Car Rentals - Georgia

Georgia

Highlights

It is projected that the revenue of the Car Rentals market in Georgia will reach US$16.79m by 2024.
The annual growth rate (CAGR 2024-2029) is expected to be 7.80%, resulting in a projected market volume of US$24.45m by 2029.
The number of users in the Car Rentals market is expected to amount to 271.20k users by 2029.
The user penetration rate is projected to increase from 6.0% in 2024 to 7.4% by 2029.
The average revenue per user (ARPU) is expected to be US$75.46.
By 2029, it is expected that 61% of the total revenue in the Car Rentals market will be generated through online sales.
In comparison to other countries, United States is expected to generate the most revenue in the Car Rentals market with a projected revenue of US$32bn in 2024.
Georgia's car rental market is thriving due to a surge in tourism, with an increasing number of international visitors opting for rental cars to explore the country's scenic beauty.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Georgia has been experiencing significant growth in recent years. Customer preferences have shifted towards the convenience and flexibility offered by car rentals, leading to an increase in demand. This trend is expected to continue in the coming years.

Customer preferences: Customers in Georgia are increasingly opting for car rentals as their preferred mode of transportation. This can be attributed to several factors. Firstly, car rentals offer flexibility in terms of travel schedules and destinations. Customers can choose the type of vehicle that suits their needs and can easily access it at their convenience. Additionally, car rentals provide a cost-effective solution for both short and long-term travel, as customers do not have to bear the expenses of owning and maintaining a vehicle.

Trends in the market: One of the key trends in the Car Rentals market in Georgia is the rise of online booking platforms. Customers can now easily compare prices, vehicle options, and book their rentals online. This has made the process more convenient and efficient, attracting more customers to the market. Another trend is the increasing popularity of ride-sharing services, which has created opportunities for car rental companies to collaborate and provide their vehicles to these platforms.

Local special circumstances: The unique geography and tourist attractions of Georgia have contributed to the growth of the Car Rentals market. The country is known for its stunning landscapes, historic sites, and vibrant cities, which attract a large number of domestic and international tourists. Car rentals provide visitors with the freedom to explore these attractions at their own pace, contributing to the market's growth.

Underlying macroeconomic factors: Several macroeconomic factors have played a role in the development of the Car Rentals market in Georgia. The country has witnessed steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed more individuals to afford car rentals for their travel needs. Additionally, the government has implemented policies to promote tourism, which has further boosted the demand for car rentals. In conclusion, the Car Rentals market in Georgia is experiencing growth due to customer preferences for convenience and flexibility. Online booking platforms and collaboration with ride-sharing services are key trends in the market. The unique geography and tourist attractions of Georgia, along with favorable macroeconomic factors, have contributed to the market's development.

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.