Global Electric Vehicle Rental Market Highlights 2022 – 2030
The global electric vehicle rental market is estimated to garner a substantial revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. Technology is a critical aspect expected to accelerate the market growth. Growing adoption of information technology in the industry is enabling operators to deliver enhanced services to the customers. This is usually done by utilizing optimized corporate and customer information management, which in turn is predicted to provide momentum to market expansion in the forthcoming years. Furthermore, increasing emphasis of consumers on the adoption of green products, coupled with their shifting preference towards electric vehicles for short rides are projected to offer profitable opportunities to the market in the near future.
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The growth of the market can also be attributed to the rapid expansion of travel and tourism sector across the globe, and rising demand for cheaper means of transportation. According to the United Nations World Tourism Organization (UNWTO), the international tourism expenditure around the world raised to USD 1,397.2 billion in 2018, up from USD 1,301.2 in the year 2017.
The market is segmented by vehicle type into battery, hybrid, and plug-in electric vehicle, out of which, the battery electric vehicle segment is anticipated to hold the largest share in the global electric vehicle rental market. This can be accounted to the increase in production of battery-operated electric vehicles around the world, and rising technological innovations by market players for developing new and improved batteries, including graphene aluminum-ion and Li-ion batteries. Additionally, on the basis of booking type, the online access segment is assessed to gather the largest share over the forecast period owing to the growing dependence of users on smartphones, and escalating availability of demand-oriented mobility solutions. Apart from these, surge in development of applications aimed at offering car rentals is also considered to propel the growth of the market segment in the imminent time.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Electric Vehicle Rental Market Regional Synopsis
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.
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The global electric vehicle rental market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global electric vehicle rental market includes the following segments:
By Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Electric Vehicle
By Category
- Luxury Cars
- Economy Cars
By Booking Type
- Offline Access
- Online Access
By Rental Length
- Short Term
- Long Term
By Application
- Leisure/Tourism
- Business
Growth Drivers
- Rapid Expansion of Travel and Tourism Sector Globally
- Rising Demand for Cheaper Means of Transportation
Challenges
- Lack of Infrastructure for Electric Vehicle Rental Services
Top Featured Companies Dominating the Market
- SIXT SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- ER Travel Services Ltd.
- Europcar Mobility Group SA
- Fleetdrive Management Ltd.
- Green Motion International
- Avis Budget Group Inc.
- BlueIndy LLC
- Enterprise Holdings Inc.
- The Hertz Corporation
- Wattacars
