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Electric Car Rental Market Analysis: Size, Restraints, Drivers, Trends, and Strategic Insights 2024-2033
Electric Car Rental Market
The Business Research Company offers in-depth market insights through Electric Car Rental Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The electric car rental market size has grown rapidly in recent years. It will grow from $9.82 billion in 2023 to $11.39 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to rising environmental awareness, urbanization and congestion concerns, government incentives and subsidies, consumer interest in sustainable transportation, corporate sustainability initiatives..
The electric car rental market size is expected to see rapid growth in the next few years. It will grow to $20.07 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to expansion of electric vehicle models, global rise in eco-tourism, focus on green certification for rentals, integration with mobility-as-a-service (maas), global efforts to reduce carbon emissions.. Major trends in the forecast period include partnerships with ride-hailing services, innovative pricing models, contactless rental services, data analytics and predictive maintenance, incorporation of autonomous features..
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Market Segmentation:
The electric car rental market covered in this report is segmented -
1) By Vehicle Type: Battery Cars, Hybrid Cars, Plug-in Electric Cars
2) By Vehicle Category: Economy Cars, Luxury Cars
3) By Application: Leisure/Tourism, Business
4) By Booking Type: Online, Offline
Major Driver - Fuel-Efficient Car Demand Drives Electric Car Rental Market Growth
An increase in demand for fuel-efficient cars is expected to propel the growth of the electric car rental market going forward. Electric cars are considered as an environment-friendly transport medium with zero emissions. Electric rental cars help to overcome the rising fuel prices and reduce fuel emissions to protect the environment. For instance, In April 2022, according to Kelly Blue Book a USA-based vehicle valuation and automotive research company, Americans are looking for more fuel-efficient cars. Shoppers' interest has raised by 66% in electric vehicle purchases in January 2022. Therefore, the surge in demand for fuel-efficient cars is driving the electric car rental market.
Competitive Landscape:
Major companies operating in the electric car rental market report are Zipcar, Avis Budget Group Inc., Enterprise Holdings Inc., Europcar Mobility Group, The Hertz Corporation, AutoLib, BlueIndy, Chefenxiang, DriveElectric, Easirent, Green Motion International, Sixt SE, Wattacars, Zoomcar, Blink Mobility, Share Now GmbH, DriveNow, E-Car Club, Eco Rent a Car, Ecomilhas, Ecomobix, Ekar, Electric Car Rentals, Emov Limited, EVision Electric Car Hire, E-Wheels, GIG Car Share, Green Cabs, Greenz Car Rental, MILES Mobility, Oply, Spark Rentals, Sparky, Wattmobile .
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Top Trend - Plug Mobility Technology Revolutionizes Electric Car Rental Market
The development of new plug mobility technology is a key trend gaining popularity in the electric car rental market. Major companies operating in the market are developing advanced technology plug mobility to sustain their position in the market. For instance, in October 2021, Carzonrent, an India-based car rental company launched a plugin mobility platform that provides a chauffeur-driven EV fleet for ground needs such as SME services, airport taxis, business travel, employee transfer, and other transports. The plugin mobility is used for emission-free and noiseless commutes which aid in reducing carbon footprint.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Car Rental Market Characteristics
3. Electric Car Rental Market Trends And Strategies
4. Electric Car Rental Market - Macro Economic Scenario
5. Electric Car Rental Market Size And Growth
…..
27. Electric Car Rental Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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