Market Overview:
The Global Small Electric Vehicle Rental Market Size Is Expected to Grow from USD 3.2 Billion In 2022 To USD 9.26 Billion By 2030, At A CAGR of 14.2% During the Forecast Period.
Small Electric Vehicle Rental enables better vehicle utilization while being professionally managed in dedicated fleet management setups. With the introduction of electric vehicles, IoT (Internet of Things) devices, and electronic payments, rental companies can now provide a complete solution to customers, eliminating the need for insurance, repairs, and maintenance. Electric motors are more environmentally friendly and quieter than internal combustion or hybrid engines. Driving an electric car means, above all, significantly lower exhaust emissions, allowing us to protect the environment without sacrificing the convenience of car transportation. There are currently fewer of them in Poland than elsewhere, and law enforcement is met with strong opposition from drivers of internal combustion vehicles, but many cities have stated that they intend to implement such zones soon.
Top Key Players Covered in The Small Electric Vehicle Rental Market:
- SIXT
- ER Travel Services Ltd.
- Europcar Mobility Group SA
- Fleetdrive Management Ltd.
- Green Motion International
- Avis Budget Group Inc
- BlueIndy LLC
- Enterprise Holdings Inc.
- The Hertz Corporation
- Wattacars and other major key players.
Market Dynamics and Factors:
Rapid urbanization has exacerbated traffic congestion and pollution in cities. Small Electric Vehicles (SEVs) offer a solution, being compact and agile, ideal for navigating crowded urban environments. Rental services providing SEVs offer convenient options for short-distance urban travel, helping alleviate congestion and reduce pollution. As governments prioritize sustainability, SEVs align with initiatives to promote eco-friendly transportation, driving demand for rental services. Additionally, regulatory support in the form of incentives and subsidies further incentivizes consumers to opt for electric alternatives. SEVs boast lower operating costs due to efficient electric propulsion systems and reduced maintenance, enhancing their appeal for rental purposes.
Diversifying the vehicle fleet enables SEV rental companies to meet diverse customer demands. Offering a range of SEV models with varying features, ranges, and seating capacities ensures versatility in accommodating different travel needs and group sizes. From compact city models for short urban trips to larger vehicles with extended ranges for leisure or long-distance travel, providing options enhances customer satisfaction and widens the market appeal. By catering to specific preferences and usage scenarios, SEV rental companies can capture a broader customer base and capitalize on various market segments, driving growth and revenue opportunities.
The Small Electric Vehicle Rental Market Report Highlight:
- By Vehicle Type, The Plug-In Electric Vehicle (PEV) segment is expected to experience significant growth in the forecast period. With increasing environmental concerns and advancements in battery technology, consumers are increasingly opting for PEVs, attracted by their lower emissions, fuel savings, and technological innovations, driving market expansion.
- By Category, Economy cars represent a vital segment in driving growth within the Small Electric Vehicle Rental market. Their affordability, coupled with the rising demand for cost-effective transportation solutions, positions them as a popular choice among consumers, fueling increased adoption of small electric vehicles for rental purposes.
- By Region, The Asia-Pacific region is poised for rapid growth in the Small Electric Vehicle Rental market during the forecast period. With increasing urbanization, supportive government policies, and rising environmental awareness, coupled with the region's large population centers, Asia-Pacific presents significant opportunities for the expansion and adoption of small electric vehicle rental services.
Key Industry Development:
In February 2023, Hyundai Motor America, in collaboration with Hyundai Capital America, introduced Evolve+: an innovative electric vehicle subscription service unveiled at the 2023 Chicago Auto Show. Offering flexibility and affordability, Evolve+ covers 1,000 miles, insurance, maintenance, registration, and roadside assistance starting at $699/month for Kona Electric and $899/month for IONIQ 5. No long-term commitment is required. Available at select dealerships in six states.
The Small Electric Vehicle Rental Market Segmentation:
By Vehicle Type
- Battery
- Hybrid
- Plug-In Electric Vehicle
By Category
- Luxury
- Economy Cars
By Rental Length
- Short Term
- Long Term
For this report, Introspective Market Research has segmented the Small Electric Vehicle Rental Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
