NEW YORK, Jan. 11, 2023 /PRNewswire/ — According to Technavio, the global electric car rental market size is estimated to grow by USD 11,246.65 million from 2022 to 2027. The market is expected to grow at a CAGR of 12.64% during the forecast period. Moreover, the growth momentum will progress. Europe will account for 42% of the growth of the global market during the forecast period.
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Technavio has announced its latest market research report titled Global Electric Car Rental Market 2023-2027
Global electric car rental market – Five forces
The global electric car rental market is fragmented, and the five forces analysis covers–
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
For interpretation of Porter’s five forces model – buy the report!
Global electric car rental market – Customer landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global electric car rental market – Segmentation assessment
Segment overview
Technavio has segmented the market based on type (economy cars and luxury cars) and distribution channel (offline and online).
The economy cars segment will growth at the highest rate during the forecast period. Major vendors have included a small set of economical electric cars to target consumers. Moreover, most tourists use electric cars for short trips. These factors will drive the growth of this segment during the forecast period.
Geography overview
Based on geography, the global electric car rental market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric car rental market.
Europe is estimated to account for 42% of the growth of the global market during the forecast period. The rental car business in the region is driven by the tourism industry. The European Commission has launched various initiatives to promote sustainability, accessibility, and culture, as well as seasonal and coastal tourism, which will increase employment and economic growth. Electric car rentals are supported by sustainable development initiatives. These factors will drive the growth of the market in the region during the forecast period.
Global electric car rental market – Market dynamics
Key factor driving market growth
Government regulations, incentives, and subsidies provided for EVs are driving market growth.
With a focus on environmental sustainability, countries across the world are striving to reduce their carbon footprint.
Governing bodies have taken significant measures to combat carbon dioxide emissions by the automotive industry.
Hence, government regulators and councils are promoting the use of alternative energy vehicles such as electric cars and ECVs.
These factors will drive the growth of the market during the forecast period.
Leading trends influencing the market
The introduction of battery-swapping technology is a key trend in the market.
Battery-swapping technology allows batteries to be hot-swapped, which allows users to change batteries in minutes. Currently, this technology is being tested.
Vendors are also planning to offer replaceable batteries for charging stations with an additional fee.
These factors will support the growth of the market during the forecast period.
Major challenges hindering market growth
The global power crisis is hindering the growth of the market.
Developing and underdeveloped countries cannot afford a large number of electric cars due to the inadequate availability of power. For instance, there is a major power crisis in countries such as India.
The growing power crisis in developing countries is a major obstacle to the growth of the electric car market.
This, in turn, will impede the growth of the global electric car rental market during the forecast period.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!
What are the key data covered in this electric car rental market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the electric car rental market between 2023 and 2027
Precise estimation of the size of the electric car rental market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the electric car rental market across Europe, North America, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of electric car rental market vendors
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Electric Car Rental Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.64% |
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Market growth 2023-2027 |
USD 11,246.65 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
12.03 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 42% |
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Key countries |
US, China, Germany, Italy, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Avis Budget Group Inc, Blu Smart Mobility Pvt. Ltd., Blue Cars Ltd., Current Vehicles Ltd., DriveElectric, Enterprise Holdings Inc., Envoy Technologies Inc., ETO Motors Pvt. Ltd., Evoke Pty Ltd., Green Motion International, Hertz Global Holdings Inc., Plug N Drive, SIXT SE, Stellantis NV, UFODrive SA, Volkswagen AG, Volt Age Hire, Wattacars, ZERO Carbon Technologies Inc., and Zoomcar India Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global electric car rental market 2017 – 2021
Exhibit 18: Historic Market Size – Data Table on Global electric car rental market 2017 – 2021 ($ million)
4.2 Type Segment Analysis 2017 – 2021
Exhibit 19: Historic Market Size – Type Segment 2017 – 2021 ($ million)
4.3 Distribution channel Segment Analysis 2017 – 2021
Exhibit 20: Historic Market Size – Distribution channel Segment 2017 – 2021 ($ million)
4.4 Geography Segment Analysis 2017 – 2021
Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)
4.5 Country Segment Analysis 2017 – 2021
Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)
5 Five Forces Analysis
5.1 Five forces summary
Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Type
6.1 Market segments
Exhibit 30: Chart on Type – Market share 2022-2027 (%)
Exhibit 31: Data Table on Type – Market share 2022-2027 (%)
6.2 Comparison by Type
Exhibit 32: Chart on Comparison by Type
Exhibit 33: Data Table on Comparison by Type
6.3 Economy cars – Market size and forecast 2022-2027
Exhibit 34: Chart on Economy cars – Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Economy cars – Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Economy cars – Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Economy cars – Year-over-year growth 2022-2027 (%)
6.4 Luxury cars – Market size and forecast 2022-2027
Exhibit 38: Chart on Luxury cars – Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Luxury cars – Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Luxury cars – Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Luxury cars – Year-over-year growth 2022-2027 (%)
6.5 Market opportunity by Type
Exhibit 42: Market opportunity by Type ($ million)
7 Market Segmentation by Distribution Channel
7.1 Market segments
Exhibit 43: Chart on Distribution Channel – Market share 2022-2027 (%)
Exhibit 44: Data Table on Distribution Channel – Market share 2022-2027 (%)
7.2 Comparison by Distribution Channel
Exhibit 45: Chart on Comparison by Distribution Channel
Exhibit 46: Data Table on Comparison by Distribution Channel
7.3 Offline – Market size and forecast 2022-2027
Exhibit 47: Chart on Offline – Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on Offline – Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on Offline – Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Offline – Year-over-year growth 2022-2027 (%)
7.4 Online – Market size and forecast 2022-2027
Exhibit 51: Chart on Online – Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on Online – Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on Online – Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Online – Year-over-year growth 2022-2027 (%)
7.5 Market opportunity by Distribution Channel
Exhibit 55: Market opportunity by Distribution Channel ($ million)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 57: Chart on Market share by geography 2022-2027 (%)
Exhibit 58: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 59: Chart on Geographic comparison
Exhibit 60: Data Table on Geographic comparison
9.3 Europe – Market size and forecast 2022-2027
Exhibit 61: Chart on Europe – Market size and forecast 2022-2027 ($ million)
Exhibit 62: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
Exhibit 63: Chart on Europe – Year-over-year growth 2022-2027 (%)
Exhibit 64: Data Table on Europe – Year-over-year growth 2022-2027 (%)
9.4 North America – Market size and forecast 2022-2027
Exhibit 65: Chart on North America – Market size and forecast 2022-2027 ($ million)
Exhibit 66: Data Table on North America – Market size and forecast 2022-2027 ($ million)
Exhibit 67: Chart on North America – Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on North America – Year-over-year growth 2022-2027 (%)
9.5 APAC – Market size and forecast 2022-2027
Exhibit 69: Chart on APAC – Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on APAC – Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on APAC – Year-over-year growth 2022-2027 (%)
9.6 South America – Market size and forecast 2022-2027
Exhibit 73: Chart on South America – Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on South America – Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on South America – Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on South America – Year-over-year growth 2022-2027 (%)
9.7 Middle East and Africa – Market size and forecast 2022-2027
Exhibit 77: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
9.8 US – Market size and forecast 2022-2027
Exhibit 81: Chart on US – Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on US – Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on US – Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on US – Year-over-year growth 2022-2027 (%)
9.9 China – Market size and forecast 2022-2027
Exhibit 85: Chart on China – Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on China – Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on China – Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on China – Year-over-year growth 2022-2027 (%)
9.10 Germany – Market size and forecast 2022-2027
Exhibit 89: Chart on Germany – Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on Germany – Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on Germany – Year-over-year growth 2022-2027 (%)
9.11 Italy – Market size and forecast 2022-2027
Exhibit 93: Chart on Italy – Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on Italy – Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on Italy – Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Italy – Year-over-year growth 2022-2027 (%)
9.12 France – Market size and forecast 2022-2027
Exhibit 97: Chart on France – Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on France – Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on France – Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on France – Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 101: Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 102: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 103: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 104: Overview on factors of disruption
11.4 Industry risks
Exhibit 105: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 106: Vendors covered
