Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in Bhutan has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: One of the key reasons for the growth in the Car Rentals market in Bhutan is the increasing preference for convenience and flexibility among customers. With the rise of the sharing economy and the increasing popularity of travel, more and more people are opting for car rentals instead of owning their own vehicles. This allows them to have access to transportation whenever they need it, without the hassle of maintenance and parking. Additionally, tourists visiting Bhutan also prefer to rent cars to explore the country at their own pace and convenience.
Trends in the market: One of the major trends in the Car Rentals market in Bhutan is the growing demand for eco-friendly vehicles. As the country focuses on sustainable development and preserving its natural beauty, there is a strong emphasis on reducing carbon emissions. This has led to an increase in the availability of electric and hybrid vehicles in the car rental market. Customers are increasingly opting for these vehicles to minimize their environmental impact while enjoying the convenience of car rentals. Another trend in the market is the integration of technology. Car rental companies in Bhutan are adopting online platforms and mobile apps to make the booking process more convenient for customers. These platforms allow customers to easily compare prices, choose their preferred vehicle, and make reservations. Additionally, some companies are also offering features like GPS navigation and on-board Wi-Fi to enhance the customer experience.
Local special circumstances: Bhutan is known for its unique tourism policy, which focuses on high-value, low-impact tourism. The government of Bhutan has implemented a "Minimum Daily Package" policy, which requires tourists to pay a fixed minimum daily fee that includes accommodation, meals, transportation, and a guide. This policy has created a steady stream of tourists in the country, driving the demand for car rentals.
Underlying macroeconomic factors: Bhutan's economy has been growing steadily in recent years, with a focus on sectors like tourism, hydropower, and agriculture. This has led to an increase in disposable income among the population, making car rentals more affordable and accessible to a larger segment of the population. Additionally, the government's efforts to improve infrastructure and connectivity have also contributed to the growth of the Car Rentals market in Bhutan. The construction of new roads and the expansion of the transportation network have made it easier for people to travel within the country, further boosting the demand for car rentals. In conclusion, the Car Rentals market in Bhutan is witnessing significant growth due to changing customer preferences, such as the preference for convenience and flexibility, and the increasing popularity of eco-friendly vehicles. Additionally, local special circumstances, such as the unique tourism policy of Bhutan, and underlying macroeconomic factors, such as the growing economy and improved infrastructure, are also driving the growth 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.
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