LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global electric car rental market predicts a CAGR of around 11% during the period 2017-2021.
The report segments the global electric car rental market by vehicle category (economy cars and luxury cars), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global electric car rental market, according to Technavio automotive researchers:
- Increasing demand for rental cars due to rise in international tourism: a major market driver
- In 2016, the economy cars segment dominated the market with a market share of over 90%
- EMEA dominated the electric car rental market in 2016 with a market share of over 46%
- Avis Budget Group, Enterprise Holdings, Europcar Group, Hertz, and Sixt are the leading players in the market
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Increasing demand for rental cars due to rise in international tourism: a major market driver
Increasing demand for rental cars due to rise in international tourism is one of the major factors driving the global electric car rental market. The growth of international tourism is critical for the growth of the rental vehicle industry. In 2016, the tourism industry witnessed a healthy growth. It has been seen that tourists mostly opt for rental cars instead of tourism services to explore a place. The main reasons behind choosing a rental car over taxis and tourism services are privacy, along with safety and freedom. Also, rental cars are a more cost-effective alternative to taxi services.
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EMEA: largest electric car rental market
Technavio researchers anticipate high growth for the global electric car rental market in EMEA due to the long-term commitment toward promoting electric vehicles by the European government. To increase employment and economic growth, the European Commission has introduced various initiatives, particularly aimed at promoting sustainability, accessibility, culture, and at boosting low season and coastal tourism. Electric car rentals were one of the businesses that supported the sustainability initiative.
According to Ganesh Subramaniam, a lead analyst at Technavio for research on automotive services, “Europe has been at the forefront in terms of promoting electric vehicles as it has around 4724 charging points per million people, which is the highest in the world. The Middle-East is also catching up in terms of electric vehicle adoption with car rental companies including EVs in their fleet. Both established as well as new companies are offering EV rentals.”
Competitive vendor landscape
The global electric car rental market is highly competitive and has the presence of many well-established vendors. However, most of the competition comes from the car rental companies managed by the unorganized sector. In addition, the market is mostly dominated by region-specific players rather than global players. The major vendors are investing immensely in setting up charging infrastructure to make the electric vehicle rental feasible.
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