars  
  • Sixt SE
  • Blu Smart Mobility Pvt. Ltd.
  • Blue Cars Ltd.
  • Current Vehicles Ltd.
  • Enterprise Holdings Inc.
  • Envoy Technologies Inc.
  • ETO Motors Pvt. Ltd.
  • Evoke Pty Ltd.
  • Plug N Drive
  • Stellantis NV

Reasons to Purchase the Global Electric Car Rental Market Research Report by Technavio. What is in it for you?

  • Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
  • Insight into Current Market Trends: Our research reports provide our readers insights into the latest market intelligence, competitor strategies, market trends, changes taking place in the industry and customer preferences, forecasted market opportunities that influence them to make better business decisions
  • High ROI with Extensive Hands-on Research: Technavio is renowned for offering personalized market research reports as per unique business needs, delving deep into specific markets, product segments and demographics. Additionally, it is also well-known for providing high return on investments through its wide collection of data at pocket-friendly rates

There are several factors that are causing the market to flourish increasing demand for rental cars due to rise in international tourism

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

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.

Market Research Overview

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.

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/

 

Interested in this report?
Get your sample now!

Safe and Secure SSL Encrypted

Technavio

  • 2500 USD

[5 reports/month/user]

  • 5000 USD

close
  • Basic Plan [5000 USD/Year]:

    Single User
    Download 5 Reports/Month
    View 100 Reports/Month
    Add upto 3 Users at 625 USD/user

  • Teams Plan [7500 USD/Year]:

    5 User
    Download 5 Reports/Month/User
    View 100 Reports/Month/User
    Add upto 30 Users at 500 USD/user

*You can upgrade to Teams plan at Subscription page

close
  • Single:

    One user only.
    Quick & easy download option

  • Enterprise:

    Unlimited user access (Within your organization).
    Complimentary Customization Included

*For Enterprise license, go to checkout page

Technavio Get the report (PDF) sent to your email within minutes.