Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in Kenya is experiencing significant growth and development in recent years.
Customer preferences: Customers in Kenya are increasingly opting for car rentals instead of purchasing vehicles due to several reasons. One of the main reasons is the convenience and flexibility that car rentals offer. Renting a car allows customers to have access to a vehicle whenever they need it, without the burden of ownership. Additionally, car rentals provide a cost-effective solution for individuals and businesses that require vehicles for short-term use.
Trends in the market: One of the key trends in the car rentals market in Kenya is the increasing popularity of online booking platforms. Customers are now able to easily compare prices, vehicle options, and book their rentals online, making the process more convenient and efficient. This trend is driven by the widespread internet penetration in Kenya and the growing use of smartphones. Another trend is the growing demand for eco-friendly and fuel-efficient vehicles. With the increasing awareness of environmental issues, customers are seeking car rental companies that offer electric or hybrid vehicles. This trend is also influenced by the government's efforts to promote sustainable transportation solutions.
Local special circumstances: Kenya is a popular tourist destination, attracting a large number of international visitors every year. The tourism industry plays a significant role in driving the demand for car rentals in the country. Tourists often prefer to rent a car to explore the country at their own pace and convenience. This provides a lucrative opportunity for car rental companies to cater to the needs of tourists.
Underlying macroeconomic factors: The growth of the car rentals market in Kenya is also influenced by several macroeconomic factors. The country has been experiencing steady economic growth, leading to an increase in disposable income among the population. This has resulted in a higher demand for car rentals as more people are able to afford this service. Furthermore, the development of infrastructure, such as the expansion of road networks and improvement in transportation facilities, has also contributed to the growth of the car rentals market. These improvements have made it easier for individuals to travel within the country, further fueling the demand for car rentals. In conclusion, the car rentals market in Kenya is witnessing significant growth and development due to customer preferences for convenience and flexibility, the increasing popularity of online booking platforms, the demand for eco-friendly vehicles, the influence of the tourism industry, and the underlying macroeconomic factors such as economic growth and infrastructure 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
