The electrical rental car market is expected to register a CAGR of 15% from 2020to 2028. The market was valued at USD 246.70 billion in 2020. It’s expected to
be worth USD 1,318.22 billion in 2028.
The rapid growth of the market can beattributed to the resurgence of rental car sales, which are now approaching
pre-pandemic levels. Additionally, there is a rising preference for electric
cars in general due to their perceived environmental friendliness.
Overview of the Electric Car Rental Segment
When examining the Electric Car Rentalsegment, it becomes evident that it encompasses a variety of sub-categories
based on different criteria:
- Vehicle Types: Within this segment, we can distinguish the following sub-categories:
- Battery-powered cars
- Hybrid vehicles
- Plug-in electric cars, categorized by their performance characteristics.
- Applications: The Electric Car Rental segment can also be further divided based on its
various applications:
- Economic cars
- Exclusive or luxury cars
- Other categories that do not fall into these two groups.
- Service Modes: Lastly, in terms of service provision, the Electric Car Rental segment can
be segmented into the following sub-divisions:
- Online services
- Offline services
This multifaceted segmentation provides acomprehensive view of the Electric Car Rental sector, highlighting its diverse
offerings catering to different vehicle types, applications, and service
delivery modes.
Electric Car RentalMarket Regional analysis
The global electrical rental car market can be grouped into the following geographicregions:
- Asia-Pacific
- North America
- The European Union
- The Rest of the World
Currently, the Asia-Pacific region boaststhe most substantial market share, a phenomenon primarily attributed to the
remarkable economic growth experienced by many nations in this geographical
area. This sustained economic expansion has given rise to a burgeoning middle
class with increasing wealth. As a result, there is a growing demand among this
middle-class demographic for upscale, environmentally-friendly rental cars.
Electric cars align perfectly with these preferences.
Projections indicate that the Asia-Pacificregion is poised to maintain its dominant market share throughout the duration
covered by this report. Additionally, it is expected to exhibit the highest
Compound Annual Growth Rate (CAGR) during this period.
Notably, the government of India has takensignificant steps in this direction, enacting legislation that mandates reduced
particulate emissions from cars during operation. Electric vehicles are known
for their cleaner operation, making them an appealing choice for the average
middle-class consumer in India.
Conversely, the European Union and theNorth American region are anticipated to record moderate CAGR figures and hold
relatively moderate market shares within the timeframe under consideration.
Electric Car RentalIndustry news
- Hertz grabbed a major chunk of the digital car rental market by offering electronic cars for rent in 2021.
- Companies that make electric cars for rental purposes have been working hard to integrate artificial intelligence into
them. The intent is to make smart cars that are also safer for people to
drive!
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