Car Rentals - Morocco

Morocco

Highlights

Morocco is expected to see a significant increase in revenue within the Car Rentals market in the coming years.
Specifically, revenue is projected to reach US$448.10m by 2024, with a CAGR of 4.59% resulting in a projected market volume of US$560.80m by 2029.
The number of users is also expected to increase, with a total of 4.17m users users by 2029.
User penetration is projected to be 9.5% in 2024 and 10.4% by 2029.
The average revenue per user (ARPU) is expected to be US$123.90.
Furthermore, by 2029, 48% of total revenue in the Car Rentals market will be generated through online sales.
It is worth noting that United States is expected to generate the most revenue in the Car Rentals market globally, with a projected revenue of US$32bn in 2024.
Car rental companies in Morocco are adapting to the rise of eco-tourism by offering more fuel-efficient and hybrid vehicles.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Morocco has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Car Rentals market in Morocco have been shifting towards convenience and flexibility. With the rise of the sharing economy and increasing urbanization, more people are opting for car rentals instead of owning a car. This allows them to have access to a vehicle when needed without the hassle of maintenance, parking, and insurance. Additionally, customers are increasingly looking for affordable options and value for money, leading to the emergence of budget car rental services in the market. Trends in the Car Rentals market in Morocco are also contributing to its development. One notable trend is the increasing adoption of online platforms for booking car rentals. This allows customers to easily compare prices, read reviews, and make reservations from the comfort of their own homes. Furthermore, there has been a growing demand for eco-friendly and electric vehicles in the market. This can be attributed to the increasing awareness of environmental issues and the government's efforts to promote sustainable transportation. Local special circumstances in Morocco have also played a role in the development of the Car Rentals market. The country is a popular tourist destination, attracting millions of visitors each year. This has created a significant demand for car rentals among tourists who want to explore the country at their own pace. Additionally, Morocco has a well-developed road infrastructure, making it easier for car rental companies to operate and expand their services. Underlying macroeconomic factors have also contributed to the growth of the Car Rentals market in Morocco. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. This has resulted in higher consumer spending on travel and transportation services, including car rentals. Furthermore, Morocco has been actively promoting tourism as a key driver of economic development, which has further fueled the demand for car rentals. In conclusion, the Car Rentals market in Morocco is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and flexibility, the adoption of online platforms, the demand for eco-friendly vehicles, the influx of tourists, and the country's economic growth are all contributing to the growth 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.