12.2 Market positioning of vendors
Exhibit 107: Matrix on vendor position and classification
12.3 Avis Budget Group Inc
Exhibit 108: Avis Budget Group Inc – Overview
Exhibit 109: Avis Budget Group Inc – Business segments
Exhibit 110: Avis Budget Group Inc – Key offerings
Exhibit 111: Avis Budget Group Inc – Segment focus
12.4 Blu Smart Mobility Pvt. Ltd.
Exhibit 112: Blu Smart Mobility Pvt. Ltd. – Overview
Exhibit 113: Blu Smart Mobility Pvt. Ltd. – Product / Service
Exhibit 114: Blu Smart Mobility Pvt. Ltd. – Key offerings
12.5 Blue Cars Ltd.
Exhibit 115: Blue Cars Ltd. – Overview
Exhibit 116: Blue Cars Ltd. – Product / Service
Exhibit 117: Blue Cars Ltd. – Key offerings
12.6 Current Vehicles Ltd.
Exhibit 118: Current Vehicles Ltd. – Overview
Exhibit 119: Current Vehicles Ltd. – Product / Service
Exhibit 120: Current Vehicles Ltd. – Key offerings
12.7 DriveElectric
Exhibit 121: DriveElectric – Overview
Exhibit 122: DriveElectric – Product / Service
Exhibit 123: DriveElectric – Key offerings
12.8 Enterprise Holdings Inc.
Exhibit 124: Enterprise Holdings Inc. – Overview
Exhibit 125: Enterprise Holdings Inc. – Product / Service
Exhibit 126: Enterprise Holdings Inc. – Key news
Exhibit 127: Enterprise Holdings Inc. – Key offerings
12.9 Envoy Technologies Inc.
Exhibit 128: Envoy Technologies Inc. – Overview
Exhibit 129: Envoy Technologies Inc. – Product / Service
Exhibit 130: Envoy Technologies Inc. – Key offerings
12.10 ETO Motors Pvt. Ltd.
Exhibit 131: ETO Motors Pvt. Ltd. – Overview
Exhibit 132: ETO Motors Pvt. Ltd. – Product / Service
Exhibit 133: ETO Motors Pvt. Ltd. – Key offerings
12.11 Evoke Pty Ltd.
Exhibit 134: Evoke Pty Ltd. – Overview
Exhibit 135: Evoke Pty Ltd. – Product / Service
Exhibit 136: Evoke Pty Ltd. – Key offerings
12.12 Green Motion International
Exhibit 137: Green Motion International – Overview
Exhibit 138: Green Motion International – Product / Service
Exhibit 139: Green Motion International – Key offerings
12.13 Hertz Global Holdings Inc.
Exhibit 140: Hertz Global Holdings Inc. – Overview
Exhibit 141: Hertz Global Holdings Inc. – Business segments
Exhibit 142: Hertz Global Holdings Inc. – Key offerings
Exhibit 143: Hertz Global Holdings Inc. – Segment focus
12.14 Plug N Drive
Exhibit 144: Plug N Drive – Overview
Exhibit 145: Plug N Drive – Product / Service
Exhibit 146: Plug N Drive – Key offerings
12.15 SIXT SE
Exhibit 147: SIXT SE – Overview
Exhibit 148: SIXT SE – Business segments
Exhibit 149: SIXT SE – Key news
Exhibit 150: SIXT SE – Key offerings
Exhibit 151: SIXT SE – Segment focus
12.16 Stellantis NV
Exhibit 152: Stellantis NV – Overview
Exhibit 153: Stellantis NV – Business segments
Exhibit 154: Stellantis NV – Key news
Exhibit 155: Stellantis NV – Key offerings
Exhibit 156: Stellantis NV – Segment focus
12.17 Volkswagen AG
Exhibit 157: Volkswagen AG – Overview
Exhibit 158: Volkswagen AG – Business segments
Exhibit 159: Volkswagen AG – Key offerings
Exhibit 160: Volkswagen AG – Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 161: Inclusions checklist
Exhibit 162: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 163: Currency conversion rates for US$
13.4 Research methodology
Exhibit 164: Research methodology
Exhibit 165: Validation techniques employed for market sizing
Exhibit 166: Information sources
13.5 List of abbreviations
Exhibit 167: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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