Electric car rental market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation

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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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.

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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

Report Coverage

Details

Page number

157

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 12.64%

Market growth 2023-2027

USD 11,246.65 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

12.03

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 42%

Key countries

US, China, Germany, Italy, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

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.

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.

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.

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

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global electric car rental market 2017 - 2021

4.2 Type Segment Analysis 2017 - 2021

4.3 Distribution channel Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Type

6.1 Market segments

6.2 Comparison by Type

6.3 Economy cars - Market size and forecast 2022-2027

6.4 Luxury cars - Market size and forecast 2022-2027

6.5 Market opportunity by Type

7 Market Segmentation by Distribution Channel

7.1 Market segments

7.2 Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2022-2027

7.4 Online - Market size and forecast 2022-2027

7.5 Market opportunity by Distribution Channel

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 Europe - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 Italy - Market size and forecast 2022-2027

9.12 France - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Avis Budget Group Inc

12.4 Blu Smart Mobility Pvt. Ltd.

12.5 Blue Cars Ltd.

12.6 Current Vehicles Ltd.

12.7 DriveElectric

12.8 Enterprise Holdings Inc.

12.9 Envoy Technologies Inc.

12.10 ETO Motors Pvt. Ltd.

12.11 Evoke Pty Ltd.

12.12 Green Motion International

12.13 Hertz Global Holdings Inc.

12.14 Plug N Drive

12.15 SIXT SE

12.16 Stellantis NV

12.17 Volkswagen AG

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 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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