Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in North America has been experiencing steady growth in recent years, driven by various factors such as increasing travel and tourism, changing customer preferences, and advancements in technology. Customer preferences in the Car Rentals market have shifted towards convenience and flexibility. With the rise of online travel agencies and mobile applications, customers now have the option to compare prices, book cars, and manage their reservations with just a few clicks. This has led to an increase in demand for car rental services, as customers are able to easily access a wide range of options and choose the one that best suits their needs. Additionally, customers are increasingly looking for flexibility in terms of rental duration and vehicle type, as they seek to customize their travel experience. One of the key trends in the Car Rentals market in North America is the growing popularity of ride-sharing services. While ride-sharing services initially posed a threat to the traditional car rental industry, many rental companies have adapted by incorporating ride-sharing options into their offerings. This allows customers to choose between renting a car for longer trips or using a ride-sharing service for shorter distances, providing them with more flexibility and convenience. Another trend in the market is the increasing demand for eco-friendly vehicles. As sustainability becomes a more important consideration for customers, car rental companies are expanding their fleets to include electric and hybrid vehicles. This not only helps to reduce carbon emissions but also appeals to environmentally-conscious customers who are looking for greener transportation options. Local special circumstances in the Car Rentals market can vary across different countries in North America. For example, in urban areas with well-developed public transportation systems, the demand for car rentals may be lower compared to suburban or rural areas where public transportation options are limited. Additionally, the popularity of certain tourist destinations can also impact the demand for car rentals in specific regions. Underlying macroeconomic factors such as GDP growth, disposable income levels, and employment rates also play a significant role in the development of the Car Rentals market in North America. During periods of economic growth, there is typically an increase in travel and tourism, which drives the demand for car rental services. Conversely, during economic downturns, there may be a decline in travel and tourism, leading to a decrease in demand for car rentals. Overall, the Car Rentals market in North America is experiencing growth due to changing customer preferences, advancements in technology, and the increasing popularity of ride-sharing services. By adapting to these trends and considering local special circumstances, car rental companies can capitalize on the opportunities presented by this evolving 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.
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