Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in APAC is experiencing significant growth and development due to various factors. Customer preferences for convenient and flexible transportation options, along with the increasing popularity of travel and tourism in the region, have contributed to the expansion of the market. Additionally, local special circumstances and underlying macroeconomic factors have played a role in shaping the trends in the Car Rentals market. Customer preferences in APAC are driving the growth of the Car Rentals market. With the rise of the sharing economy and the increasing preference for on-demand services, consumers are looking for convenient and flexible transportation options. Car rentals provide them with the freedom to travel at their own pace and explore different destinations. Moreover, the affordability and accessibility of car rentals have made them a popular choice among travelers, especially those who prefer to explore off-the-beaten-path locations. In terms of trends in the market, several countries in APAC are witnessing a surge in demand for car rentals. For example, in Japan, the Car Rentals market is experiencing steady growth due to the country's aging population and the increasing number of foreign tourists. As more elderly individuals prefer to travel by car for convenience and comfort, the demand for car rentals has increased. Similarly, the influx of tourists in popular destinations like Thailand and Indonesia has led to a rise in the number of car rental bookings. Travelers are opting for car rentals to explore these countries at their own pace and visit attractions that are not easily accessible by public transportation. Local special circumstances also contribute to the growth and development of the Car Rentals market in APAC. For instance, in countries like China and India, where public transportation infrastructure is still developing, car rentals provide a convenient and reliable mode of transportation for both locals and tourists. Additionally, the increasing number of business travelers in the region has also contributed to the growth of the Car Rentals market. Business travelers often require transportation options that offer flexibility and convenience, making car rentals an attractive choice. Underlying macroeconomic factors have also played a role in shaping the Car Rentals market in APAC. The region's strong economic growth has led to an increase in disposable income and a higher standard of living. As a result, more people are able to afford car rentals for leisure and business purposes. Additionally, the growing middle class in APAC countries has fueled the demand for car rentals, as this segment of the population seeks to explore new destinations and have unique travel experiences. In conclusion, the Car Rentals market in APAC is experiencing significant growth and development due to customer preferences for convenient and flexible transportation options, the increasing popularity of travel and tourism, local special circumstances, and underlying macroeconomic factors. As the region continues to grow economically and attract more tourists, the demand for car rentals is expected to further increase.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rental services.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
