Car Rentals - Cambodia

Cambodia

Highlights

Cambodia's Car Rentals market is expected to experience a significant revenue increase in the coming years.
By 2024, revenue is projected to reach US$47.35m.
Furthermore, the market is expected to display an annual growth rate of 6.91% (CAGR 2024-2029), which will result in a market volume of US$66.13m by 2029.
The number of users in the Car Rentals market is also expected to increase, with a projection of 1.49m users by 2029.
In 2024, user penetration is expected to be 6.2%, which will increase to 8.3% by 2029.
The average revenue per user (ARPU) is expected to be US$44.72.
Additionally, online sales are projected to be responsible for 63% of the total revenue generated in the Car Rentals market by 2029.
It is noteworthy that United States is expected to generate the most revenue in the Car Rentals market globally, with a projection of US$32bn in 2024.
Cambodia's car rental market is witnessing a steady growth due to the increasing number of tourists visiting the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Cambodia has been experiencing significant growth in recent years.

Customer preferences: One of the key factors driving the growth of the Car Rentals market in Cambodia is the increasing number of tourists visiting the country. Cambodia has become a popular tourist destination in Southeast Asia, attracting visitors from all over the world. Many tourists prefer to rent a car to explore the country at their own pace and convenience. Additionally, there is a growing trend among locals to rent cars for special occasions such as weddings and family gatherings.

Trends in the market: The Car Rentals market in Cambodia is witnessing a shift towards online booking platforms. With the increasing penetration of smartphones and internet connectivity, customers are now able to easily book a car rental service online. This trend has not only made the process more convenient for customers but has also opened up new opportunities for car rental companies to reach a wider customer base. Another trend in the market is the growing demand for eco-friendly car rentals. As sustainability becomes a key concern for many travelers, there is a rising demand for electric and hybrid cars in the market. Car rental companies are increasingly adding these eco-friendly options to their fleets to cater to the changing preferences of customers.

Local special circumstances: The Car Rentals market in Cambodia is also influenced by local special circumstances. One such circumstance is the country's infrastructure development. As Cambodia continues to invest in improving its road infrastructure, it becomes more accessible for tourists and locals alike to travel by car. This has contributed to the growth of the car rental market, as more people are opting for self-driven transportation. Additionally, the presence of popular tourist destinations such as Angkor Wat and the coastal areas has also fueled the demand for car rentals. Many tourists prefer to rent a car to explore these attractions at their own pace and convenience.

Underlying macroeconomic factors: The growth of the Car Rentals market in Cambodia can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has made car rentals more affordable and accessible to a larger segment of the population. Furthermore, the government's efforts to promote tourism and attract foreign investment have also contributed to the growth of the car rental market. Cambodia has implemented policies to ease visa requirements and improve infrastructure, making it easier for tourists to visit the country. This has resulted in an influx of tourists and business travelers, creating a higher demand for car rental services. In conclusion, the Car Rentals market in Cambodia is experiencing significant growth due to the increasing number of tourists, shifting customer preferences towards online booking platforms, and the availability of eco-friendly car rentals. The country's infrastructure development and the presence of popular tourist destinations also contribute to the growth of the market. Additionally, underlying macroeconomic factors such as steady economic growth and government initiatives to promote tourism have further fueled the expansion of the car rental industry in Cambodia.

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.