The global electric vehicle rental market to grow with a CAGR of ~7% and gather a substantial revenue over the forecast period, i.e., 2022-2030. This growth can be largely attributed to the rapid expansion of travel and tourism sector around the world. Additionally, escalating adoption of IT in the industry, and growing demand for cheap transportation are significant factors projected to augment the sales for the product in the near future. Along with these, rising consumer focus on adoption of green products is assessed to offer lucrative opportunities to the market.
Research Nester published a report titled “Electric Vehicle Rental Market: Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global electric vehicle rental market in terms of market segmentation by vehicle type, category, booking type, rental length, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The market is segmented on the basis of vehicle type, category, booking type, rental length and application. By battery type, the battery electric vehicle segment is anticipated to grab the largest market share during the forecast period on the back of increasing production of battery-operated electric vehicles globally. Furthermore, based on booking type, the online access segment is projected to acquire the largest share over the forecast period ascribing to the surge in dependence of people on smartphones and easy availability of demand-oriented mobility solutions.
Geographically, the global electric vehicle rental market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period. With the escalating use of car rental services, and hike in number of leisure and business trips, this region’s market is predicted to show elevated prospects for expansion. Moreover, Europe is also evaluated to occupy a notable market share owing to the growing adoption of electric vehicles in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rapid Growth of Travel and Tourism Sector Worldwide to Drive Market Growth
The United Nations World Tourism Organization (UNTWO) states that the global international tourism expenditure valued at USD 1,397.2 billion in 2018, up from USD 1,301.2 in 2017.
Since the last decade, number of travelers, commuting both locally and internationally, for leisure or business purposes have witnessed an upsurge. This has resulted in the rise in activities associated with the travel industry, along with an ever-increasing growth in tourism expenditure across the world, which in turn is projected to offer growth opportunities to the market in the near future.
However, lack of infrastructure for electric vehicle rental is expected to operate as key restraint to the growth of the global electric vehicle rental market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global electric vehicle rental market which includes company profiling of SIXT SE, 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, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric vehicle rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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