Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in Ireland has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Ireland, there is a growing preference for convenience and flexibility when it comes to transportation. Many customers are opting for car rentals as a convenient mode of travel, allowing them to explore the country at their own pace. Additionally, with the rise of online platforms and mobile apps, customers can easily compare prices and book car rentals with just a few clicks, making the process quick and hassle-free.
Trends in the market: One of the key trends in the car rentals market in Ireland is the increasing popularity of eco-friendly and electric vehicles. As sustainability becomes a more important consideration for customers, car rental companies are expanding their fleets to include electric and hybrid vehicles, catering to the growing demand for environmentally friendly transportation options. Another trend in the market is the rise of peer-to-peer car rental platforms. These platforms connect car owners with individuals who are in need of a temporary vehicle. This trend is particularly popular among younger generations who are looking for cost-effective alternatives to traditional car rental companies. Peer-to-peer car rentals offer a more personalized experience and often come with additional benefits such as lower prices and flexible pick-up and drop-off locations.
Local special circumstances: Ireland's tourism industry plays a significant role in the growth of the car rentals market. The country attracts millions of tourists each year who rely on car rentals to explore its scenic landscapes and historical sites. The popularity of self-drive tours and road trips further contributes to the demand for car rentals in Ireland.
Underlying macroeconomic factors: The strong economic growth in Ireland has had a positive impact on the car rentals market. As disposable incomes increase, more people are able to afford car rentals for leisure and business purposes. Additionally, the country's favorable business environment and foreign direct investment have led to an increase in business travel, further boosting the demand for car rentals. In conclusion, the Car Rentals market in Ireland is growing due to customer preferences for convenience and flexibility, trends such as the popularity of eco-friendly vehicles and peer-to-peer car rentals, local special circumstances including the thriving tourism industry, and underlying macroeconomic factors such as strong economic growth and increased business travel.
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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