Market Trends of Electric Car Rental Industry
This section covers the major market trends shaping the Electric Car Rental Market according to our research experts:
Online Booking Type Is Expected To Have High Market Share
Electric Car Booking is offered through a cab company's mobile app or website. In addition, the availability of an online payment option has streamlined the process. The affordability and ease of access to services are the major drivers of this ecosystem. Customers' needs for convenience and cost-effectiveness are driving the demand for electric car rentals. Online booking has various advantages as well as numerous transparency challenges that organizations are continually examining and correcting. The day-to-day activities of electric car rental companies are managed via a uniform system. Compliance policies, rules, regulations, and terms and conditions, which differ from firm to company, are followed.
- In November 2021, a beta group is testing Joulez's Tesla rentals as the business works to complete its booking smartphone app. Joulez is building not just an EV rental fleet, but a full support system to help clients realize the power of driving an EV. The company is now working on designing and developing the smartphone app, and it has a beta test group of clients renting Teslas. Joulez will rent apartments in New York City at competitive rates ranging from $75 to $200 per day. Bergdale also mentioned plans to collaborate with EV manufacturers, airport authorities, airlines, EV charging firms, cities, and anybody else interested in accelerating the transition to an EV future.
- In October 2021, Carzonrent, a car rental company, established an electric vehicle (EV) platform to provide its clients with clean and sustainable mobility alternatives. The company intends to offer a fleet of EVs under the banner of Plug Mobility in order to develop a uniform EV ecosystem in order to reduce its carbon footprint. Plug Mobility plans to introduce 20,000 electric vehicles (EVs) across India to serve corporate, hotel, airline, government, PSU, and SME clients, with the goal of saving 389 million tonnes of CO2 emissions over the next five years.
North America Is Expected To Witness A Considerable Share In Target Market
During the projection period, North America is expected to witness considerable growth. This is attributed to the existence of several of the region's largest vehicle rental companies, such as Avis Budget Group and Enterprise Rent-a-Car, which are expected to present attractive growth potential. The growing number of business and leisure visits across the region is also a key driver of regional growth. Furthermore, the region contains a variety of prominent tourist locations that attract a big number of people who demand vehicle rental services, hence driving the market growth.
Additionally, Soon after Hertz Global Holdings emerged from bankruptcy in 2021 summer, reformed after the COVID-19 outbreak paralyzed the global automobile rental sector, the Estero, Florida-based company boldly announced a $4.2 billion plan to buy 100,000 Tesla fully electric cars (EVs) by the end of 2022. Suddenly, the industry was racing to switch from internal combustion engine (ICE) models to EVs. While Hertz was the first to launch, its two main competitors, Enterprise Holdings and Avis Budget Group have subsequently followed suit. But, just as full-scale EV adoption among American drivers would take years, the rental car shift will be a marathon, not a sprint.
