How Big is the Electric Car Rental Market and How Fast is it Growing?
The electric car rental market has seen significant growth in recent years, expanding from $11.29 billion in 2024 to $13.06 billion in 2025 at a compound annual growth rate (CAGR) of 15.6%. This growth during the historic period has been attributed to factors such as growing environmental awareness, urbanization and congestion concerns, government incentives and subsidies, consumer interest in sustainable transportation, and corporate sustainability initiatives.
Furthermore, the market is expected to continue on this trajectory, expecting to reach $23.06 billion in 2029 at a CAGR of 15.3%. The drive towards the expansion of electric vehicle models, the global rise in eco-tourism, focus on green certifications for rentals, integration with mobility-as-a-service, and global efforts to reduce carbon emissions are predicted to play a key role in this projected growth.
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What are the Key Drivers in the Electric Car Rental Market?
A significant driver of the electric car rental market is the increased demand for fuel-efficient vehicles. Electric cars, which are known for their zero emissions, offer an environment-friendly mode of transportation, helping overcome the challenges of rising fuel prices and reducing fuel emissions. For instance, Kelly Blue Book, a prominent vehicle valuation and automotive research company based in the US, reported in April 2022 that American interest in electric vehicle purchases increased by 66% in January 2022. Hence, this surge in demand for fuel-efficient vehicles significantly drives the electric car rental market.
What are the Major Segments within the Electric Car Rental Market?
1) By Vehicle Type: Battery Cars, Hybrid Cars, Plug-In Electric Cars
2) By Vehicle Category: Economy Cars, Luxury Cars
3) By Application: Leisure Or Tourism, Business
4) By Booking Type: Online, Offline
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Who are the Major Players in the Electric Car Rental Market?
Prominent companies operating in the electric car rental market include Zipcar, Avis Budget Group Inc., Enterprise Holdings Inc., Europcar Mobility Group, The Hertz Corporation, Chefenxiang, DriveElectric, Easirent, Green Motion International, Sixt SE, Wattacars, Zoomcar, Blink Mobility, Share Now GmbH, E-Car Club, Eco Rent a Car, Ecomilhas, Ecomobix, Ekar, Electric Car Rentals, EVision Electric Car Hire, E-Wheels, GIG Car Share, Green Cabs, Greenz Car Rental, MILES Mobility, Oply, Spark Rentals, Sparky, Wattmobile.
What Trends are Emerging in the Electric Car Rental Market?
The advent of new plug mobility technology is a notable trend in the electric car rental market. Leading companies have been developing advanced technology for plug mobility initiatives to sustain their market position. For example, in September 2024, India-based digital automotive aftermarket platform myTVS launched the Mobility-as-a-Service platform. This platform integrates a comprehensive ecosystem of partners, including OEMs, to provide services for electric vehicle fleets’ entire lifecycle under one umbrella. The platform provides charging solutions and a range of services, aiming to accelerate vehicle electrification.
Which Region Holds the Largest Share in the Electric Car Rental Market and Which is Expected to Grow the Fastest?
In 2024, North America held the largest share in the electric car rental market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does the Electric Car Rental Market Report 2025 Offer?
The Electric Car Rental Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. The electric car rental service provides customers with electric cars for rent for short or extended periods, eliminating the need for customers to purchase an electric car. Rentals are provided on an hourly, weekly, or monthly basis.
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