Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in Latvia has been experiencing steady growth in recent years, driven by several factors such as increasing tourism, changing consumer preferences, and a growing economy. Customer preferences in the Car Rentals market in Latvia have been shifting towards more flexible and convenient options. Many customers prefer to rent a car instead of owning one, as it allows them to have access to a vehicle when needed without the hassle of maintenance and ownership costs. Additionally, customers are increasingly looking for options that offer a wide range of vehicles to choose from, including luxury cars, SUVs, and electric vehicles. This preference for variety and flexibility has led to the emergence of car rental companies that offer a diverse fleet of vehicles to cater to the needs of different customers. One of the key trends in the Car Rentals market in Latvia is the rise of online booking platforms. Customers are now able to easily compare prices, check availability, and make reservations online, making the car rental process more convenient and efficient. This trend has been further accelerated by the COVID-19 pandemic, as customers have become more comfortable with online transactions and contactless services. As a result, car rental companies in Latvia have been investing in their online presence and developing user-friendly platforms to attract and retain customers. Another trend in the Car Rentals market in Latvia is the growing demand for environmentally friendly options. With increasing awareness of climate change and sustainability, many customers are opting for electric or hybrid vehicles when renting a car. This trend is expected to continue as the government and car rental companies in Latvia promote the use of eco-friendly vehicles through incentives and infrastructure development. Local special circumstances in the Car Rentals market in Latvia include the country's growing tourism industry. Latvia has seen a significant increase in international visitors in recent years, attracted by its rich cultural heritage, natural landscapes, and affordable prices. This has created a strong demand for car rental services, as tourists often prefer to explore the country at their own pace and convenience. Additionally, Latvia's strategic location in the Baltic region makes it a popular destination for business travelers, further driving the demand for car rentals. Underlying macroeconomic factors also contribute to the development of the Car Rentals market in Latvia. The country's economy has been growing steadily, leading to increased disposable income and consumer spending. This has resulted in a higher demand for leisure and travel activities, including car rentals. Furthermore, Latvia's membership in the European Union has facilitated the growth of the tourism industry, as it allows for easy travel and access to a larger market. In conclusion, the Car Rentals market in Latvia is experiencing growth due to changing customer preferences, the rise of online booking platforms, and the demand for environmentally friendly options. The country's growing tourism industry and favorable macroeconomic factors also contribute to the development of the market.
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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