Car Rentals - Denmark

Denmark

Highlights

In Denmark, the Car Rentals market is expected to generate a revenue of US$211.50m by 2024.
Furthermore, the revenue is projected to grow annually by 2.11% (CAGR 2024-2029), resulting in a market volume projection of US$234.70m by 2029.
The number of users in the Car Rentals market is expected to reach 682.80k users by 2029, with a user penetration rate projected to be 9.9% in 2024, and 11.2% by 2029.
The average revenue per user (ARPU) is projected to be US$358.10.
Additionally, online sales are expected to generate 76% of the total revenue by 2029.
It is noteworthy that in the global comparison, United States is expected to generate the largest revenue of US$32bn by 2024 in the Car Rentals market.
Car rental companies in Denmark are increasingly focusing on sustainability and offering electric and hybrid vehicles to meet the country's eco-friendly demands.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Denmark has been experiencing steady growth in recent years, driven by customer preferences for convenience and flexibility.

Customer preferences: In Denmark, customers value convenience and flexibility when it comes to transportation. Many people prefer to rent a car for short trips or vacations, as it allows them to explore different parts of the country at their own pace. Renting a car also provides the flexibility to travel to remote areas or places that are not easily accessible by public transportation. Additionally, some customers prefer to rent a car for special occasions or business trips, as it offers a more comfortable and convenient mode of transportation.

Trends in the market: One of the key trends in the Car Rentals market in Denmark is the increasing popularity of online booking platforms. Customers now have the option to easily compare prices and book a car rental online, which has made the process more convenient and transparent. This trend has also led to increased competition among car rental companies, as they strive to offer competitive prices and attractive deals to attract customers. Another trend in the market is the growing demand for electric and hybrid cars. Denmark has been actively promoting the use of electric vehicles, and this has translated into increased demand for electric and hybrid car rentals. Many customers are now looking for environmentally friendly transportation options, and car rental companies have responded by including electric and hybrid cars in their fleets.

Local special circumstances: Denmark is known for its efficient public transportation system, which includes trains, buses, and bicycles. This has traditionally made it less necessary for residents to own a car, as they can easily get around using public transportation. However, there are still situations where a car rental is preferred, such as when traveling to rural areas or for specific purposes like moving furniture or equipment.

Underlying macroeconomic factors: The growth of the Car Rentals market in Denmark can also be attributed to favorable macroeconomic factors. Denmark has a strong economy with high disposable income levels, which allows people to afford car rentals for leisure or business purposes. Additionally, the tourism industry in Denmark has been growing steadily, attracting both domestic and international visitors who often choose to rent a car for their travels. In conclusion, the Car Rentals market in Denmark is experiencing growth due to customer preferences for convenience and flexibility. The increasing popularity of online booking platforms and the demand for electric and hybrid cars are key trends in the market. Despite the efficient public transportation system in Denmark, there are still situations where a car rental is preferred. Favorable macroeconomic factors, such as a strong economy and a growing tourism industry, also contribute to 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.