Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in EMEA is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Car Rentals market in EMEA are shifting towards convenience and flexibility. Customers are increasingly looking for hassle-free transportation options that offer them the freedom to travel at their own pace. This has led to a growing demand for car rentals, as it allows customers to explore new destinations without the need to rely on public transportation or the expense of owning a car. Trends in the Car Rentals market in EMEA are also contributing to its development. One prominent trend is the rise of online platforms and mobile applications that make it easier for customers to book and manage their car rentals. These platforms provide customers with a wide range of options, allowing them to compare prices, vehicle types, and rental terms, resulting in increased competition among car rental companies. Another trend in the market is the increasing popularity of eco-friendly and electric vehicles. With growing concerns about climate change and environmental sustainability, customers are more inclined to choose car rental companies that offer electric or hybrid vehicles. This trend is driving car rental companies to expand their fleets with environmentally-friendly options, further fueling the growth of the market. Local special circumstances also play a role in the development of the Car Rentals market in EMEA. The region is known for its diverse landscapes and rich cultural heritage, attracting tourists from around the world. As a result, the demand for car rentals is high, as tourists seek to explore different countries and regions at their own pace. Additionally, business travelers often rely on car rentals for their transportation needs during their trips. Underlying macroeconomic factors are also contributing to the growth of the Car Rentals market in EMEA. The region's strong economic growth, increasing disposable incomes, and rising tourism industry are driving the demand for car rentals. As more people have the financial means to travel, the demand for convenient and flexible transportation options, such as car rentals, continues to rise. In conclusion, the Car Rentals market in EMEA is developing and growing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and flexibility, the rise of online platforms and eco-friendly vehicles, the region's diverse landscapes and cultural heritage, and the strong economic growth are all contributing to the expansion 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.
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