Market Research Future (MRFR) has launched a new release on the global Electric Car Rental Market Revenue. The report presents a thorough overview of the global Electric Car Rental Market on the back of a detailed analysis of the market’s historical growth trajectory and leading segments. The market’s historical growth trajectory is assessed in detail in the report in order to understand the major factors underlying the market’s growth in the study period.Market Synopsis:
The Electric Car Rental Market is growing rapidly primarily in the developed regions like North America and Europe and is expanding globally at a rapid pace due to the increasing number of business & leisure trips worldwide are increasing significantly. The increasing use of online portals is shaping the growth of this market. Furthermore, the rising use of smartphones, growing service sector globally, stringent vehicle emission regulations, and growing population is expected to accelerate the growth of this market. Additionally, fluctuation in crude oil prices and lack of government transport facilities are also contributing to the growth of this market.
CNG and gasoline rental cars, lack of infrastructure, unorganized car rental service, and the high initial prices of electric vehicle are expected to hamper the market growth during the forecast period. However, technological advancement in e-car rental service, changing lifestyle, and developing economies in emerging countries create ample opportunities for the expansion and growth of this market. Therefore, the global Electric Car Rental Market is projected to reach around USD 15 Billion by 2025 and is estimated to witness 15% CAGR during the forecast period, 2019–2025
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Market Research Analysis
The global Electric Car Rental Market is segmented based on vehicle type, application, service, and region. Based on vehicle type, the global market has been segmented into battery, hybrid, plugin hybrid electric car. Based on application, the global market has been segmented into economic, executive, and others. Based on service, the global market has been segmented into online and offline.
In terms of region, the global market for electric car rental is segmented as North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to hold the largest share in the global Electric Car Rental Market Revenue throughout the forecast period owing to the presence of emerging economies, such as China and India, is contributing to the market growth in the region. Furthermore, in Asia-Pacific, China is projected to grow at a rapid pace over the forecast period due to the growing per capita disposable income, fluctuation in gasoline prices, and large consumer base.
On the other hand, North America is projected to witness significant growth for the Electric Car Rental Market Revenue. The growing demand for environment-friendly vehicle and developing car rental service centers in the US and Canada are expected to support the growth of the market during the forecast period. In North America,
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