Electric Car Rental Market Research Report - Global Forecast till 2032

Electric Car Rental Market Research Report Information By Vehicle Type (Battery Cars, Hybrid Cars, Plug-in Electric Cars), By Application (Economic Cars, Exclusive Cars, Others), By Service (Online, Offline), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Global Industry Size, Share, Growth, Trends and Forecast To 2032

ID: MRFR/AM/6853-HCR | 100 Pages | Author: Swapnil Palwe | February 2024         

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Electric Car Rental Market Overview:


The Electric Car Rental market industry is projected to grow from USD 11.39 Billion in 2023 to USD 34.83 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.00% during the forecast period (2023 - 2032). Electric Car Rental Market Size was valued at USD 9.9 billion in 2022. The increased presence of top-notch companies and the Internet to customize travel trips, in-car infotainment systems growing online rent-a-car services, and booking engines are the key market drivers enhancing the market growth.


Electric Car Rental Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Electric Car Rental Market Trends




  • The growth of the automotive market is being driven market growth




 By an increase in government regulations, incentives, and subsidies for electric vehicles (EVs). Government authorities globally are focusing on environmental sustainability and are implementing regulations to reduce carbon emissions. As the automotive industry is a significant contributor to carbon dioxide emissions, regulatory bodies are advocating for the adoption of alternative energy vehicles like EVs. This focus on reducing carbon emissions is acting as a catalyst for market growth, with a higher market CAGR expected as a result.


Additionally, introducing battery-swapping technology is the key trend impeding market growth. Range anxiety is a major problem that hinders the growth of electric cars. Battery manufacturers, suppliers, and OEMs are working on battery-swapping technology that allows batteries to be hot-swapped. Hot-swappable batteries allow you to change batteries in minutes, which solves the remote alarm problem. Changing the batteries allows you to travel 80 miles in 5 minutes, which is very useful for consumers. Replacement costs vary between batteries. It ranges from $80 to $100. Vendors plan to offer replaceable batteries for charging stations for an additional fee. The technology is being tested, but faster availability could help boost electric cars. These factors drive the Electric Car Rental market revenue.


Electric Car Rental MarketSegment Insights:


Electric Car Rental Vehicle Type Insights


Based on vehicle type, the Electric Car Rental Market segmentation includes battery cars, hybrid cars, and plug-in electric cars. The hybrid cars segment dominated the market. New opportunities are expected to arise for businesses to provide customized mobility services that cater to the preferences and requirements of customers worldwide due to the emergence of various market segments. Businesses are anticipated to find new prospects in the segments above for offering tailored mobility services that match the preferences and requirements of customers worldwide.


Electric Car Rental Application Insights


Based on application, the Electric Car Rental Market segmentation includes economic cars, exclusive cars, and others. The economic cars segment dominated the market. The demand for cost-effective and high-end cars depends on the customers' income level. Furthermore, individuals from middle-class backgrounds often choose economical cars for rental purposes.


Electric Car Rental Service Insights


The Electric Car Rental Market segmentation, based on application includes online and offline. The online segment dominated the market; Here's another possible rephrased version. The convenience provided to customers is a significant advantage of this service type, and it is anticipated to play a pivotal role in driving the growth of the global market throughout the projected timeframe.


Figure 1: Electric Car Rental Market, by Service, 2022 & 2032 (USD billion)


Electric Car Rental Market, by Service, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Electric Car Rental Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American electric car rental market area will dominate this market due to the Internet to customize travel trips, in-car infotainment systems growing online rent-a-car services, and booking engines.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: Electric Car Rental Market Share By Region 2022 (%)


Electric Car Rental Market Share By Region 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's Electric Car Rental market accounts for the second-largest market share due to the increased presence of top-notch companies. Further, the German Electric Car Rental market held the largest market share, and the UK Electric Car Rental market was the fastest-growing market in the European Region.


The Asia-Pacific Electric Car Rental Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increase in electric car sales and a large customer base. Moreover, China’s Electric Car Rental market held the largest market share, and the Indian Electric Car Rental market was the fastest-growing market in the Asia-Pacific region.


Electric Car Rental Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Electric Car Rental market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The electric car rental industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Electric Car Rental industry to benefit clients and increase the market sector. In recent years, the Electric Car Rental industry has offered some of the most significant advantages to medicine. Major players in the Electric Car Rental market, including Zipcar (US), Avis Budget Group, Inc. (the US), Enterprise Holdings Inc. (US), Europcar Mobility Group (France), The Hertz Corporation (US), Sixt SE (Germany), Bluelndy (US), DriveElectric (UK), Easirent (UK), Green Motion International (UK), Wattacars (Spain), Zoomcar (India), and Europcar Group (France)., and others, are attempting to increase market demand by investing in research and development operations.


