Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in BRICS is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this growth. Customer preferences in the Car Rentals market in BRICS are shifting towards convenience and affordability. Customers are increasingly looking for flexible rental options that allow them to easily access vehicles for short periods of time. This is particularly true in urban areas where car ownership may be less practical or affordable. Additionally, customers are seeking competitive pricing and transparent pricing models that allow them to easily compare rental options. Trends in the Car Rentals market in BRICS are being driven by technological advancements and changing consumer behavior. The rise of ride-sharing services and car-sharing platforms has disrupted the traditional car rental model. Customers are now able to easily access vehicles through mobile apps and pay for usage on a per-minute or per-hour basis. This has led to increased competition in the market and a greater focus on customer experience and convenience. Local special circumstances in BRICS countries also play a role in the development of the Car Rentals market. For example, in Brazil, the high cost of car ownership and limited parking availability in urban areas have contributed to the growth of car rental services. In Russia, the popularity of domestic tourism and the large size of the country have created a demand for rental cars for long-distance travel. In India, the growing middle class and increasing disposable income have led to a greater demand for car rentals for leisure and business travel. Underlying macroeconomic factors are also driving the growth of the Car Rentals market in BRICS. Economic growth and rising disposable incomes in these countries have led to an increase in domestic and international travel. As more people are able to afford travel, the demand for car rentals has also increased. Additionally, the expansion of the tourism industry in BRICS countries has contributed to the growth of the Car Rentals market. In conclusion, the Car Rentals market in BRICS is experiencing growth and development due to changing customer preferences, technological advancements, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, companies in the Car Rentals industry will need to adapt to these trends and meet the needs of their customers in order to remain competitive.
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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