Technology

Electric Car Rental Market size is set to grow by USD 18.00 billion from 2024-2028, Increasing demand for rental cars due to rise in international tourism boost the market, Technavio

Published

2 years ago

July 3, 2024

NEW YORK, July 3, 2024 /PRNewswire/ — The global electric car rental market size is estimated to grow by USD 18.00 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 16.68% during the forecast period. Increasing demand for rental cars due to rise in international tourism is driving market growth, with a trend towards technological advancements in battery technology. However, global power crisis hindering the growth of ev market poses a challenge. Key market players include Avis Budget Group Inc., Blu Smart Mobility Pvt. Ltd., Blue Cars Ltd., Current Vehicles Ltd., DriveElectric, Enterprise Holdings Inc., Envoy Technologies Inc., ETO Motors Pvt. Ltd., Evoke Pty Ltd., Green Motion International, Hertz Global Holdings Inc., Plug N Drive, SIXT SE, Stellantis NV, UFODrive SA, Volkswagen AG, Volt Age Hire, Wattacars, ZERO Carbon Technologies Inc., and Zoomcar India Pvt. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Electric Car Rental Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 16.68%

Market growth 2024-2028

USD 18005.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

13.19

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 41%

Key countries

US, China, Germany, Italy, and France

Key companies profiled

Avis Budget Group Inc., Blu Smart Mobility Pvt. Ltd., Blue Cars Ltd., Current Vehicles Ltd., DriveElectric, Enterprise Holdings Inc., Envoy Technologies Inc., ETO Motors Pvt. Ltd., Evoke Pty Ltd., Green Motion International, Hertz Global Holdings Inc., Plug N Drive, SIXT SE, Stellantis NV, UFODrive SA, Volkswagen AG, Volt Age Hire, Wattacars, ZERO Carbon Technologies Inc., and Zoomcar India Pvt. Ltd.

Market Driver

The electric car rental market is experiencing significant growth due to advancements in battery technology. Li-ion batteries, while important, do not follow the trend of Moore Law and have complex chemistry, limiting faster advancements. New compounds are being explored to enhance battery performance. Silicon anodes, which can store more lithium ions than graphite, are the next step in energy density. However, silicon’s expansion during charging weakens the anode and can cause dissolution. Companies like Enovix and Samsung SDI are addressing these challenges with innovative battery designs, such as porous silicon anodes and quick charging capabilities. The Joint Center for Energy Storage Research is also developing multivalent-ion and lithium-sulfur batteries, which can store twice the energy of Li-ion batteries. These advancements will drive the growth of the electric car rental market during the forecast period.

The electric car rental market is experiencing significant growth with an increasing number of consumers opting for eco-friendly transportation solutions. According to recent trends, the demand for electric cars in rental services is on the rise. This shift is driven by several factors including the reduction in battery costs, government incentives, and the growing awareness of environmental concerns. Additionally, technological advancements in battery technology and charging infrastructure are making electric cars more convenient and accessible. Companies are responding to this trend by expanding their electric vehicle fleets and investing in charging stations. Overall, the electric car rental market is poised for continued growth in the coming years.

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The electric car rental market faces challenges due to increasing power demand for electric vehicles, particularly in developing countries. For instance, Europe’s shift to electric vehicles reduces crude oil consumption but increases global power demand by 11%. In Asia, power crises in countries like India and Japan, driven by high hybrid vehicle adoption in Japan, exacerbate the issue. Japan’s power crisis, caused by the 2011 Fukushima disaster and reliance on imports, increases electricity costs and hinders EV market growth. These power crises pose significant hurdles for the electric car rental market expansion during the forecast period.The electric car rental market is experiencing significant growth, with an increasing number of consumers opting for eco-friendly transportation solutions. However, challenges persist in this sector. One major issue is the high cost of electric vehicles (EVs) compared to traditional cars. Additionally, the limited range of EVs and the lack of charging infrastructure in some areas can deter potential renters. Furthermore, the high cost of battery replacement and maintenance can also be a concern. To address these challenges, rental companies must invest in expanding their EV fleets, improving charging infrastructure, and offering competitive pricing to attract customers. Collaborations with charging station providers and government incentives can also help mitigate these issues. Overall, the electric car rental market presents both opportunities and challenges, requiring strategic planning and innovation to succeed.

For more insights on driver and challenges – Request a sample report!

