Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in MENA is experiencing significant growth and development due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Car Rentals market in MENA are playing a crucial role in driving its development. Customers in this region are increasingly valuing convenience and flexibility when it comes to transportation. They are looking for hassle-free options that allow them to easily rent a car for short periods of time without the need for long-term commitments. This preference is fueled by the rise of ride-hailing services and the desire for more control over travel plans. Additionally, customers in MENA are becoming more conscious of their environmental impact and are seeking out car rental options that offer eco-friendly vehicles. Trends in the Car Rentals market in MENA are also contributing to its growth. One notable trend is the increasing popularity of car-sharing services. These services allow individuals to rent vehicles for short periods of time, often by the hour, and are particularly appealing to urban dwellers who do not own a car but occasionally need one. This trend is driven by the desire for cost-effective and convenient transportation options, as well as the growing awareness of the benefits of car-sharing in terms of reducing traffic congestion and carbon emissions. Local special circumstances in MENA are also influencing the development of the Car Rentals market. The region is known for its high levels of tourism, with millions of visitors flocking to popular destinations such as Dubai, Abu Dhabi, and Marrakech each year. This influx of tourists creates a strong demand for car rental services, as visitors often prefer the flexibility and convenience of having their own vehicle to explore the region. Additionally, the large expatriate population in MENA also contributes to the demand for car rentals, as many individuals living in the region on a temporary basis require transportation for work and leisure purposes. Underlying macroeconomic factors are also driving the growth of the Car Rentals market in MENA. The region has experienced rapid economic development in recent years, leading to an increase in disposable income and a growing middle class. This has resulted in a higher demand for leisure and travel activities, including car rentals. Furthermore, the expansion of infrastructure, such as new airports and improved road networks, has made travel more accessible and convenient, further boosting the demand for car rental services. In conclusion, the Car Rentals market in MENA is developing and growing due to customer preferences for convenience and flexibility, market trends such as the rise of car-sharing services, local special circumstances including high levels of tourism and a large expatriate population, and underlying macroeconomic factors such as rapid economic development and improved infrastructure. This combination of factors is driving the growth and expansion of the Car Rentals market in MENA.
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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