Market Highlights
CNG and gasoline rental cars, lack of infrastructure, unorganized car rental service, and the high initial prices of electric vehicle are expected to hamper the market growth during the forecast period. However, technological advancement in e-car rental service, changing lifestyle, and developing economies in emerging countries create ample opportunities for the expansion and growth of this market. Therefore, the global electric car rental market is projected to reach around USD 15 Billion and is estimated to witness 15% CAGR during the forecast period.
The vehicle rental market is growing rapidly primarily in the developed regions like North America and Europe and is expanding globally at a rapid pace due to the increasing number of business & leisure trips worldwide are increasing significantly. The increasing use of online portals is shaping the growth of this market. Furthermore, the rising use of smartphones, growing service sector globally, stringent vehicle emission regulations, and growing population is expected to accelerate the growth of this market. Additionally, fluctuation in crude oil prices and lack of government transport facilities are also contributing to the growth of this market.
Top Boosters and Main Deterrents
A trend gaining momentum in the car rental industry is the use of electric vehicles in these services. This is mostly owing to the surge in government-backed initiatives across countries in the form of policies and regulations that promote use of electric vehicles. An increasing number of car rental operators are now undertaking initiatives, aiming to increase the use of electric vehicles in their fleet. Electric cars generally outperform other types of vehicles, since they offer benefits like low carbon emission, higher fuel economy, comfortable drive, reduced sound from engine and convenience of charging at home, and more. Considering these factors, it is safe to predict that the demand for electric car rental market can increase rapidly in the following years.
The blossoming travel and tourism sector everywhere acts as an important growth booster in the electric car rental market. The electric car rental industry is scattered, with the preference of a massive number of organized as well as unorganized companies. The need to move from unorganized to organized sector has led to the prevalence of digital or online electric car rental system. The rising demand for online car rental services is touted to be a lucrative opportunity for the renowned market players and can help market gain huge impetus in the following years.
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Frequent technological innovations in e-car rental service, evolving lifestyle, and the high demand from emerging nations also induce significant market growth. Other than this, the escalating adoption of smartphones, the expanding worldwide service sector, strict vehicle emission policies and regulations, and the rapidly burgeoning global population can also accelerate market growth over the next several years.
Notable Companies
Easirent (UK), Sixt SE (Germany), Europcar Group (France), The Hertz Corporation (US), Zipcar (US), DriveElectric (UK), Green Motion International (UK), BlueIndy (US), Zoomcar (India), Europcar Mobility Group (France), Wattacars (Spain), Avis Budget Group, Inc. (the US), Enterprise Holdings Inc. (US), are the notable companies in the electric car rental market. These companies are undertaking strategic measures like partnerships and new service launches to procure a stronger market position.
Market Segmentation
The market for electric car rental has been considered for segments like vehicle type, application and service.
The vehicle types taken into account for market study are hybrid, plugin hybrid and battery electric car.
The main application areas of electric car rental services are executive, economic, and others. The excellent fuel efficiency, spike in gasoline prices and the mounting environmental concerns have led to great demand for economic cars in the market.
With respect to services, the market has been narrowed down to online as well as offline. The online channel is the most preferred option across the world, on account of the rising smartphone penetration, expansion of the internet of things (IoT), combined with the enhanced experience it offers to the users.
Regional Outlook
The top markets for electric car rental are Europe, North America, APAC or Asia Pacific, and the rest of the world or RoW.
The maximum share in the global market belongs to APAC, with the rising sales of e-cars and an expansive consumer base deemed as the chief growth boosters. The high demand originating from the developing nations like India, the Philippines, Vietnam and China, also benefits the market. The region boasts of a lucrative car rental market as well as tourism industry, which results in market growth as well.
The second-lead has been taken by the European market, mostly due to the high concentration of leading automotive manufacturers like Audi AG and BMW AG. Strict vehicle emission policies and regulations in France, the UK and Germany discouraging the use of diesel engines also boost the use of electric cars in the region. France, Spain and Germany have been identified as the prime markets in the region, thanks to the surge in electric vehicle car rental services and the thriving tourism sector.
North America comes third in the global market for electric car rental, in view of the widespread presence of a massive number of electric car on rental service vendors in Canada and the US. There is a strong possibility that the US can emerge as the most successful market in the region, following the expanding population of migrants and the frequent technological developments in the automobile industry.
The African market for electric car rental services can perform well in the ensuing years, all because of the favorable growth of the tourism industry. Zambia is the third fastest-expanding tourism destination in the world, which contributes considerably to the country’s GDP as well as to the growth of the electric car rental market.
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