Press release
Electric Car Rental Market Size, Share, Growth Trends And Outlook Forecast 2024-2033
Electric Car Rental Market
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..
Market Overview -
Electric car rental is a service of renting an electric car by a company to a customer for short period or an extended period without making the customer purchase an electric car. The rental service is provided on an hourly, weekly, and monthly basis.
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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 .
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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