Car Rentals - Finland

Finland

Highlights

In Finland, the Car Rentals market is expected to generate a revenue of US$173.60m by 2024.
The projected market volume is estimated to reach US$202.20m by 2029, exhibiting an annual growth rate of 3.09%.
The number of users in this market is also expected to rise to 497.40k users by 2029.
The user penetration rate is projected to increase from 8.0% in 2024 to 8.9% by 2029.
The average revenue per user (ARPU) is expected to be US$391.90.
Furthermore, 70% of the total revenue generated by this market in Finland is projected to come from online sales by 2029.
It is interesting to note that in a global comparison, United States is expected to generate the most revenue in this market, with a projected revenue of US$32bn by 2024.
Car rentals in Finland are seeing a surge in demand from tourists seeking to explore the country's stunning natural landscapes and remote regions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Finland has been experiencing steady growth in recent years, driven by several factors including changing customer preferences and local special circumstances.

Customer preferences: In Finland, there is a growing preference for flexibility and convenience when it comes to transportation. Many individuals and families prefer to rent a car for their travel needs, as it allows them to have control over their itinerary and explore the country at their own pace. This is especially true for tourists who want to experience the natural beauty and attractions that Finland has to offer. Additionally, renting a car provides a sense of freedom and independence, which is highly valued by many customers.

Trends in the market: One of the key trends in the car rentals market in Finland is the rise of online bookings. With the increasing availability of internet access and the convenience of online platforms, customers are now able to easily compare prices, check availability, and make reservations online. This has led to a shift away from traditional brick-and-mortar car rental companies, as customers can now easily book a car from the comfort of their own homes. Online bookings also offer customers the opportunity to take advantage of special discounts and promotions, further driving the growth of the market. Another trend in the market is the increasing demand for environmentally friendly car rental options. Finland has a strong commitment to sustainability and environmental protection, and this is reflected in the car rental industry. Many car rental companies in Finland now offer electric and hybrid vehicles as part of their fleet, catering to the growing demand for eco-friendly transportation options. This trend is expected to continue as more customers prioritize sustainability in their travel choices.

Local special circumstances: Finland is known for its vast and beautiful landscapes, including national parks, lakes, and forests. This makes it an attractive destination for outdoor enthusiasts and nature lovers. Renting a car allows visitors to easily explore these natural wonders and experience the unique Finnish countryside. Additionally, Finland has a well-developed road infrastructure, making it easy and convenient to travel by car. These local special circumstances contribute to the growth of the car rentals market in Finland.

Underlying macroeconomic factors: The growth of the car rentals market in Finland is also influenced by underlying macroeconomic factors. Finland has a strong economy and a high standard of living, which allows for increased disposable income and spending on leisure activities such as travel. Additionally, the tourism industry in Finland has been growing steadily, with an increasing number of international visitors choosing Finland as their destination. This influx of tourists contributes to the demand for car rentals, as visitors seek to explore the country and its attractions. In conclusion, the Car Rentals market in Finland is experiencing growth due to changing customer preferences, such as the desire for flexibility and convenience, as well as local special circumstances, including the country's natural beauty and well-developed road infrastructure. Online bookings and the demand for environmentally friendly options are also driving the market. The underlying macroeconomic factors, such as a strong economy and a growing tourism industry, further contribute to the growth of the car rentals market in Finland.

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.