Car Rentals - Eastern Asia

Eastern Asia

Highlights

According to the latest market research report, the Car Rentals market in Eastern Asia is anticipated to generate a revenue of US$27.85bn by 2024.
Furthermore, the market is expected to grow at a Compound Annual Growth Rate (CAGR) of 2.44% during the period of 2024-2029, resulting in a market volume of US$31.42bn by 2029.
It is projected that the number of users in this market will reach 247.60m users by 2029, with a user penetration rate of 10.4% in 2024 and 15.2% by 2029.
The average revenue per user (ARPU) is expected to be US$163.20.
In terms of revenue generation through online sales, it is projected that 74% of the total revenue in this market will be generated through online sales by 2029.
It is noteworthy that in comparison to other countries, United States is expected to generate the highest revenue, which is estimated to be US$32bn in 2024.
Car rental companies in Japan are offering more electric vehicles to meet the country's growing demand for sustainable transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Eastern Asia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Eastern Asia have played a crucial role in driving the growth of the Car Rentals market. With increasing disposable incomes and a growing middle class, more people are opting for car rentals as a convenient and flexible mode of transportation. Additionally, the rise of international tourism in the region has also contributed to the demand for car rentals, as travelers prefer the freedom and convenience of exploring new destinations at their own pace. Trends in the market have also played a significant role in the growth of the Car Rentals market in Eastern Asia. One notable trend is the increasing popularity of online platforms and mobile applications for booking car rentals. These platforms offer a wide range of options and competitive prices, making it easier for customers to compare and choose the best rental options. Moreover, the integration of technology in car rental services, such as GPS navigation systems and digital check-in processes, has enhanced the overall customer experience and convenience. Local special circumstances have also influenced the development of the Car Rentals market in Eastern Asia. For instance, in densely populated cities like Tokyo and Seoul, owning a car can be expensive and inconvenient due to limited parking spaces and heavy traffic congestion. In such cases, renting a car for specific occasions or trips becomes a more practical and cost-effective option. Additionally, the presence of well-developed public transportation systems in some countries, such as Japan and South Korea, has also contributed to the popularity of car rentals as a complementary mode of transportation for exploring rural or remote areas. Underlying macroeconomic factors have further supported the growth of the Car Rentals market in Eastern Asia. The region has witnessed steady economic growth and increasing urbanization, resulting in higher disposable incomes and a greater demand for travel and leisure activities. Additionally, the rise of the sharing economy and the increasing popularity of ride-hailing services have created a favorable environment for the car rental industry to thrive. In conclusion, the Car Rentals market in Eastern Asia has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As the region continues to develop and urbanize, the demand for car rentals is expected to further increase, presenting opportunities for both local and international car rental companies to expand their operations in this lucrative 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.