Car Rentals - Malta

Malta

Highlights

Malta is projected to see a revenue of US$7.71m in the Car Rentals market by 2024.
An annual growth rate (CAGR 2024-2029) of 3.49% is expected, resulting in a projected market volume of US$9.15m by 2029.
The number of users in this market is expected to amount to 45.16k users by 2029.
User penetration is projected to be 6.7% in 2024 and 8.3% by 2029.
The average revenue per user (ARPU) is expected to amount to US$214.80.
By 2029, 86% of the total revenue in this market will be generated through online sales.
In global comparison, United States is expected to generate the most revenue with US$32bn in 2024.
Malta's car rental industry is experiencing a surge in demand due to the country's small size and limited public transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Malta has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: One of the main customer preferences driving the growth of the Car Rentals market in Malta is the desire for flexibility and convenience. Many tourists and locals prefer to rent a car to explore the island at their own pace and have the freedom to visit multiple destinations in a short period of time. Additionally, car rentals provide a convenient mode of transportation for business travelers who need to move around the island for meetings and appointments.

Trends in the market: One of the key trends in the Car Rentals market in Malta is the increasing popularity of online booking platforms. Customers are increasingly using online platforms to compare prices, read reviews, and book their car rentals in advance. This trend has led to increased competition among car rental companies and has also made it easier for customers to find the best deals and discounts. Another trend in the market is the growing demand for eco-friendly car rentals. With increasing awareness about environmental issues, many customers are opting for hybrid or electric cars for their rentals. Car rental companies in Malta are responding to this trend by expanding their fleet of eco-friendly vehicles and offering special packages and incentives for customers who choose these options.

Local special circumstances: Malta is a popular tourist destination, attracting millions of visitors each year. The island's small size and well-developed road network make it an ideal location for car rentals. Additionally, the relatively high cost of public transportation and the limited coverage of public transportation routes make car rentals a more attractive option for both tourists and locals. Furthermore, the popularity of car rentals in Malta is also influenced by the island's unique geography. Malta is known for its beautiful beaches, historical sites, and picturesque countryside. Having a car allows visitors to easily explore these attractions and discover hidden gems that may not be easily accessible by public transportation.

Underlying macroeconomic factors: The growth of the Car Rentals market in Malta is also supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in increased disposable income for both locals and tourists. This higher disposable income allows individuals to afford car rentals and explore the island more comfortably. Additionally, the government of Malta has implemented policies to attract foreign investment and promote tourism. These efforts have resulted in an increase in the number of tourists visiting the island, further driving the demand for car rentals. In conclusion, the Car Rentals market in Malta is experiencing growth due to customer preferences for flexibility and convenience, market trends such as online booking platforms and eco-friendly options, local special circumstances such as the island's small size and unique geography, and underlying macroeconomic factors including economic growth and government initiatives to promote tourism.

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.