BETA was founded by Michael E. Grilli, PE, with a small team of three working from a Rhode Island office. BETA's goal has always been to enhance the quality of the communities they work and live in by delivering integrated solutions. BETA specializes in planning, engineering, design, asset management, landscape architecture, and construction services for state agencies and municipalities. BETA's test group is testing Joulez's Tesla rentals as the company finalizes its booking smartphone application. Joules intends to establish an EV rental fleet and an all-inclusive support system that allows customers to experience the benefits of driving an EV. Currently, Joules is focused on developing a smartphone app for booking and designing competitively priced rental apartments in New York City, ranging from $75 to $200 per day. Bergdale is interested in collaborating with electric vehicle manufacturers, airport authorities, airlines, EV charging companies, cities, and other parties keen on accelerating the transition to an EV-driven future.


Carzonrent, an Indian car rental company founded by Rajiv Kumar Vij in 2000, has secured exclusive franchisee rights for Hertz International in India. The company has established an EV platform, Plug Mobility, to provide its customers with sustainable and clean mobility alternatives. Plug Mobility aims to introduce 20,000 electric vehicles across India to serve various clients, including corporations, hotels, airlines, governments, public sector undertakings, and small and medium-sized enterprises. The company hopes to reduce carbon emissions by 389 million tonnes over the next five years by creating a uniform EV ecosystem.


Key Companies in the electric car rental market include



  • The Hertz Corporation

  • Zoomcar

  • Enterprise Holdings Inc.

  • Drive Electric

  • Green Motor International

  • Avis Budget Group, Inc.

  • Zipcar

  • Europcar Group

  • Blueindy

  • Wattacars


Electric Car Rental Industry Developments


November 2021: Joulez is currently working on developing a booking smartphone app while a select group of clients test out their Tesla rental service. The company is building an electric vehicle rental fleet and support system to promote the advantages of driving an EV. With a focus on offering competitively priced rentals in New York City, Joulez plans to offer daily rental rates ranging from $75 to $200. The company's ultimate goal is to provide a seamless EV rental experience to clients and promote the adoption of EVs as a viable transportation option.


October 2021: Carzonrent, a car rental company, has launched an electric vehicle (EV) platform called Plug Mobility to provide sustainable and clean mobility options to its clients. The goal is to establish a uniform EV ecosystem to reduce the company's carbon footprint. Plug Mobility intends to introduce a fleet of 20,000 EVs to serve corporate, government, SME, hotel, and airline clients in India. The company aims to save 389 million tonnes of CO2 emissions over the next five years. This move is part of Carzonrent's efforts to reduce its environmental impact and promote sustainable mobility options in the country.


Electric Car Rental Market Segmentation:


Electric Car Rental Vehicle Type Outlook



  • Battery Cars

  • Hybrid Cars

  • Plug-in Electric Cars


Electric Car Rental Application Outlook



  • Economic Cars

  • Exclusive Cars

  • Others


Electric Car Rental Service Outlook



  • Online

  • Offline


Electric Car Rental Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 9.9 billion
Market Size 2023 USD 11.39 billion
Market Size 2032 USD 34.83 billion
Compound Annual Growth Rate (CAGR) 15.00% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Vehicle Type, Application, Serviceand Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Zipcar (US), Avis Budget Group, Inc. (the US), Enterprise Holdings Inc. (US), Europcar Mobility Group (France), The Hertz Corporation (US), Sixt SE (Germany), Bluelndy (US), DriveElectric (UK), Easirent (UK)
Key Market Opportunities The Internet to customize travel trips In-car infotainment system Growing online rent-a-car services and booking engines
Key Market Dynamics The presence of top-notch companies




Frequently Asked Questions (FAQ) :

The Electric Car Rental Market size was valued at USD 9.9 Billion in 2022.

The global market is projected to grow at a CAGR of 15.00%during the forecast period, 2023-2032.

North America had the largest share of the global market

The key players in the market are Zipcar (US), Avis Budget Group, Inc. (the US), Enterprise Holdings Inc. (US), Europcar Mobility Group (France), The Hertz Corporation (US), Sixt SE (Germany), Bluelndy (US), DriveElectric (UK), Easirent (UK).

The Hybrid Cars Electric Car Rental category dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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