Car Rentals - Greece

Greece

Highlights

By 2024, the projected revenue in Greece's Car Rentals market is expected to reach US$287.30m.
The market is expected to grow annually at a rate of 3.55%, resulting in a projected market volume of US$342.10m by 2029.
It is estimated that the number of users in this market will amount to 1.35m users by 2029.
The projected user penetration for 2024 is 11.4%, which is expected to increase to 13.3% by 2029.
The average revenue per user (ARPU) is projected to be US$244.80.
Online sales in this market are expected to generate 49% of the total revenue by 2029.
It is worth noting that in global comparison, United States is expected to generate the highest revenue in the Car Rentals market, with a projected revenue of US$32bn in 2024.
Despite economic challenges, Greece's car rental market is experiencing growth due to an increase in tourism.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Greece has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Greece have played a significant role in the development of the Car Rentals market. With an increasing number of tourists visiting the country each year, there is a growing demand for convenient and flexible transportation options. Many tourists prefer to rent a car to explore the scenic landscapes and historical sites at their own pace. Additionally, locals also opt for car rentals for their personal and business needs, as it provides them with the flexibility to travel whenever and wherever they want. Trends in the market have also contributed to the growth of the Car Rentals industry in Greece. One notable trend is the rise of online platforms and mobile applications that allow customers to easily book and rent cars. These platforms provide a convenient and efficient way for customers to compare prices, choose the most suitable car, and make reservations. This trend has not only increased the accessibility of car rentals but has also improved the overall customer experience. Local special circumstances in Greece have further influenced the development of the Car Rentals market. The country's geography, with its numerous islands and diverse landscapes, creates a need for reliable transportation options. Car rentals offer a convenient solution for tourists and locals to explore different regions of Greece, including the popular tourist destinations as well as the lesser-known hidden gems. Furthermore, the presence of major airports and ports in Greece has made it easier for car rental companies to cater to the needs of both international and domestic travelers. Underlying macroeconomic factors have also played a role in the growth of the Car Rentals market in Greece. The country's tourism industry has been a major driver of economic growth, attracting millions of visitors each year. This influx of tourists has created a significant demand for car rentals, as travelers seek convenient and flexible transportation options during their stay. Additionally, the overall improvement in the Greek economy, coupled with increased consumer spending power, has contributed to the growth of the Car Rentals market. In conclusion, the Car Rentals market in Greece has been experiencing steady growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for convenient and flexible transportation options, the rise of online platforms, the country's geography, and the thriving tourism industry have all contributed to the development and expansion of the Car Rentals market in Greece.

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.