Global Electric Car Rental Market 2017-2021
About Electric Car Rental
Car rental services operate on the model of renting automobiles for short periods of time, generally ranging from a few hours to a few weeks. There is a network of local branches that assist the customers with easy pick up and drop facilities. Car rental agencies serve people who require a temporary vehicle; for example, those who do not own a car or tourists. The demand for car rental services has increased due to the growth of the tourism industry and the cost advantages they offer to the users.
Technavio’s analysts forecast the global electric car rental market to grow at a CAGR of 11.01% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global electric car rental market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Electric Car Rental Market 2017-2021
Technavio recognizes the following companies as the key players in the global electric car rental market: Avis Budget Group, Enterprise Holdings, Europcar Group, Hertz, and Sixt.
Other Prominent Vendors in the market are: BlueIndy, DriveElectric, Drive Electric Orlando, DriveNow, Easirent, Green Motion, Wattacars, and Zoomcar.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is technological advancements in battery technology. Advancements in battery technology are very critical to the growth of the EV market. Li-ion batteries do not adhere to Moore's Law and have a complex chemistry, which poses a challenge to faster technological advancements. Till date, only slight incremental updates have been made to enhance the performance of the batteries.”
According to the report, one driver in the market is increasing demand for rental cars due to rise in international tourism. The growth of international tourism is critical for the growth of the rental vehicle industry. In 2016, the tourism industry witnessed a healthy growth. International tourist arrivals grew in 2016, due the increase in travel by Asians. Europe was the most visited region followed by Asia-Pacific. Despite many issues related to safety and security, international travel continued to grow strongly and contribute to job creation and the well-being of communities around the world.
Further, the report states that one challenge in the market is global power crisis hindering the growth of EV market. With the growth of the hybrid vehicle and EV markets, the demand for power to drive the vehicles is also increasing globally. The developing and underdeveloped countries, where the power generation meets only average daily consumption, cannot afford to have a higher number of electric vehicles. For instance, 25% of the vehicles in Europe are EVs, which minimizes the consumption of approximately 13 million barrels of crude oil per day. However, it consumes around 11% of the global power demand.
Avis Budget Group, Enterprise Holdings, Europcar Group, Hertz, Sixt, BlueIndy, DriveElectric, Drive Electric Orlando, DriveNow, Easirent, Green Motion, Wattacars, and Zoomcar.
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