Car Rentals - Montenegro

Montenegro

Highlights

By 2024, the Car Rentals market in Montenegro is expected to reach a revenue of US$2.27m.
Further, it is anticipated to show an annual growth rate (CAGR 2024-2029) of 0.99%, culminating in a projected market volume of US$2.38m by 2029.
The number of users in this market is also expected to increase, reaching 24.03k users by 2029.
It is projected that user penetration will be 3.3% in 2024 and is expected to rise to 3.9% by 2029.
The average revenue per user (ARPU) is expected to be US$110.70.
It is further forecasted that 77% of the total revenue in the Car Rentals market will be generated through online sales by 2029.
In comparison to other countries, United States will generate the most revenue in the Car Rentals market, amounting to US$32bn in 2024.
Montenegro's car rental market is experiencing growth as more tourists flock to the country's stunning coastal cities and mountainous regions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Montenegro, a small country in the Balkans, is experiencing a significant growth in the Car Rentals market.

Customer preferences: Customers in Montenegro are increasingly opting for car rentals as a convenient and flexible mode of transportation. This trend can be attributed to several factors. Firstly, tourists visiting Montenegro are seeking the freedom to explore the country at their own pace, without having to rely on public transportation schedules. Additionally, the country's rugged terrain and scenic landscapes make it an ideal destination for road trips and self-guided tours. Furthermore, the affordability and accessibility of car rental services in Montenegro have made it a popular choice among both domestic and international travelers.

Trends in the market: One of the key trends in the Car Rentals market in Montenegro is the rise of online booking platforms. Customers are increasingly using online platforms to compare prices, read reviews, and make reservations, thereby streamlining the process of renting a car. This trend is driven by the growing digitalization of the travel industry and the increasing reliance on online platforms for travel planning. Another trend in the market is the emergence of eco-friendly car rental options. With the growing global concern for the environment, customers in Montenegro are showing a preference for electric or hybrid vehicles. Car rental companies are capitalizing on this trend by expanding their fleet to include more eco-friendly options. This not only aligns with customer preferences but also contributes to the country's efforts towards sustainability and reducing carbon emissions.

Local special circumstances: Montenegro's unique geography and natural beauty play a significant role in the development of the Car Rentals market. The country is known for its stunning coastline, picturesque mountains, and charming towns. This diverse landscape attracts a wide range of travelers, from beachgoers to adventure enthusiasts. The availability of car rentals allows tourists to easily explore the different regions of Montenegro and experience its rich cultural heritage. Furthermore, Montenegro's growing popularity as a tourist destination has led to an increase in the number of international visitors. These tourists often prefer the convenience and flexibility of renting a car, especially when traveling to more remote areas or exploring off-the-beaten-path destinations. The Car Rentals market in Montenegro has responded to this demand by expanding its services and improving infrastructure, such as the development of rental car pick-up and drop-off points at major airports and tourist hubs.

Underlying macroeconomic factors: The growth of the Car Rentals market in Montenegro can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This, in turn, has resulted in a higher demand for travel and tourism services, including car rentals. Additionally, Montenegro's integration into the global economy and its accession to the European Union have brought about increased foreign investments and improved infrastructure. This has created a more favorable business environment for car rental companies, allowing them to expand their operations and cater to a larger customer base. In conclusion, the Car Rentals market in Montenegro is experiencing significant growth due to customer preferences for convenience and flexibility, the emergence of online booking platforms, the demand for eco-friendly options, the country's unique geography and natural beauty, and favorable macroeconomic factors. As Montenegro continues to attract more tourists and improve its infrastructure, the Car Rentals market is expected to further expand and evolve to meet the needs of both domestic and international travelers.

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.