Electric Car Rental Market Projected to Reach USD 28,903.2 Million, with a CAGR of 15% by 2030 – Report by Market Research Future (MRFR)

Electric Car Rental Market Services and Solutions Top Companies, Revenue, Trends and Advancements

New York, US, April 25, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Electric Car Rental Market Information by Vehicle Type, Application and Service, and Region - Forecast till 2030", By 2030, the Electric Car Rental Market can touch USD 28903.2 Million and develop at a rate of 15% from 2022 to 2030.

Electric Car Rental Market Overview

In comparison to internal combustion or hybrid engines, electric motors are quieter and more ecologically friendly. Most importantly, driving an electric car results in significantly reduced exhaust emissions, allowing us to protect the environment without losing the ease of using a car for transportation. For those who care about the environment and don't want to pollute the environment while driving, renting an electric car is a terrific alternative.

Renting an electric vehicle entails both financial advantages and exclusive driving rights. To encourage drivers to convert to eco-friendly vehicles, privileges are offered.

Market Competitive Landscape:

The affluent vendors in the electric car rental industry are

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

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February 2023

For people interested in switching to an electric vehicle or who just don't want the commitment of leasing a car, Hyundai has introduced a car subscription service. The launch of the South Korean automaker's Evolve+ electric vehicle subscription program was announced.

Customers may book a Hyundai Ioniq 5 for $899 or a Kona Electric for $699 each month via the Evolve+ app, then pick them up from a partner dealership. The monthly membership price covers insurance, maintenance, and 1,000 miles of driving, unlike a typical automobile lease.

Electric Car Rental Market COVID 19 Analysis

Numerous new habits arose following the COVID-19 outbreak, including working from home, maintaining cleanliness, and working in a sanitary environment. Due to the possibility of contracting the coronavirus, many everyday activities, including riding public transportation to work, were risky. The worldwide electric car rental market has also been impacted. Due of the epidemic, much fewer individuals are now traveling. Due to the severe lockdown guidelines and to prevent becoming sick, many have been remaining indoors. Rental services for electric vehicles are therefore less in demand. Although several of the industry's biggest rental businesses, including Hertz, Enterprise Holdings, and Avis Budget Group, have announced intentions to gradually replace internal combustion engines with electric vehicles.

Report Scope:

Report MetricsDetails
Market Size 20302030: USD 28903.2 Million
CAGR during 2022-203015% CAGR
Base Year2021
Forecast 2022-2030
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredVehicle Type, Application and Service
Key Market OpportunitiesThe internet to customize travel trips  In-car infotainment system  Growing online rent-a-car services and booking engines
Key Market DriversThe presence of top notch companies

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Electric Car Rental Market USP Covered:

Market Drivers:

In line with the worldwide emphasis on environmental sustainability, the automobile sector is subject to more government rules, norms, and requirements. Global economies are working hard to cut their carbon footprints across the board. Since the automobile sector makes a sizable contribution to carbon dioxide emissions, its governing bodies and bodies have taken sizable steps to address this. To cut carbon emissions, government authorities and councils are encouraging the usage of alternative energy vehicles like electric automobiles and ECVs. As a result, it facilitates marketing.

The development of battery-changing technology that enables hot battery swapping is being done by battery producers, suppliers, and OEMs. Remote alarms can be fixed thanks to hot-swappable batteries, which make battery changes quick and easy.

The customer may go 80 miles in 5 minutes after changing the batteries, which is highly practical for customers. Batteries have different replacement prices. $80 to $100 is the price range. For an extra cost, vendors intend to provide interchangeable batteries for charging stations. Electric automobiles and electric car rental may benefit from the technology's quicker availability, which is now being tested.

The usage of customized mobile applications for customer convenience has allowed businesses in the industry to appeal to a larger consumer base thanks to rising internet penetration in both developing and established nations. Technology is seen to be a key factor in market progress. Recent advancements in technology have changed the industry. Simple internet booking tools and improved customer and corporate information management are two significant ways that businesses that provide vehicle rentals may better serve their customers.

Market Restraints: 

The electric car rental market is challenged by various elements including the absence of charging infrastructure in developing nations, which could lead to stunted expansion.

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Electric Car Rental Market Segmentation

By Vehicle Type

With respect to the type of vehicle, the global market for electric car rental can be divided into battery cars, hybrid cars, and plug-in electric cars. The worldwide electric car rental market has seen success with hybrid and plug-in vehicles. These categories are anticipated to open up new doors for companies to provide customised mobility services that are in line with the demands and preferences of clients throughout the world during the foreseeable period.

By Application

Some of the key applications of electric rental services are cheap automobiles, expensive cars, and other categories. Depending on the consumers' income, there are different levels of demand for affordable and upscale automobiles. While consumers from middle-class backgrounds like affordable rental cars, those from the high-income sector tend to favor luxurious vehicles.

By Service

The worldwide market has been divided into online and offline segments, in terms of service. The market consumers have grown increasingly fond of the online service choice in the digital age. High client convenience is one of the main benefits of the service kind. During the anticipated time, this market sector is anticipated to have a significant impact and expand the worldwide market.

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Electric Car Rental Market Regional Insights

Significant growth is anticipated in Asia Pacific. This is a result of a number of the biggest car rental businesses in the area, which are predicted to have promising development prospects. Another important factor in the expansion of the region is the rise in both business and leisure travel. Furthermore, the number of well-known tourist attractions draw a sizable number of visitors that need car rentals, bolstering the expansion rate of the regional industry.

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