Rise in International Tourism to Boost the Electric Car Rental Market | Technavio

  Rise in International Tourism to Boost the Electric Car Rental Market |
  Technavio

Business Wire

LONDON -- December 5, 2017

The latest market research report by Technavio on the global electric car
rental market  predicts a CAGR of around 11% during the period 2017-2021.

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Technavio has published a new market research report on the global electric
car rental market from 2 ...

Technavio has published a new market research report on the global electric
car rental market from 2017-2021. (Graphic: Business Wire)

The report segments the global electric car rental market by vehicle category
(economy cars and luxury cars), and by geography (the Americas, EMEA, and
APAC). It provides a detailed illustration of the major factors influencing
the market, including drivers, opportunities, trends, and industry-specific
challenges.

Here are some key findings of the global electric car rental market, according
to Technavio automotive researchers:

  * Increasing demand for rental cars due to rise in international tourism: a
    major market driver
  * In 2016, the economy cars segment dominated the market with a market share
    of over 90%
  * EMEA dominated the electric car rental market in 2016 with a market share
    of over 46%
  * Avis Budget Group, Enterprise Holdings, Europcar Group, Hertz, and Sixt
    are the leading players in the market

This report is available at a USD 1,000 discount for a limited time only: View
market snapshot before purchasing

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and get the third for free.

Increasing demand for rental cars due to rise in international tourism: a
major market driver

Increasing demand for rental cars due to rise in international tourism is one
of the major factors driving the global electric car rental market. The growth
of international tourism is critical for the growth of the rental vehicle
industry. In 2016, the tourism industry witnessed a healthy growth. It has
been seen that tourists mostly opt for rental cars instead of tourism services
to explore a place. The main reasons behind choosing a rental car over taxis
and tourism services are privacy, along with safety and freedom. Also, rental
cars are a more cost-effective alternative to taxi services.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of
the report including the market size and forecast, drivers, challenges,
trends, and more.

EMEA: largest electric car rental market

Technavio researchers anticipate high growth for the global electric car
rental market in EMEA due to the long-term commitment toward promoting
electric vehicles by the European government. To increase employment and
economic growth, the European Commission has introduced various initiatives,
particularly aimed at promoting sustainability, accessibility, culture, and at
boosting low season and coastal tourism. Electric car rentals were one of the
businesses that supported the sustainability initiative.

According to Ganesh Subramaniam, a lead analyst at Technavio for research on 
automotive services, “Europe has been at the forefront in terms of promoting
electric vehicles as it has around 4724 charging points per million people,
which is the highest in the world. The Middle-East is also catching up in
terms of electric vehicle adoption with car rental companies including EVs in
their fleet. Both established as well as new companies are offering EV
rentals.”

Competitive vendor landscape

The global electric car rental market is highly competitive and has the
presence of many well-established vendors. However, most of the competition
comes from the car rental companies managed by the unorganized sector. In
addition, the market is mostly dominated by region-specific players rather
than global players. The major vendors are investing immensely in setting up
charging infrastructure to make the electric vehicle rental feasible.

Get a sample copy of the global electric car rental market report free of cost

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and find expert analysis on hundreds of markets.

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Global electric car rental market is set to grow at a CAGR of around 11%
during the period 2017-2021. @Technavio

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