Electric Car Rental Market Poised for Remarkable Growth in 2032 A...

Electric Car Rental Market Poised for Remarkable Growth in 2032 A Promising Outlook Ahead

Posted 2023-07-14 07:09:29

The Global Electric Car Rental Market Size is expected to grow at a 15% CAGR and is estimated to be worth USD 34.83 Billion by the end of 2032.

The primary market drivers that favorably impact the market include the growth of the travel and tourism sector and increased cognizance of electric mobility services. As several governments have acquainted new environmental regulations, businesses have shifted towards sustainable and environmentally friendly business concepts and ideas.

Over the long term, there's a huge rise in the number of individuals traveling for business and pleasure around the world is punching the demand for zero-emission electric car rental services, fueling the industry's growth.

Factors similar to increased demand for fuel-efficient, high-performance, and low-emission rental vehicles, strict government rules and regulations on vehicle emissions, as well as lower battery costs, and increasing gasoline prices, all contribute to the rise of the electric car rental market.

Growing internet penetration in both arising and developed countries has empowered enterprises in the sector to attract a wider consumer base through the use of dedicated mobile apps for customer convenience. Technology is regarded as a critical element driving market expansion.

Key Players

The Hertz Corporation
Zoomcar
Enterprise Holdings Inc.
Drive Electric
Green Motor International
Avis Budget Group, Inc.
Zipcar
Europcar Group
Blueindy
Wattacars

Regional Analysis

The global Electric Car Rental Market Share is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
During the projection period, North America is anticipated to avouch considerable growth. This is ascribed to the existence of several of the region's largest vehicle rental companies, similar to Avis Budget Group and Enterprise Rent-a-Car, which are anticipated to present fascinating growth potential.
In Europe, the global electric car rental market is expected to hold the second-largest share over the forecast period.

The presence of steering automotive OEMs like Audi AG and BMW AG, strict vehicle emission regulations declared by the UK, France, and Germany to phase out diesel engines by 2030, the cultivating need for electric cars, growing electric vehicle hire services in Spain, France, and Germany, and growth of the tourism industry are adding to the global electric car rental market growth in the region. Italy and Germany hold the utmost market share.

The African market can achieve well due to the applauding growth of the tourism industry. Zambia is the third quickly-expanding tourism destination in the world which enormously contributes to the GDP of the nation and also the growth of the electric car rental market.
The Asia Pacific regional segment has been dominating the global market setting due to the boost in sales of electric cars and the existence of a large customer base. During the predicted period, the region is anticipated to drive global market growth.

Market Segmentation

The Electric Car Rental request is segmented based on Information by Vehicle Type( Battery, Hybrid, and Plug-In Electric Car), Application( Economic Car, Executive Car, and others), and Service( Online and Offline). Though, each segment is anticipated to capture a decent portion of the global market share of electric car rental during the forecasted period.

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