Car Rentals - New Zealand

New Zealand

Highlights

The projected revenue for the Car Rentals market in New Zealand is estimated to reach US$210.80m by 2024.
Furthermore, the market is expected to show an annual growth rate (CAGR 2024-2029) of 3.17%, resulting in a projected market volume of US$246.40m by 2029.
In terms of users, the Car Rentals market is expected to have 826.00k users users by 2029.
The user penetration is projected to be 12.7% in 2024 and 15.1% by 2029.
The average revenue per user (ARPU) is forecasted to amount to US$314.70.
Additionally, it is expected that 85% of the total revenue in the Car Rentals market will be generated through online sales by 2029.
It is noteworthy that United States will generate the most revenue in the Car Rentals market globally, with an estimated revenue of US$32bn in 2024.
New Zealand's car rental market is experiencing a surge in demand due to the country's breathtaking scenery and popular road trip routes.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in New Zealand has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Car Rentals market in New Zealand have evolved to prioritize convenience and flexibility. With an increasing number of tourists visiting the country each year, there is a growing demand for rental cars to explore the scenic landscapes and tourist attractions at their own pace. Additionally, many locals are opting for car rentals as a convenient mode of transportation for their daily commute or weekend getaways. This preference for flexibility and convenience has led to a surge in the demand for car rentals in New Zealand. Trends in the market indicate a shift towards online booking platforms and digitalization. Customers now have the option to book rental cars online, compare prices, and choose from a wide range of vehicle options. This trend has not only made the booking process more convenient but has also increased transparency and competition in the market. Car rental companies in New Zealand have also embraced technology by offering mobile apps for seamless booking and vehicle tracking, further enhancing the customer experience. Local special circumstances, such as New Zealand's unique geography and tourism industry, have played a significant role in the development of the Car Rentals market. The country's diverse landscapes, including mountains, beaches, and national parks, attract adventure seekers and nature enthusiasts from around the world. To explore these attractions, tourists often prefer renting a car to have the freedom to travel at their own pace. Additionally, New Zealand's thriving tourism industry has led to an increase in business and leisure travelers, further fueling the demand for car rentals. Underlying macroeconomic factors have also contributed to the growth of the Car Rentals market in New Zealand. The country's stable economy and low unemployment rate have led to increased disposable income among the population. This, coupled with affordable car rental options, has made renting a car an accessible and attractive choice for both locals and tourists. Furthermore, the government's investments in infrastructure development, including road networks and tourist facilities, have made traveling by car more convenient and appealing. In conclusion, the Car Rentals market in New Zealand has experienced significant growth due to customer preferences for convenience and flexibility, the adoption of online booking platforms and digitalization, local special circumstances such as the country's unique geography and thriving tourism industry, and underlying macroeconomic factors such as a stable economy and government investments in infrastructure. These factors have collectively contributed to the development and expansion of the Car Rentals market in New Zealand.

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.