Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in EU-27 is experiencing steady growth, driven by changing customer preferences and favorable macroeconomic factors.
Customer preferences: Customers in the Car Rentals market in EU-27 are increasingly opting for flexible and convenient transportation options. The rise of the sharing economy and the growing popularity of ride-hailing services have contributed to this shift in preferences. Customers are looking for cost-effective and hassle-free solutions for their transportation needs, and car rentals provide them with the flexibility to travel at their own pace and convenience. Additionally, the increasing number of tourists visiting EU-27 countries has also fueled the demand for car rentals as travelers prefer to explore the region on their own terms.
Trends in the market: One of the key trends in the Car Rentals market in EU-27 is the growing adoption of online platforms for booking and managing car rentals. With the increasing penetration of smartphones and internet connectivity, customers are increasingly relying on online platforms to compare prices, check availability, and make reservations. This trend has not only improved the overall customer experience but has also enabled car rental companies to reach a wider customer base. Another trend observed in the market is the increasing focus on sustainability and eco-friendly practices. Car rental companies in EU-27 are investing in electric and hybrid vehicles to meet the growing demand for environmentally friendly transportation options. This trend aligns with the region's commitment to reducing carbon emissions and promoting sustainable tourism.
Local special circumstances: The Car Rentals market in EU-27 is characterized by a diverse range of local special circumstances. Each country within the EU-27 has its own unique set of regulations and market dynamics, which can impact the growth and development of the car rental industry. For example, some countries have strict environmental regulations that require car rental companies to maintain a certain percentage of their fleet as electric or hybrid vehicles. Additionally, local competition and market saturation can also vary across different EU-27 countries, influencing pricing strategies and customer preferences.
Underlying macroeconomic factors: The growth of the Car Rentals market in EU-27 is also influenced by underlying macroeconomic factors. Economic stability and growth, disposable income levels, and tourism trends play a significant role in shaping the demand for car rentals. A strong economy and increasing disposable income levels enable customers to afford car rentals as a convenient mode of transportation. Similarly, the growth of the tourism industry in EU-27 countries attracts a large number of international tourists who rely on car rentals to explore the region. In conclusion, the Car Rentals market in EU-27 is experiencing growth due to changing customer preferences, including the demand for flexibility and convenience. The adoption of online platforms and the focus on sustainability are also driving trends in the market. Local special circumstances and underlying macroeconomic factors further shape the development of the car rental industry in each EU-27 country.
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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