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Key Influencer in the Electric Car Rental Market 2025: Fuel-Efficient Car Demand Drives Electric Car Rental Market Growth Driver
Electric Car Rental Market
The anticipated growth of the electric car rental market is being driven by a rising demand for fuel-efficient vehicles. Electric cars, which do not produce any emissions, are viewed as an eco-friendly mode of transport. They offer a solution to the increasing fuel prices and contribute towards reducing fuel emissions, thereby playing a role in environmental protection. For example, Kelly Blue Book, a vehicle valuation company based in the USA, stated in April 2022 that Americans have a growing interest in more fuel-efficient cars. There has been a 66% increase in interest in electric vehicle purchases amongst customers in January 2022. Consequently, this elevated demand for fuel-efficient vehicles is propelling the growth of the electric car rental market.
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What is the projected compound annual growth rate (CAGR) of the electric car rental market from 2025 to 2034, and what factors influence it?
There has been a swift expansion in the electric car rental market in the last few years. It's projected to escalate from a value of $11.29 billion in 2024 to $13.06 billion in 2025, recognizing a compound annual growth rate (CAGR) of 15.6%. This growth during the historical period can be explained through factors like increased ecological cognizance, issues related to urbanization and congestion, governmental incentives and subsidies, public fascination towards eco-friendly transportation, and initiatives taken by corporates for sustainability.
Over the coming years, the market size of electric car rentals is expected to witness a steep rise, growing to $23.06 billion in 2029 with a CAGR of 15.3%. Factors contributing to this projected growth can be traced back to an increase in electric vehicle models, an international surge in eco-tourism, emphasis on green certification for rentals, incorporation with mobility-as-a-service (maas), and global endeavors to cut down on carbon emissions. Key trends for the forecasting period include collaborations with ride-hailing services, innovative pricing structures, contactless rental options, reliance on data analytics and predictive maintenance, along with the integration of autonomous features.
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How are the latest trends influencing the growth of the electric car rental market?
The advent of innovative plug mobility solutions is a crucial trend garnering traction in the electric car rental industry. Big industry players are creating superior plug mobility technologies in order to maintain their market standing. For instance, in September 2024, digital automotive aftermarket platform myTVS, based in India, rolled out its Mobility-as-a-Service (MaaS) platform. This scheme merges a complete network of partners, including OEMs, to provide a wide variety of services for the full life span of electric vehicle (EV) fleets all in one place. The system spans everything, from lease and real-time fleet administration to maintenance and spare parts management, all supported by a digital catalogue of 180,000 SKUs. Additionally, the platform dispenses charging solutions, such as portable chargers and myTVS charging stations, plus telematics, roadside support, insurance, and tire management, all of which ensure fleet operation is seamless. This platform's goal is to hasten vehicle electrification through its plug-and-play solutions while facilitating exceptional performance. Additionally, this project will aid the government in its pursuit to encourage swift EV uptake and eco-friendly mobility.
What are the major segments of the electric car rental market and their role in driving growth?
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 Or Tourism, Business
4) By Booking Type: Online, Offline
Subsegments:
1) By Battery Cars: All-Electric Vehicles (AEVs), Compact Battery Cars, Luxury Battery Cars, SUVs And Crossovers
2) By Hybrid Cars: Mild Hybrids, Full Hybrids, Plug-In Hybrids
3) By Plug-In Electric Cars: Plug-In Hybrid Electric Vehicles (PHEVs), Extended Range Electric Vehicles (EREVs)
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Which regions are key players in the growth of the electric car rental market?
North America was the largest region in the electric car rental market in 2024. Asia-Pacific is expected to be the fastest-growing region in the electric car rental market during the forecast period. The regions covered in the electric car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the electric car rental market?
Major companies operating in the electric car rental market include Zipcar, Avis Budget Group Inc., Enterprise Holdings Inc., Europcar Mobility Group, The Hertz Corporation, Chefenxiang, DriveElectric, Easirent, Green Motion International, Sixt SE, Wattacars, Zoomcar, Blink Mobility, Share Now GmbH, E-Car Club, Eco Rent a Car, Ecomilhas, Ecomobix, Ekar, Electric Car Rentals, 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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What Is Covered In The Electric Car Rental Global Market Report?
• Market Size Forecast: Examine the electric car rental market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric car rental market for a structured understanding.
• Key Players Overview: Analyze major players in the electric car rental market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric car rental market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric car rental market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric car rental market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric car rental market.
• Competitive Landscape: Review strategic developments in the electric car rental market, including expansions, agreements, and new product launches.
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