Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in ASEAN has been experiencing steady growth in recent years. Customer preferences have shifted towards more flexible and convenient transportation options, leading to an increased demand for car rentals. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.
Customer preferences: Customers in ASEAN countries have shown a growing preference for car rentals due to the flexibility and convenience they offer. Car rentals provide individuals with the freedom to travel at their own pace and explore different destinations without having to rely on public transportation schedules. Furthermore, the availability of various types of vehicles allows customers to choose the most suitable option for their specific needs, whether it be a small compact car for city driving or a larger SUV for long-distance travel.
Trends in the market: One of the key trends in the Car Rentals market in ASEAN is the rise of online booking platforms. Customers are increasingly using online platforms to compare prices, check availability, and make reservations for car rentals. This trend has led to increased competition among car rental companies, as they strive to offer competitive rates and attractive packages to attract customers. Additionally, the integration of mobile apps and digital payment options has further enhanced the convenience and accessibility of car rentals. Another trend in the market is the growing popularity of eco-friendly and electric vehicles. With increasing awareness of environmental issues, customers in ASEAN countries are showing a preference for car rental companies that offer electric or hybrid vehicles. This trend is driven by both environmental concerns and the desire to reduce fuel costs. As a result, car rental companies are expanding their fleets to include more eco-friendly options, and governments are providing incentives and infrastructure support for electric vehicles.
Local special circumstances: The Car Rentals market in ASEAN is also influenced by local special circumstances. For example, in countries with a large number of tourists, such as Thailand and Indonesia, the demand for car rentals is driven by the need for convenient transportation options for travelers. Additionally, in countries with limited public transportation infrastructure, such as Cambodia and Laos, car rentals provide a vital means of transportation for both locals and tourists.
Underlying macroeconomic factors: Several underlying macroeconomic factors have contributed to the development of the Car Rentals market in ASEAN. The region has experienced rapid economic growth in recent years, leading to an expansion of the middle class and an increase in disposable income. As a result, more people are able to afford car rentals for leisure and business purposes. Furthermore, the growth of the tourism industry in ASEAN countries has also fueled the demand for car rentals. The region is known for its diverse and attractive tourist destinations, and the increasing number of tourists has created a lucrative market for car rental companies. Additionally, the development of transportation infrastructure, such as airports and highways, has made it easier for tourists to access different parts of the region, further boosting the demand for car rentals. In conclusion, the Car Rentals market in ASEAN is developing due to changing customer preferences, including a preference for flexibility and convenience. Online booking platforms and the availability of eco-friendly vehicles are also contributing to the growth of the market. Local special circumstances, such as the need for convenient transportation options for tourists and limited public transportation infrastructure, further drive the demand for car rentals. Additionally, underlying macroeconomic factors, such as economic growth and the expansion of the tourism industry, have created a favorable environment for the development of the market.
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)
