Well, that's how historians refer to it. And, in fact, it's an "early" Modern. Renaissance is quite a generic term.

Technically, Renaissance is just part of early modern history.

I think renaming it would be a tad more confusing.  I kind of like it being called "Early Modern" rather than "Renaissance".  I'd have to check but Renaissance falls within the Early Modern period anyways.

Against, which is a game that includes the whole world, the Renaissance took place only in Europe

Short answer to this suggestion: No.

Slightly longer answer: We had extensive discussions about the name of this era before we settled on Early Modern, for reasons along the same lines as what A1y0sh4 and xuzheqi point out (though perhaps a slightly opposite reasoning: Renaissance being to specific for us.) So it's extremely unlikely to change.