Global Electric Car Rental Market 2021-2026

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    GLOBAL ELECTRIC CAR RENTAL MARKET

     

    INTRODUCTION

    The car rental business emerged nearly 100 years ago. It is believed that the founder of the business was Joe Saunders (Nebraska USA), who set up the first car rental service in 1916. The demand for car rental is in the first place satisfied by the large companies. Some of the largest car rental companies operate around the world.

     

    In order to promote their services, most foreign companies allow you to book cars through the Internet. The largest company around the globe is Rental cars.

     

    The main objective of rental firms is to rent a vehicle for a given period of time, which may be from a few hours to several days. They typically have stations in several cities within the same country so that clients can rent a vehicle in one city and leave it in another at their convenience. Branch offices are located near airports and other busy places. The fleets are made up of models such as light passenger vehicles, light-duty vehicles, and vans.

     

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    The two main problems that car rental companies typically face are defining fleet size and planning vehicle relocations. The first problem concerns working out how many vehicles should be allocated to each city and station to satisfy demand. The second problem concerns defining how to reposition vehicles between stations.

     

    BEVs should be associated with these car rental services to improve sustainability. In addition, these vehicles are cheaper to maintain and could have a marketing effect on the services provided by rental companies. However, their purchase price is a problem: BEVs are still more expensive than CVs.

     

    ELECTRIC CAR RENTAL MARKET DYNAMICS

    The environment is changing continuously because of natural events that are beyond the control of humans. There are also changes caused by people, which in the past were irrelevant but, especially after the 19th century and the Industrial Revolution, have come to be significant to the degradation of the natural environment.

     

    This has brought upon the increased and integrated usage of the Battery based electric vehicles into the industrial perspective of operations and within the Global Electric car rental market optimizations. With continuous development of EV promotion and application in all fields of urban mobility, EV applied in carsharing has become increasingly widespread. Positively affected by early well-known and successful cases worldwide.

     

    It is important that these companies adopt measures to enable the renewal of their fleets and make them more environmentally sustainable and to stimulate cooperation between the various transport modes, which will optimize the use of all means of transportation, individually or in combination The use of battery electric vehicles (BEVs) is increasing in household vehicle fleets and carsharing systems. However, the car rental industry has only timidly adopted this technology.

     

    Firstly, people renting an EV are on average closer to electric vehicle adoption than people renting a conventional vehicle. Secondly, people who rent an EV are at the time of rental associated with more positive attitudes towards EVs, have more knowledge about EVs and would feel more secure driving an EV. Thirdly, EV-rental does not seem to have a large additional effect on the stage-of-change towards EV-adoption of the participants. Lastly, the driving patterns of EVs do not seem to indicate serious limitations regarding driving distance, parking time and the destinations that have been visited, as compared to the driving patterns of conventional rental cars.

     

    ELECTRIC CAR RENTAL MARKET SEGMENTATION

     

    The Global Electric Car rental market can be segmented into following categories for further analysis.

     

    By Rental Scheme Type

    • Chauffeur Driven Type
    • Short Route Driven type
    • Long Route Driven Type
    • Business Drive
    • Leisure Drive
    • Shared Access Drive
    • Long Haulage Drive
    • Self Driven Type

     

    By Car Classification

    • Luxury Electric Vehicles
    • Economy Electric Vehicles

     

    By Regional Classification

    • Asia Pacific Region – APAC
    • Middle East and Gulf Region
    • Africa Region
    • North America Region
    • Europe Region
    • Latin America and Caribbean Region

     

    RECENT TRENDS IN ELECTRIC CAR RENTAL MARKET

    The main aim of electric vehicle rental is its potential contribution to increased electric vehicle adoption. The selection of a certain vehicle depends on the utility that the attributes of this vehicle have to the decision maker. In earlier years, most focus was on instrumental aspects such as price, range, and fuel consumption.

     

    Due to the fact that people are not used to have a limited range and need to solve these charging issues, people need to have insight in their own mobility patterns, as well as in the characteristics of electric vehicles and available charging infrastructure before they can make an informed decision about whether it is feasible to adopt an electric vehicle.

     

    China has been involved in development of new technology-based implementation that integrates the National EV Strategy and EV Pilot Project in China. EV- Car Sharing generally requires a lot of outlets in a city and is easy to lay out charging poles centralized. By developing EV Carsharing, large quantities of EVs will be purchased or rented by one or more operating companies so that promotion and application scale of a city can rapidly expand. In this context, a growing number of EV pilot cities’ governments.

     

    Vehicle networking, mobile Internet, big data, cloud services and other technologies and business applications are evolving, smartphone applications are popular, O2O mode continues to achieve commercial success, and intelligent vehicle management and scheduling tools as well as multiple flexible payment methods, laid a good foundation for the application of EV-Carsharing.

     

    On a global technological implementation level within the Global Electric Car Rental Market, most current EV-Car Sharing modules are of fixed station type. Customers are required to pick up and return EVs at the same station. But most car sharing companies are planning to launch a one-way service that allows customers to return EVs to the other stations. There are 3-5 EVs in one station on average.

     

    COMPETITIVE LANDSCAPE

    There has been a recent entry of the IT and internet-based Organizations to have a better base on the implementation of the Electric Vehicle Car rental on the Global Electric Car Rental Market so as to have a better integrated approach into the rental space through the technological optimizations.

     

    Yiduo company, now renamed the ‘one point car rental’, is one of the earliest and leading car sharing companies in China who developed a set of carsharing solutions including most advanced RFID multi-card recognition and accurate mileage monitoring technology domestically.

     

    By the end of 2014, its business had been extended to 10 cities with more than 800 stations and 15,000 ICEVs serving 200,000 registered members. This has now been integrated and transformed into an Electric vehicle based operational station. The Electric Vehicles are part of these registered BEVs in the Global Electric Vehicle Rental Market.

     

    UFODRIVE is a European EV rental car company with sites in three European airports — Brussels, Luxembourg, and Hamburg. The company has other rental locations on the way and is even eyeing the U.S. market. Currently, the company offers the Tesla Model S, Jaguar I-PACE, and the newest Nissan Leaf. UFODRIVE will also be adding the Tesla Model 3 and Hyundai Kona Electric to its fleet in the near future, and McClean is also considering adding the Audi e-tron.

     

    COMPANIES PROFILED

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2021-2026
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2021-2026
    19 Market Segmentation, Dynamics and Forecast by Application, 2021-2026
    20 Market Segmentation, Dynamics and Forecast by End use, 2021-2026
    21 Product installation rate by OEM, 2021
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2021
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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