PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308644
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308644
According to Stratistics MRC, the Global E-mobility Rental Market is accounted for $3.14 billion in 2023 and is expected to reach $11.61 billion by 2030 growing at a CAGR of 20.5% during the forecast period. The e-mobility rental market provides practical, environmentally friendly, and cost-effective rental options for electric cars, bikes, and scooters. It is propelled by rising public demand for environmentally friendly transportation, government initiatives, and technological advancements. As more people look for eco-friendly and practical transportation options, the market is anticipated to grow quickly going forward.
According to Bird Rides Inc., the company is committed to expanding its services in the Asia Pacific region and is working with local partners to tailor its offerings to meet the unique needs of each market, while investing in technology and infrastructure to ensure safety and sustainability.
The global E-mobility Rental market expected to drive growth during the forecast period. Customers are becoming more concerned about the environment and seeking out environmentally friendly modes of transportation. Without having to worry about the costs and upkeep of owning an electric vehicle, e-mobility rental services offer a practical and environmentally friendly way for people to get around. Additionally, compared to conventional transportation methods, e-mobility rental services are frequently more accessible and affordable.
The global E-mobility Rental market expected to hinder growth during the forecast period. Regulations for e-mobility rental services can be difficult to navigate because they can differ greatly from one region to another. By working together with local governments and other stakeholders to create regulations that are more favorable to e-mobility rental services, some businesses are addressing this challenge. Additionally, some businesses are looking into novel business models that might be subject to less onerous regulations, like peer-to-peer rentals.
The global E-mobility Rental market expected to drive growth during the forecast period. The need for food rises as the world's population expands. Alternative transportation methods are increasingly in demand as cities get busier and more crowded. Without having to deal with the costs and hassles of owning a car, e-mobility rental services offer a practical and adaptable way for people to get around in urban environments.Furthermore, E-mobility rental services are also frequently more accessible and affordable than conventional transportation options which makes them a preferred option for city dwellers.
The global E-mobility Rental market expected to hamper growth during the forecast period. In particular, for businesses with a sizable fleet of vehicles, the maintenance and repair expenses related to e-mobility rental services can be substantial. This problem is being addressed by some businesses by creating technologies for predictive maintenance, which can spot potential issues before they develop into significant issues. However, a few businesses are also looking into new business models that could help bring down the cost of maintenance and repair, like subscription-based services.
The COVID-19 pandemic had a significant effect on the rental market for e-mobility, resulting in a brief decline in demand as people were advised to limit their travel. Moreover, the demand for e-mobility rental services, however, increased as restrictions were loosened and people developed new travel habits. However, the pandemic has caused changes in consumer behaviour that are anticipated to fuel long-term growth in the market for e-mobility rentals as people look for individual transportation options that are secure, practical, and environmentally friendly.
The online segment is expected to have a largest share during the forecast period. Customers now have an easy and convenient way to reserve and rent out electric vehicles thanks to online booking, which has grown to be a significant component of the market for renting out electric mobility. Customers can finalize their reservations online while lounging in the comfort of their own homes, selecting from a variety of electric vehicles, and picking their pickup and drop-off locations. One benefit of making reservations online is how easy it is for customers to compare the features and costs of various electric vehicles. This enables customers to make more informed decisions, helping them select a rental car that best suits their needs and budget.
The personal users segment is anticipated to witness the fastest CAGR growth during the forecast period. As awareness of the benefits of electric vehicles grows, more people are choosing to rent them for their own mobility needs. Private users have many options with electric car rentals. Whether they need to take a short trip to the store or a longer trip outside of town, they can rent an electric vehicle for the exact amount of time they need. People who don't own cars or who need a second car for a specific purpose may find this to be particularly appealing. An affordable alternative to purchasing an electric vehicle is to rent one. This is particularly true for those who don't need a car every day or who live in areas with a variety of public transportation options.
Asia-Pacific region dominates the e-mobility rental market due to the region's rapid urbanization, pollution, and demand for eco-friendly transportation during the forecast period. Governments in the area are putting plans into action and spending money on infrastructure to encourage the use of e-mobility rental services. For instance, China has regulations that encourage the use of electric vehicles, and India is spending money on infrastructure for charging. Some businesses are offering e-bikes made for crowded urban areas as local players customize their services to meet the specific needs of the region's consumers. As more people look for eco-friendly and practical transportation options, the Asia-Pacific region is anticipated to continue driving the growth of the e-mobility rental market.
The Asia-Pacific region is predicted to have the highest compound annual growth rate (CAGR) in the e-mobility rental market. The adoption of e-mobility rental services is being sparked by the region's rapid urbanization, rising pollution levels, and growing demand for sustainable transportation options. The report also mentions that regional governments are putting plans into action and investing in infrastructure to help the e-mobility rental market expand. Due to their large populations and rising demand for environmentally friendly transportation, China and India are anticipated to represent the two largest markets in the region.
Some of the key players in E-mobility Rental market include Neutron Holdings Inc., Bird Rides Inc, Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd., Grab Holdings Inc., Donkey Republic ApS, Cityscoot SAS, car2go N.A. LLC, Enterprise Holdings Inc and ANI Technologies Pvt. Ltd.
In June 2021, Bird announced that it had raised $115 million in a funding round to support the expansion of its e-scooter rental services, with a focus on expanding to new markets in Europe and the Asia Pacific region.
In May 2021, Lime announced a new partnership with the Singapore Land Transport Authority (LTA) to launch a fleet of e-scooters in the city-state, marking the company's first expansion into Southeast Asia.
In March 2021, a Precedence Research report highlighted the Asia Pacific region as the largest and fastest-growing market for e-mobility rental services, driven by rapid urbanization, pollution, and demand for sustainable transportation.