Electric Car Rental Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Electric Car Rental Market” the global market size is projected to reach around USD 19 Billion by 2027 and is estimated to witness 15% CAGR during the forecast period, 2020–2027.

Electric Car Rental Market Trends 
As per the new MRFR report, there are numerous factors that are propelling the global electric car rental market share. Some of these entail the increasing focus to cut down the emission of harmful substances and noise pollution, the increasing growth of the travel and tourism industry, the increasing awareness regarding the perks of electric cars over conventional cars, the growing demand for electro car rental services from enterprises, the high growth potential for EV rental market from the emerging economy, and increase in government-backed initiatives across countries in the likes of regulations and policies that promote the usage of electric cars. The additional factors fuelling the global electric car rental market value include the growing need for online car rental services, the frequent technological innovations in the e-car rental services, the evolving lifestyle, high demand from emerging nations, the growing adoption of smartphones, the growing worldwide service sector, stringent vehicle emission regulations and policies, rapidly burgeoning global population, technological advances in battery technology, consumers becoming increasingly environmentally conscious, consumers increasingly focusing to adopt green products, the rise in the development and range of the charging infrastructure, and the shifting preference towards the use of electric economic cars for short rides.

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The eminent players profiled in the global electric car rental market report include –

• Europcar Group (France)
• Zoomcar (India)
• Wattacars (Spain)
• Green Motion International (UK)
• Easirent (UK)
• DriveElectric (UK)
• BlueIndy (US)
• Sixt SE (Germany)
• The Hertz Corporation (US)
• Europcar Mobility Group (France)
• Enterprise Holdings Inc. (US)
• Avis Budget Group  Inc. (the US)
• Zipcar (US)

COVID-19 Analysis 
The rapid spread of the deadly coronavirus had an enormous impact on the tourism and travel industry, in parallel affecting the electric car rental industry. Following the reduced air traffic worldwide, there has been a fall in demand for electric car rentals at the airport owing to travel restrictions to curb the spread of the virus. During the second quarter of 2020, following relaxations in lockdowns, people started to rent electric cars for road trips and long drives for prioritizing personal mobility. Above all, the car rental companies are adopting good measures such as sanitizing cars post every ride and also provide hand sanitizers to customers to prevent catching the virus. In fact some electric car rental companies undergo sanitization of each vehicle on a daily basis with special emphasis on surfaces that are of high-contact, both inside and outside the car including seats, door handles, and steering wheels. The car rental services are likely to witness new trends in peer-to-peer car sharing, micro-mobility, and ride-sharing. All these factors are likely to have a positive impact on the market growth.

Market Segmentation 
The MRFR report highlights an inclusive analysis of the global electric car rental market based on service, application, and vehicle type.

By vehicle type, the global electric car rental market is segmented into plugin hybrid electric car, hybrid, and battery.

By application, the global electric car rental market is segmented into executive, economic, and others.

By service, the global electric car rental market is segmented into offline and online.

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Regional Analysis 
APAC to Spearhead Electric Car Rental Market 
Geographically, the global electric car rental market is bifurcated into Europe, North America, the Asia Pacific, Rest of the World (RoW). Among these, the APAC region will spearhead the market over the forecast period. Of these, APAC will have the lions share in the market over the forecast period. Increasing sales of e-cars, the presence of huge consumer base, and the presence of countries like Vietnam, Philippines, China, and India where car rental industry tourism industry are adding to the global electric car rental market growth in the region.

Europe to Hold Second-Largest Share in Electric Car Rental Market 
In Europe, the global electric car rental market is predicted to hold the second-largest share over the forecast period. The presence of leading automotive OEM’s like Audi AG and BMW AG, strict vehicle emission regulations announced by the UK, France, and Germany to phase out diesel engines by 2030, the growing 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 have the utmost market share.

North America to Have Admirable Growth in Electric Car Rental Market 
In North America, the global electric car rental market is predicted to have admirable growth over the forecast period. The presence of electric car on rental service providers in Canada and the US, rising migrants in the US, technological advances, and new mobility solutions like electric vehicles and hybrid vehicles, are adding to the global electric car rental market growth in the region.

The African market can perform well due to the favorable growth of the tourism industry. Zambia is the third fastest-expanding tourism destination in the world that considerably contributes to the GDP of the country and also the growth of the electric car rental market.

The global electric car rental market is fragmented along with being competitive owing to the presence of an array of international as well as domestic key players. These players have encompassed multiple strategies to remain at the forefront and also suffice to the burgeoning needs of the consumers, including partnerships, collaborations, geographic expansions, contracts, joint ventures, and new product launches, and more. Additionally, these players are also incurring heavy investments in the RD activities for strengthening their portfolios and also creating a foothold in the market.

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Industry Updates 
June 2021- Arcimoto has opened an electric vehicle rental center in Eugene. 

Segmentation of Market covered in the research:

Information by Vehicle Type (Battery, Hybrid and Plug-In Electric Car), Application (Economic Car, Executive Car, and others), Service (Online and Offline) and Region (North America, Europe, Asia-Pacific and Rest of the World)

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