Segment Overview

This electric car rental market report extensively covers market segmentation by

Type 1.1 Economy cars1.2 Luxury carsDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Economy cars- The electric car rental market is experiencing significant growth due to increasing environmental consciousness and advancements in technology. Companies are investing in electric fleets to cater to the rising demand. Cost-effective batteries and government incentives are boosting the industry. Electric cars offer lower operating costs and reduced emissions, making them an attractive option for both businesses and individuals. The market is expected to continue expanding, driven by continuous innovation and consumer preference.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Electric Car Rental Market is experiencing significant growth due to the increasing popularity of electric vehicles (EVs) and the convenience of online rent-a-car services. Renting electric cars on a short-term basis, such as hourly or for a few days, is becoming increasingly common for travel trips. For longer periods, weekly or monthly rentals are also available, providing an affordable and eco-friendly alternative to traditional gasoline cars. Battery cars and hybrid cars are the primary offerings in this market, with incentives from governments and organizations promoting their use for environmental sustainability. Internet connectivity and in-car infotainment systems are essential features, allowing for seamless booking engines and online payment options. The rental service industry is adapting to the changing automotive landscape, addressing transparency challenges and expanding charging infrastructure to accommodate the growing demand for electric car rentals. The market’s future looks bright, with the potential to reduce carbon emissions and contribute to a more sustainable transportation sector.

Market Research Overview

The Electric Car Rental market is experiencing significant growth as more individuals and businesses seek sustainable transportation solutions. With the increasing awareness of environmental concerns and the availability of advanced technology, electric cars have become a popular choice for short-term vehicle rentals. These vehicles offer numerous benefits, including reduced emissions, lower operating costs, and the convenience of not having to refuel with traditional gasoline. Additionally, the rise of ride-sharing and car-sharing services has further boosted the demand for electric car rentals. The future of this market looks promising, as technological advancements continue to improve battery life and charging infrastructure becomes more widespread. Overall, the Electric Car Rental market is poised for continued growth and innovation in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeEconomy CarsLuxury CarsDistribution ChannelOfflineOnlineGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/electric-car-rental-market-size-is-set-to-grow-by-usd-18-00-billion-from-2024-2028–increasing-demand-for-rental-cars-due-to-rise-in-international-tourism-boost-the-market-technavio-302188186.html

SOURCE Technavio

Technology

Monnit Introduces NIST Detachable Leads to Streamline Compliance Monitoring

Published

56 minutes ago

June 18, 2026

New hot-swappable lead architecture reduces downtime, simplifies recertification, and helps organizations maintain continuous monitoring.

SALT LAKE CITY, June 18, 2026 /PRNewswire/ — Monnit announced new NIST Standard and Low Temperature and Humidity Detachable Leads for compatible ALTA® Sensor Bases designed to simplify sensor recertification, reduce downtime, and support continuous compliance monitoring.

“Organizations shouldn’t have to choose between maintaining compliance and operational continuity,” said Brad Walters, Founder and CEO of Monnit. “Our detachable lead architecture allows customers to hot-swap certified leads in minutes while preserving traceability and keeping trusted monitoring programs running.”

Each NIST Detachable Lead is uniquely calibrated and designed to support traceability requirements aligned with the National Institute of Standards and Technology (NIST) standards.

Rather than removing and shipping an entire sensor for recertification, customers can disconnect only the lead, connect a certified replacement, and send the original lead for recalibration. This approach is ideal for pharmaceuticals, healthcare facilities, laboratories, food storage operations, manufacturing environments, and other applications that require calibration records.

In addition to these hot-swappable, removable leads or cables with probes, we offer short Monnit Standard Temperature and Humidity Detachable Non-Leaded Probes that you can connect to compatible sensor bases.

Each NIST Detachable Lead or Probe connects to compatible ALTA Industrial and Enterprise Sensor Bases via sealed, keyed M8 6-pin connectors designed for field installation. Embedded memory within the lead stores unique lead and sensor identification, calibration data, certification information, and traceability records.

Key features and benefits include:

Hot-swappable lead replacement that minimizes downtime and monitoring interruptionsNIST-traceable calibration support and ISO 17025-accredited lab certificationSupport for FDA 21 CFR Part 11 workflows and audit programsAutomatic synchronization of calibration information with iMonnit® SoftwareLogging of lead connection and disconnection events in iMonnitHot-swapping capability while powered on or off for easier servicing

Monnit and its accredited lab partner, Sensor Calibrations, provide 25-month certificates for NIST Detachable Standard Temperature Leads and 13-month certificates for NIST Detachable Low Temperature and Humidity Leads.

Compatible ALTA Sensor Bases automatically recognize connected lead types and maintain digital maintenance records, helping organizations avoid monitoring gaps caused by traditional recertification.

About Monnit Corporation
The origin story of the Internet of Things (IoT) begins with Monnit. Before our inception in 2010, we were already at the forefront of embedding technology into machines and devices to enable them to talk and deliver valuable data to business leaders. Monnit Remote Monitoring Solutions for nearly any industry use case have delivered 72B+ data points in 130+ countries for 90K+ customers. Monnit’s 80+ long-range IoT sensors remotely monitor many conditions such as temperature, light, humidity, water, vibration, pressure, and more. You can analyze data using iMonnit cloud software and get alerts via email, text, push notification, or call when our sensors detect a change you should know.

