Electric Vehicle Rental Market Segmentation by Vehicle Type (Battery, Hybrid, and Plug-In Electric Vehicle); by Category (Luxury, and Economy Cars); by Booking Type (Offline Access, and Online Access); by Rental Length (Short Term, and Long Term); and by Application (Leisure/Tourism, and Business) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3594 | Published Date: Feb 07, 2023
On the basis of geographical analysis, the global electric vehicle rental market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to occupy the largest share over the forecast period on the back of the growing usage of car rental services, and increasing number of leisure and business trips across the region, both internationally and locally. In addition, strong presence of prominent market players is also anticipated to boost the region’s market growth in the future. Moreover, the market in Europe is also projected to acquire a notable share during the forecast period, which can be credited to the rise in government investments for green transportation facilities, and upsurge in adoption of electric vehicles in the region. As per a report published by the International Council of Clean Transportation or ICCT, a total of 564,000 electric vehicles were registered were made in 2019 in Europe. The EV sales across the region observed a growth of 3.6 percent in the same year.
Get more information on this report: Download Sample PDF
The global electric vehicle rental market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global electric vehicle rental market includes the following segments:
By Vehicle Type
By Category
By Booking Type
By Rental Length
By Application
Growth Drivers
Challenges
June 2021- SIXT added new electric vehicle, the Volvo Recharge, to its range of new line of pure-electric and plug-in hybrid cars for rental services in the United Kingdom.
April 2021- Eco Europcar and GoAir announced a partnership and launched car rental services across 100 Indian cities, including 25 airports, offering Chauffeur-driven cars from mid to luxury car segments.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving market growth are rapid expansion of travel and tourism sector globally, and rising demand for cheaper means of transportation.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Ans: Lack of infrastructure for electric vehicle rental services is estimated to hamper the market growth.
Ans: North America will provide more business opportunities for market growth owing to the growing usage of car rental services, and increasing number of leisure and business trips across the region, both internationally and locally.
Ans: The major players in the market are SIXT SE, ER Travel Services Ltd., Europcar Mobility Group SA, Fleetdrive Management Ltd., Green Motion International, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by vehicle type, category, booking type, rental length, application, and by region.
Ans: The battery electric vehicle segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
