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Emerging Trends to Reshape the Electric Car Rental Market: Plug Mobility Technology Revolutionizes Electric Car Rental Market as a Key Influencer
Electric Car Rental Market
Electric Car Rental Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the electric car rental market has seen a rapid boom in the past few years. It is projected to escalate from $11.29 billion in 2024 to $13.06 billion in 2025, with a compound annual growth rate (CAGR) of 15.6%. Factors contributing to this historic period of growth include heightened awareness about the environment, the challenges of urbanization and traffic congestion, governmental incentives and subsidies, public interest in eco-friendly transport options, and sustainability initiatives by corporate entities.
Electric Car Rental Market Size Forecast: What's the Projected Valuation by 2029?
The size of the electric car rental market is predicted to experience swift expansion in the coming years, reaching a value of $23.06 billion in 2029 with an annual compound growth rate of 15.3%. The projected growth over this period is believed to be a result of the broadening of electric vehicle models, the worldwide growth in eco-tourism, emphasis on green credentials for rentals, synergies with mobility-as-a-service (maas), and global endeavors to cut down on carbon emissions. Some major upcoming trends for the predicted period include alliances with ride-hailing services, innovative costing models, contact-free rental services, utilization of data analytics and predictive maintenance, as well as the incorporation of self-driving aspects.
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What Are the Drivers Transforming the Electric Car Rental Market?
The growth of the electric car rental market is predicted to accelerate due to a rising demand for fuel-efficient vehicles. Regarded as a mode of transport that is gentle on the environment due to their zero emissions, electric rental cars are a solution to escalating fuel costs and an effective way to curtail fuel emissions, thus, preserving the environment. In the context of recent figures from Kelly Blue Book, a vehicle valuation and automotive research organization based in the USA, there has been an acute increase in Americans' preference for fuel-efficient vehicles. The data from January 2022 suggests a 66% surge in consumers' interest in acquiring electric vehicles. Consequently, this heightened demand for fuel-efficient cars is propelling the expansion of the electric car rental market.
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What Long-Term Trends Will Define the Future of the Electric Car Rental Market?
The advent of innovative plug mobility technology is an emerging trend within the electric car rental industry. Prominent players in the market are manufacturing high-end plug mobility systems to maintain their stronghold. For instance, in September 2024, myTVS, a digital automotive aftermarket platform from India, unveiled their Mobility-as-a-Service (MaaS) platform. This platform brings together a diverse network of partners, including OEMs, to provide an extensive range of services for the entire life cycle of electric vehicle (EV) fleets all under one roof. It covers everything from leasing and live fleet management to servicing and replacement parts management, underpinned by a digital catalog of 180,000 SKUs. The platform also offers charging options, such as portable chargers and myTVS charging stations, in addition to telematics, roadside assistance, insurance, and tire management for seamless fleet operation. The platform's aim is to expedite vehicle electrification by offering plug-and-play solutions while simultaneously enhancing performance. Moreover, this initiative is likely to bolster the government's efforts in advocating rapid EV adoption and eco-friendly transportation.
Which Segments in the Electric Car Rental Market Offer the Most Profit Potential?
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 Firms Dominate the Electric Car Rental Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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
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