Car Rentals - Croatia

Croatia

Highlights

Croatia is expected to witness a surge in revenue in the Car Rentals market, which is projected to touch US$39.54m by 2024.
The market is expected to grow annually at a rate of 4.59% between 2024 and 2029, resulting in a projected market volume of US$49.49m by 2029.
The number of users in the Car Rentals market is expected to reach 302.00k users by 2029.
The user penetration in this market is projected to increase from 6.9% in 2024 to 7.8% by 2029.
The Average Revenue per User (ARPU) is projected to be around US$144.30.
Moreover, 70% of total revenue in the Car Rentals market is expected to come from online sales by 2029.
In comparison to other countries, United States is expected to generate the highest revenue of US$32bn in 2024.
Croatia's car rental market is experiencing growth due to the country's popularity among tourists.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Croatia has been experiencing significant growth in recent years, driven by several factors including increasing tourism, changing customer preferences, and favorable macroeconomic conditions.

Customer preferences: In Croatia, there has been a shift in customer preferences towards renting cars instead of using public transportation or taxis. This can be attributed to the convenience and flexibility that car rentals offer, allowing tourists and locals alike to explore the country at their own pace. Additionally, the availability of a wide range of car models and rental options has made it easier for customers to find a vehicle that suits their needs and budget.

Trends in the market: One of the key trends in the Car Rentals market in Croatia is the rise of online booking platforms. With the increasing use of smartphones and internet connectivity, customers are now able to easily compare prices, check availability, and make reservations online. This has not only made the booking process more convenient for customers, but it has also increased competition among car rental companies, leading to more competitive pricing and better service offerings. Another trend in the market is the growing demand for eco-friendly and electric vehicles. As sustainability becomes a more important consideration for customers, car rental companies in Croatia are starting to offer electric and hybrid vehicles as part of their fleet. This trend is driven by both customer demand and government initiatives to promote green transportation options.

Local special circumstances: Croatia is known for its beautiful coastline and numerous tourist attractions, which attract millions of visitors each year. This has led to a high demand for car rentals, especially during the peak tourist season. Car rental companies in Croatia have capitalized on this opportunity by expanding their operations and offering additional services such as airport pick-up and drop-off. Furthermore, Croatia's membership in the European Union has also had a positive impact on the Car Rentals market. This has facilitated easier cross-border travel for EU citizens, leading to an increase in the number of tourists visiting Croatia. As a result, car rental companies have seen a surge in demand from international customers, further driving the growth of the market.

Underlying macroeconomic factors: The Car Rentals market in Croatia has benefited from favorable macroeconomic conditions, including steady economic growth and increasing disposable incomes. As the economy continues to improve, more people are able to afford car rentals for leisure and business purposes. Additionally, the low interest rates and favorable financing options have made it easier for car rental companies to expand their fleets and invest in new vehicles. In conclusion, the Car Rentals market in Croatia is experiencing strong growth due to changing customer preferences, the rise of online booking platforms, and favorable macroeconomic conditions. The increasing tourism, demand for eco-friendly vehicles, and Croatia's EU membership are also contributing to the market's development. As the market continues to evolve, car rental companies in Croatia will need to adapt to these trends and provide innovative solutions to meet the changing needs of customers.

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.