Electric Car Rental Market Expected to Achieve 15.1% CAGR by 2029: Growth Forecast Insights

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How Large Will the Electric Car Rental Market Size By 2025?
The expansion of the electric car rental sector has witnessed a significant upswing in recent times. Accelerating from a $11.29 billion market value in 2024 to a projected value of $12.98 billion in 2025, the market is set to experience a compound annual growth rate (CAGR) of 15.0%. This remarkable growth over the historic period can be credited to factors such as increasing awareness on environmental issues, the challenges born from urbanisation and traffic congestion, lucrative government schemes and subsidies, a rising trend of eco-friendly transportation among consumers, and sustainability drives within corporate circles.

How Big Is the Electric Car Rental Market Size Expected to Grow by 2029?
Anticipated to experience a swift expansion in the forthcoming years, the electric car rental market is projected to elevate to a massive value of $22.8 billion by 2029. The CAGR will be 15.1% during this predicted period. A number of reasons contribute to this predicted growth, including the increased production of electric vehicle models, a universal resurgence in eco-tourism, a shift towards green certification in car rentals, an amalgamation with mobility-as-a-service (maas), and international actions towards carbon emission reduction. As for the emerging trends in the said forecast period, they encompass collaborations with ride-hailing services, the creation of inventive pricing strategies, the provision of contactless rental services, the utilization of data analytics and predictive maintenance, and the integration of autonomous features.

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Which Key Market Drivers Powering Electric Car Rental Market Expansion and Growth?
The expected uptick in the demand for fuel-efficient vehicles is predicted to fuel the expansion of the electric car rental market in the future. Electric cars, recognized as an eco-friendly mode of transport with zero emissions, serve as rental vehicles that counter the increasing costs of fuel while also decreasing fuel emissions, contributing to environmental protection. For example, in April 2022, data from Kelly Blue Book, an American vehicle valuation and automotive research firm, indicated that Americans are exploring options for more fuel-efficient vehicles. Interest in electric vehicle acquisitions surged by 66% in January 2022 among shoppers. Thus, the escalating demand for fuel-efficient vehicles is catalyzing the growth of the electric car rental market.

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Which Fast-Growing Trends Are Poised to Disrupt the Electric Car Rental Market?
The surge in the development of innovative plug mobility technology is a notable trend within the electric car rental industry. Renowned corporations are spearheading advanced plug mobility technological advancements to solidify their market positions. To illustrate, in September 2024, myTVS, a digital automobile aftermarket platform based in India, rolled out the Mobility-as-a-Service (MaaS) platform. This platform brings together a diverse range of partners, including OEMs, to deliver an extensive suite of services that cover the whole lifespan of electric vehicle (EV) fleets under one roof. It includes everything from leasing, real-time fleet management, servicing, and spare part management, supported by a digital catalog of 180,000 SKUs. The platform also offers charging solutions, comprising portable chargers and myTVS charging stations, alongside telematics, roadside help, insurance, and tire management, ensuring the fleet operation is fluid. This platform, offering plug-and-play solutions, aims to fast-track vehicle electrification whilst enhancing performance. Moreover, this endeavor will bolster governmental efforts to expedite EV adoption and encourage eco-friendly transportation.

What Are the Emerging Segments in the Electric Car Rental Market?
The electric car rentalmarket 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Electric Car Rental Industry?
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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