Electric Vehicle Rental Market Size

Electric Car Rental Market size was valued at USD 11.45 billion in 2023 and is set to cross USD 55.44 billion by 2036, registering more than 12.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric car rental is evaluated at USD 12.63 billion. Technology is a critical aspect expected to accelerate the market growth. Growing adoption of information technology in the industry is enabling operators to deliver enhanced services to the customers. This is usually done by utilizing optimized corporate and customer information management, which in turn is predicted to provide momentum to market expansion in the forthcoming years. Furthermore, increasing emphasis of consumers on the adoption of green products, coupled with their shifting preference towards electric vehicles for short rides are projected to offer profitable opportunities to the market in the near future.

The growth of the electric car rental market can also be attributed to the rapid expansion of travel and tourism sector across the globe, and rising demand for cheaper means of transportation. According to the United Nations World Tourism Organization (UNWTO), the international tourism expenditure around the world raised to USD 1,397.2 billion in 2018, up from USD 1,301.2 in the year 2017.