LONDON–(COMMERCIAL THREAD) – Technavio’s new electric car rental market research indicates negative near-term growth as the business impact of COVID-19 spreads.
Get in-depth information on the analysis of the crisis and recovery of the COVID-19 pandemic of the electric car rental market. Download a free sample report
“One of the main growth drivers in this market is the rise of international tourism,†says a senior analyst for the industrial products industry at Technavio.
In recent years, Europe has seen significant growth in international tourism, followed by Asia-Pacific. Despite growing safety and security concerns, the international tourism industry is growing steadily. The growing demand for rental cars due to the boom in international tourism is one of the major factors driving the growth of the electric car rental market. Rental cars offer advantages over taxis and tourist services such as privacy, security, freedom and cost efficiency. As a result, international tourists generally prefer rental cars to tourist services for exploring localities. This, in turn, will fuel the growth of the electric car rental market during the forecast period.
With the recovery of the markets, Technavio predicts that the size of the electric car rental market will increase by USD 7.14 billion during the period 2020-2024.
Highlights of the Electric Car Rental Market Segment for 2020
-
The electric car rental market is expected to post an annual growth rate of 9.98%.
-
Consumers are increasingly concerned about the environment and are increasingly focusing on the adoption of green products.
-
The shift in preference towards the adoption of economical electric vehicles for short trips will help the growth of the electric car rental market in the economy car segment.
-
In addition, the increase in range and the development of the charging infrastructure will also influence the growth of the electric car rental market in this segment.
-
The market growth in this segment will be faster than the market growth in the luxury car segment.
Regional analysis
-
44% of the growth will come from the Europe region.
-
The growth of the tourism industry and the increasing adoption of electric vehicles will significantly influence the growth of the electric car rental market in this region.
-
Germany and Italy are the key markets for electric car rental in Europe. Market growth in this region will be slower than market growth in APAC and North America.
Click here to learn more about the detailed analysis of reports and information on how you can use them to grow your business.
Remarks:
-
The size of the electric car rental market is expected to accelerate at a CAGR of over 11% during the forecast period.
-
The electric car rental market is segmented by vehicle category (economy cars and luxury cars) and geographic landscape (APAC, Europe, MEA, North America and South America).
-
The market is fragmented due to the presence of many established suppliers holding a significant market share.
-
The research report offers information on several market vendors including Avis Budget Group Inc., BlueIndy LLC, Enterprise Holdings Inc., ER Travel Services Ltd., Europcar Mobility Group SA, Fleetdrive Management Ltd., Green Motion International, SIXT SE , The Hertz Corp. and Wattacars.
Sign up for a free trial today to access over 17,000 market research reports using Technavio SUBSCRIPTION platform
About Us
Technavio is one of the world’s leading technology research and consulting companies. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s report library includes over 17,000 and more reports, spanning 800 technologies, spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market intelligence to identify opportunities in existing markets. and potentials and assess their competitive positions in changing market scenarios.
