Car Rentals - Argentina

Argentina

Highlights

Argentina is projected to have a revenue of US$1.53bn in the Car Rentals market by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 5.69%, resulting in a projected market volume of US$2.02bn by 2029.
By 2029, the number of users is expected to amount to 6.86m users.
The user penetration is projected to be 11.1% in 2024 and 14.5% by 2029.
The average revenue per user (ARPU) is expected to be US$301.40.
By 2029, 66% of the total revenue in the Car Rentals market will be generated through online sales.
In comparison to other countries, United States is projected to generate the most revenue (US$32bn in 2024) in the Car Rentals market globally.
Car rental demand in Argentina has been impacted by economic instability, leading to increased competition and rental companies offering more affordable rates.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Argentina has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Car Rentals market in Argentina have shifted towards convenience and flexibility. With the rise of the sharing economy and the increasing popularity of ride-hailing services, customers are looking for more affordable and convenient transportation options. Car rentals provide a flexible and cost-effective solution for individuals who need a vehicle for a short period of time or for specific purposes such as vacations or business trips. One of the key trends in the Car Rentals market in Argentina is the growing demand for online booking platforms. Customers are increasingly using online platforms to compare prices, check availability, and make reservations. This trend is driven by the convenience and transparency offered by online booking platforms, as well as the increasing internet penetration and smartphone usage in the country. Another trend in the Car Rentals market in Argentina is the growing popularity of electric and hybrid vehicles. As environmental sustainability becomes a global concern, customers are showing a preference for eco-friendly transportation options. Car rental companies are responding to this trend by adding electric and hybrid vehicles to their fleets, providing customers with more options to choose from. Local special circumstances also play a role in the development of the Car Rentals market in Argentina. The country's diverse geography and natural beauty attract a large number of tourists, both domestic and international. This creates a significant demand for car rentals, as tourists often prefer the flexibility and convenience of having their own vehicle to explore the country. Underlying macroeconomic factors also contribute to the growth of the Car Rentals market in Argentina. The country's improving economic conditions, rising disposable incomes, and increasing tourism industry are driving the demand for car rentals. Additionally, the government's efforts to promote tourism and improve infrastructure further support the growth of the Car Rentals market. In conclusion, the Car Rentals market in Argentina is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and flexibility, the increasing use of online booking platforms, the growing popularity of electric and hybrid vehicles, the country's diverse geography and natural beauty, and the improving economic conditions are all contributing to the development of the Car Rentals market in Argentina.

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.