Media Contact:
David Hill
Marketing Communications
801-505-8172
417089@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/monnit-introduces-nist-detachable-leads-to-streamline-compliance-monitoring-302803906.html

SOURCE Monnit

Technology

Monnit Introduces NIST Detachable Leads to Streamline Compliance Monitoring

Published

56 minutes ago

June 18, 2026

New hot-swappable lead architecture reduces downtime, simplifies recertification, and helps organizations maintain continuous monitoring.

Each NIST Detachable Lead is uniquely calibrated and designed to support traceability requirements aligned with the National Institute of Standards and Technology (NIST) standards.

Key features and benefits include:

Compatible ALTA Sensor Bases automatically recognize connected lead types and maintain digital maintenance records, helping organizations avoid monitoring gaps caused by traditional recertification.

Media Contact:
David Hill
Marketing Communications
801-505-8172
417089@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/monnit-introduces-nist-detachable-leads-to-streamline-compliance-monitoring-302803906.html

SOURCE Monnit

Technology

deepset Joins HPE’s Unleash AI Program to Accelerate Sovereign Agentic AI

Published

56 minutes ago

June 18, 2026

SAN JOSE, Calif., June 18, 2026 /PRNewswire/ — deepset, the company behind Haystack, the production-ready open-source AI agent framework and platform, today announced it has joined the HPE Unleash AI partner program to help government, defense, and regulated enterprises deploy production-grade AI systems in sovereign, self-hosted, and air-gapped environments.

As part of the collaboration, deepset will leverage the Haystack Enterprise Platform, deepset’s platform for building, orchestrating, and governing AI agents and applications, and HPE’s AI ecosystem and infrastructure portfolio to help organizations rapidly identify and operationalize high-value AI use cases while reducing deployment complexity and risk. This enables customers to access AI-ready infrastructure, strategic guidance, and accelerated pilot execution to address their most challenging AI adoption and operationalization needs.

Together, the companies enable organizations to deploy AI agents, multi-agent systems, and Retrieval-Augmented Generation (RAG) applications on self-hosted, sovereign, and air-gapped infrastructure while maintaining full ownership over sensitive and classified data, models, and AI operations.

Customers can leverage the joint architecture to operationalize governed AI applications faster while maintaining the security, compliance, and deployment flexibility required for sovereign and mission-critical environments.

The HPE Unleash AI partner program is a curated ecosystem, combining ISV solutions that go through comprehensive validation testing with engineered HPE AI systems, including HPE Private Cloud AI and the broader HPE AI Factory with NVIDIA solutions, to deliver the performance, security, and scalability enterprises need for production AI. By joining the program, deepset expands access to governed AI platform capabilities designed for organizations operating in highly regulated environments, including public sector, defense, cybersecurity, and enterprise industries.

The Haystack Enterprise Platform enables organizations to:

Build and govern AI agents, multi-agent systems, and RAG applicationsDeploy AI on self-hosted, private cloud, and air-gapped infrastructureOrchestrate modular AI pipelines across models, databases, and enterprise systemsEnforce governance, auditability, and lifecycle management for production AISupport sovereign AI initiatives aligned with European and national security requirements

The collaboration builds on deepset’s experience supporting sovereign AI initiatives with organizations including the European Commission, the German Ministry of Research, Technology and Space (BMFTR), and other government, defense, and enterprise organizations deploying sovereign AI systems under strict governance and security requirements.

“With agentic AI moving into operational deployment, organizations need infrastructure and AI platforms they can control and trust,” said Milos Rusic, CEO and co-founder of deepset. “The challenge is getting agentic systems into production while maintaining control over infrastructure, governance, and sensitive data. Together with HPE, we’re helping customers deploy governed AI systems faster across highly regulated and mission-critical environments.”

Use cases supported through the joint architecture include:

Sovereign AI platform for public sector & regulated industry institutionsSovereign AI intelligence and decision-support systems for classified operationsCybersecurity investigation and threat analysisAI agents for technology, manufacturing, research, legal, and financial workflows

“The Unleash AI program is designed to help organizations deploy AI solutions faster and with greater operational confidence,” said Robin Braun, Vice President of AI Business Development, Hybrid Cloud, HPE. “Together, HPE and deepset are delivering secure, governed AI solutions that combine enterprise-grade infrastructure with flexible and governed AI agent capabilities to help customers operationalize AI across hybrid, sovereign, and classified environments.”

For more information, visit https://www.deepset.ai

About deepset

deepset is the company behind Haystack, the leading open-source framework and platform for building production-grade AI applications and agentic systems. deepset enables enterprises and public sector organizations to develop, deploy, and govern flexible AI applications powered by their choice of large language models, enterprise data, infrastructure, and governance policies across cloud, hybrid, and sovereign environments.

Media Contact
Steph McGuirk
417109@email4pr.com
845.269.8868

View original content to download multimedia:https://www.prnewswire.com/news-releases/deepset-joins-hpes-unleash-ai-program-to-accelerate-sovereign-agentic-ai-302803905.html

SOURCE deepset