The new electric car rental market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Electric Car Rental Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the rise in international tourism," says a senior analyst for the Industrials industry at Technavio.
In recent years, Europe witnessed significant growth in international tourism, followed by Asia-Pacific. Despite the rising issues related to safety and security, there is a steady growth in the international tourism industry. The increasing demand for rental cars due to the rise in international tourism is one of the major factors driving electric car rental market growth. Rental cars provide advantages over taxis and tourism services such as privacy, safety, freedom, and cost-benefits. As a result, international tourists usually prefer rental cars instead of tourism services to explore localities. This, in turn, will fuel the growth of the electric car rental market during the forecast period.
As the markets recover Technavio expects the electric car rental market size to grow by USD 7.14 bn during the period 2020-2024.
Electric Car Rental Market Segment Highlights for 2020
The electric car rental market is expected to post a year-over-year growth rate of 9.98%.
Consumers are increasingly becoming environmentally conscious and are increasingly focusing on adopting green products.
The shift in preference towards the adoption of electric economic vehicles for short rides will contribute to the growth of the electric car rental market in the economy car segment.
Furthermore, the increase in the range and development of the charging infrastructure will also influence the growth of the electric car lease market in this segment.
Market growth in this segment will be faster than the growth of the market in the luxury cars segment.
44% of the growth will originate from the Europe region.
The growth of the tourism industry and the increasing adoption of electric vehicles will significantly influence electric car rental market growth in this region.
Germany and Italy are the key markets for rental electric car in Europe. Market growth in this region will be slower than the growth of the market in APAC and North America.
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The electric car rental market size is expected to accelerate at a CAGR of over 11% during the forecast period.
The electric car rental market is segmented by vehicle category (economy cars and luxury cars) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Avis Budget Group Inc., BlueIndy LLC, Enterprise Holdings Inc., ER Travel Services Ltd., Europcar Mobility Group SA, Fleetdrive Management Ltd., Green Motion International, SIXT SE, The Hertz Corp., and Wattacars.
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