Car Rentals - Madagascar

Madagascar

Highlights

Madagascar is projected to see a revenue of US$21.27m in the Car Rentals market by 2024.
This is expected to grow annually at a rate of 7.49%, resulting in a projected market volume of US$30.52m by 2029.
The number of users in this market is expected to be 3.46m users by 2029, with a projected user penetration of 7.6% in 2024 and 9.9% by 2029.
The average revenue per user (ARPU) is expected to be US$9.05.
By 2029, 51% of total revenue in this market is projected to come from online sales.
It is worth noting that in global comparison, United States is expected to generate the highest revenue in this market, with a projected revenue of US$32bn in 2024.
Madagascar's car rental market is dominated by local companies, offering a unique opportunity to support the local economy while exploring the island's stunning natural beauty.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Madagascar has been experiencing steady growth in recent years, driven by various factors such as increasing tourism, growing business travel, and a rising middle class. Customer preferences in the Car Rentals market in Madagascar are largely influenced by convenience and affordability. Tourists and business travelers often prefer to rent cars as it provides them with the flexibility to explore the country at their own pace. Additionally, renting a car is often more cost-effective compared to hiring a driver or using public transportation, especially for longer trips or when traveling in groups. Trends in the Car Rentals market in Madagascar indicate a shift towards online bookings and mobile applications. With the increasing use of smartphones and internet penetration, customers are increasingly turning to online platforms to compare prices, check availability, and make reservations. This trend is also driven by the convenience and ease of use offered by online platforms, allowing customers to book a car from anywhere at any time. Local special circumstances in Madagascar also contribute to the development of the Car Rentals market. The country's unique geography, with diverse landscapes ranging from rainforests to beaches, makes it an attractive destination for tourists. This, in turn, creates a demand for rental cars to explore the various attractions and natural wonders of the country. Additionally, Madagascar's growing economy and increasing business activities have led to a rise in business travel, further driving the demand for car rentals. Underlying macroeconomic factors also play a role in the development of the Car Rentals market in Madagascar. The country's GDP growth, though modest, has been relatively stable in recent years. This stability provides a favorable environment for businesses, including car rental companies, to invest and expand their operations. Furthermore, the government's efforts to improve infrastructure, such as road networks, also contribute to the growth of the Car Rentals market by making it easier for tourists and business travelers to access different parts of the country. In conclusion, the Car Rentals market in Madagascar is developing due to increasing tourism, growing business travel, customer preferences for convenience and affordability, the shift towards online bookings, unique local circumstances, and stable macroeconomic factors.

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.