Car Rentals - Puerto Rico

Puerto Rico

Highlights

Puerto Rico is expected to witness revenue in the Car Rentals market reaching US$34.52m by 2024.
The revenue is projected to have an annual growth rate (CAGR 2024-2029) of 0.91%, resulting in a market volume of US$36.12m by 2029.
By 2029, the number of users in the Car Rentals market is expected to amount to 260.60k users.
Furthermore, the user penetration is projected to be 7.3% in 2024 and 8.0% by 2029.
The average revenue per user (ARPU) is expected to be US$145.50.
In the Car Rentals market, 59% of total revenue will be generated through online sales by 2029.
It is worth noting that in global comparison, United States is expected to generate the most revenue in this market, amounting to US$32bn in 2024.
Car rental demand in Puerto Rico is increasing due to the flexibility and convenience it offers for exploring the island's diverse terrain and attractions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Puerto Rico 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 Puerto Rico have shifted towards convenience and flexibility. With the rise of online platforms and mobile applications, customers now have the ability to easily compare prices, book vehicles, and manage their reservations. This has led to increased competition among car rental companies, as customers are more likely to choose the provider that offers the best value for their money. Trends in the market have also played a role in the growth of the Car Rentals industry in Puerto Rico. One trend is the increasing popularity of ride-sharing services, such as Uber and Lyft. While these services provide an alternative to traditional car rentals, they have also created new opportunities for car rental companies to partner with ride-sharing platforms. This allows customers to rent vehicles on-demand and provides car rental companies with additional revenue streams. Another trend in the Car Rentals market in Puerto Rico is the growing demand for eco-friendly vehicles. With increasing awareness of climate change and environmental sustainability, customers are now more inclined to choose car rental companies that offer electric or hybrid vehicles. This trend is driven by both customer preferences and government initiatives to promote clean energy transportation. Local special circumstances have also contributed to the growth of the Car Rentals market in Puerto Rico. As a popular tourist destination, Puerto Rico attracts millions of visitors each year. These tourists often rely on car rentals to explore the island and visit its various attractions. Additionally, the local population in Puerto Rico also relies on car rentals for their transportation needs, especially in areas with limited public transportation options. Underlying macroeconomic factors have also played a role in the development of the Car Rentals market in Puerto Rico. The steady growth of the tourism industry has led to an increase in the number of visitors to the island, resulting in higher demand for car rentals. Additionally, the improving economic conditions in Puerto Rico have also contributed to the growth of the Car Rentals market, as consumers have more disposable income to spend on travel and transportation. In conclusion, the Car Rentals market in Puerto Rico has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and flexibility, the rise of ride-sharing services, the demand for eco-friendly vehicles, the popularity of Puerto Rico as a tourist destination, and the improving economic conditions have all contributed to the development of the Car Rentals industry in Puerto Rico.

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.