Report Overview

Increasing high adoption of electric vehicles (EV), growing environmental awareness, government incentives and policies promoting clean transportation, expanding charging infrastructure, and rising consumer demand for sustainable and convenient mobility solutions are propelling the growth of North America E-Mobility Rental Market during the forecast period between 2023 and 2029.

North America E-Mobility Rental Market – Industry Trends & Forecast Report, 2029

North America e-mobility rental market size was estimated at USD 1.64 billion in 2022. During the forecast period between 2023 and 2029, the size of North America e-mobility rental market is projected to grow at a CAGR of 14.44% reaching a value of USD 4.83 billion by 2029. The North America e-mobility rental market has experienced significant growth due to several driving factors. Also, the increasing awareness and concern for environmental sustainability have led to a rising demand for electric vehicles (EVs) as a greener transportation option. Supportive government policies, such as tax incentives and subsidies for EV adoption, have further boosted the market. Advancements in charging infrastructure have also played a crucial role in encouraging the adoption of e-mobility services. The convenience and cost-effectiveness of renting e-vehicles for short-distance travel have driven consumer interest, contributing to the market's expansion in the region.

North America E-Mobility Rental Market - Overview

E-mobility rental refers to the emerging trend of offering electric vehicles (EVs) and electric micro-mobility solutions for short-term rental purposes. This innovative concept aims to promote sustainable transportation options and reduce carbon emissions. Users can access a fleet of electric scooters, bicycles, or cars through smartphone apps or rental stations. E-mobility rental services are gaining popularity in urban areas, offering convenient, eco-friendly, and cost-effective transportation choices for commuters and tourists alike. These services play a crucial role in promoting greener transportation solutions and contributing to the ongoing transition toward a cleaner and more sustainable future.

Growth Drivers

Infrastructure Expansion and Government Incentives

The growth driver of the North America e-mobility rental market is the rapid expansion of charging infrastructure and favorable government incentives. As electric vehicles gain popularity, the demand for convenient and sustainable transportation solutions has surged. Increasing investments in charging stations and related infrastructure have alleviated range anxiety, encouraging more consumers to adopt e-mobility rental services. Also, governments at federal and state levels have been incentivizing electric vehicle adoption through tax credits, subsidies, and reduced registration fees. This combined effort to promote eco-friendly transportation has fueled the exponential growth of the North American e-mobility rental market, benefiting both consumers and the environment.

Restraints

Limited Charging Infrastructure

Despite the increasing popularity of electric mobility rentals in North America, a significant drawback is the inadequate charging infrastructure. Insufficient charging stations across cities and remote regions deter potential users from adopting e-mobility options, causing range anxiety and inconvenience. Therefore, customers may hesitate to rent electric vehicles due to concerns about potential range limitations and difficulty finding charging points during their journeys. The lack of a robust charging network poses a major challenge to the sustainable expansion of the e-mobility rental market in the region, hindering its full potential for widespread adoption.

Impact of COVID-19 on North America E-Mobility Rental Market

The COVID-19 pandemic significantly impacted North America e-mobility rental market. The initial surge in demand for eco-friendly transportation solutions took a hit as lockdowns and travel restrictions dampened consumer mobility. However, as restrictions eased, the market witnessed a shift towards contactless services, promoting the adoption of e-scooters and e-bikes for short-distance commuting. Growing environmental concerns and government incentives for green initiatives have also accelerated the recovery of the e-mobility rental sector. With safety and sustainability taking center stage, stakeholders are adapting strategies to cater to the evolving needs of health-conscious and environmentally conscious consumers.

North America E-Mobility Rental Market

Segmental Coverage

North America E-Mobility Rental Market – By Vehicle Type

Based on vehicle type, North America e-mobility rental market is divided into Battery, Hybrid, and Plug-in Electric Vehicle segments. These segments represent the different types of electric vehicles available for rental in the region. Each segment caters to distinct consumer preferences and needs, offering a diverse range of electric vehicles for rental purposes. The popularity and growth of the e-mobility rental market in North America are fueled by the increasing demand for sustainable and eco-friendly transportation options, making electric vehicles an attractive choice for environmentally conscious consumers.

North America E-Mobility Rental Market – By Category

By category, North America e-mobility rental market is split into Luxury and Economic Cars segments. These segments represent the diverse offerings available to consumers seeking electric vehicle rentals in the region. Both segments cater to different customer preferences and needs, with luxury cars appealing to those seeking premium and high-end electric vehicles, while economic cars cater to budget-conscious individuals looking for more affordable options. The market's division into these two segments ensures a wide range of choices and accessibility for customers interested in e-mobility solutions in North America.

North America E-Mobility Rental Market – By Booking Type

By booking type, North America e-mobility rental market is bifurcated into Offline Access and Online Access segments. These segments play a crucial role in shaping the e-mobility rental industry in the region. While offline access encompasses traditional brick-and-mortar rental services, online access facilitates seamless digital access to e-mobility services. As the e-mobility trend continues to surge in North America, understanding and capitalizing on these segments' dynamics are vital for businesses seeking growth opportunities in the ever-evolving market.

North America E-Mobility Rental Market – By Commuting Pattern

By commuting pattern, North America e-mobility rental market is divided into Daily Commuting, Last-mile Connectivity, and Occasional Commuting segments. The daily commuting segment is the largest contributor to the growth of North America e-mobility rental market by commuting pattern. The segment caters to individuals who regularly commute to work or other daily activities using e-mobility rental services. With a focus on providing convenient and eco-friendly transportation options for everyday travel needs, the daily commuting segment has gained significant popularity and represents a substantial portion of the overall e-mobility rental market in North America.

North America E-Mobility Rental Market – By Country

By country, North America e-mobility rental market is divided into United States and Canada. These two countries have emerged as significant players in the rapidly growing electric vehicle rental industry across the globe. With a strong focus on sustainability and environmental consciousness, the e-mobility sector in North America is witnessing a surge in demand for electric vehicles. Both the United States and Canada are actively investing in charging infrastructure and promoting incentives to encourage the adoption of electric vehicles, making the e-mobility rental market one of the most promising segments in the region's transportation industry.

Competitive Landscape

Major players in the North America e-mobility rental market include Neutron Holdings, Bird Rides, Uber Technologies, Grab Holdings, Donkey Republic Aps, TIER Mobility, and Lyft. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Vehicle Type

• Battery

• Hybrid

• Plug-in Electric Vehicle

By Category

• Luxury

• Economic Cars

By Booking Type

• Offline Access

• Online Access

By Commuting Pattern

• Daily Commuting

• Last-mile Connectivity

• Occasional Commuting

By End Use

• Personal

• Business

By Country

• United States

• Canada