Car Rentals - Cameroon

Cameroon

Highlights

By 2024, it is projected that the Car Rentals market in Cameroon will generate a revenue of US$60.47m.
The revenue is expected to grow annually at a rate of 4.74% (CAGR 2024-2029), resulting in a market volume of US$76.23m by 2029.
In terms of the number of users, the Car Rentals market is expected to reach 3.00m users by 2029, with a projected user penetration of 7.3% in 2024 and 9.0% by 2029.
The average revenue per user (ARPU) is expected to be US$28.03.
In Cameroon's Car Rentals market, it is projected that 50% of the total revenue will be generated through online sales by 2029.
It is worth noting that in global comparison, United States is expected to generate the most revenue in the Car Rentals market, with a projected revenue of US$32bn in 2024.
Car rental companies in Cameroon are expanding their fleets to meet the growing demand from tourists and business travelers.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Cameroon has been experiencing significant growth in recent years. Customer preferences for car rentals have been shifting towards convenience and flexibility, driving the demand for rental services. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in the Car Rentals market in Cameroon have evolved to prioritize convenience and flexibility. With an increasing number of people traveling for both business and leisure purposes, there is a growing need for convenient transportation options. Car rentals provide customers with the flexibility to explore different regions at their own pace, without the constraints of public transportation schedules. This preference for convenience and flexibility has fueled the demand for car rental services in Cameroon. Trends in the Car Rentals market in Cameroon indicate a positive growth trajectory. The rise of the sharing economy has played a significant role in shaping the market. Car rental platforms that connect car owners with potential renters have gained popularity, providing a cost-effective alternative to traditional car rental companies. This trend has not only increased the availability of rental cars but has also allowed individuals to monetize their idle vehicles. As a result, the market has become more competitive, driving down prices and offering customers a wider range of options. Local special circumstances in Cameroon have also contributed to the development of the Car Rentals market. The country's tourism industry has been growing steadily, attracting both domestic and international visitors. As tourists seek to explore the diverse landscapes and cultural heritage of Cameroon, car rentals have become a popular choice for transportation. Additionally, the increasing urbanization and development of cities have led to a higher demand for rental cars among residents who prefer the convenience of private transportation. Underlying macroeconomic factors have further supported the growth of the Car Rentals market in Cameroon. The country has experienced stable economic growth in recent years, resulting in an expanding middle class with higher disposable incomes. This has led to increased consumer spending, including on travel and transportation services. Moreover, the government's efforts to improve infrastructure, such as road networks, have made it easier for individuals to access car rental services, further stimulating market growth. In conclusion, the Car Rentals market in Cameroon is developing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and flexibility, the rise of the sharing economy, and the growth of the tourism industry have all contributed to the increasing demand for car rental services. Furthermore, the stable economic growth and infrastructure improvements in the country have created a favorable environment for market development.

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.