Car Rentals - Romania

Romania

Highlights

Romania is projected to generate a revenue of US$203.20m in the Car Rentals market by 2024.
This is expected to grow annually at a rate of 4.58% (CAGR 2024-2029), resulting in a projected market volume of US$254.20m by 2029.
The number of users in this market is expected to reach 1.65m users by 2029, with a user penetration of 6.9% in 2024 and 8.6% by 2029.
The average revenue per user (ARPU) is projected to be US$150.10.
By 2029, a total of 82% of the market's revenue will be generated through online sales.
It is noteworthy that in global comparison, United States is expected to generate the most revenue in this market, which is projected to reach US$32bn in 2024.
Romania's car rental market is seeing an increase in demand for budget-friendly options due to economic constraints.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Romania is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Romania are increasingly opting for car rentals as a convenient and flexible mode of transportation. This is primarily due to the rising popularity of travel and tourism in the country, as well as the need for convenient transportation options for business purposes. Additionally, customers are also attracted to the cost-effectiveness of car rentals compared to owning a car, as it eliminates the need for maintenance, insurance, and depreciation costs.

Trends in the market: One of the key trends in the car rentals market in Romania is the growing demand for online booking platforms. Customers are increasingly using online platforms to compare prices, check availability, and make reservations, as it offers convenience and transparency. This trend is also driven by the increasing penetration of smartphones and internet access, making it easier for customers to book a car rental on the go. Another trend in the market is the shift towards environmentally friendly car rentals. With growing awareness about climate change and sustainability, customers are opting for car rental companies that offer electric or hybrid vehicles. This trend is further supported by government initiatives to promote clean transportation, such as tax incentives and subsidies for electric vehicles.

Local special circumstances: Romania is a popular tourist destination, attracting a large number of international and domestic tourists. The country is known for its rich history, cultural heritage, and natural beauty. As a result, the car rentals market in Romania is driven by the demand from tourists who prefer to explore the country at their own pace and convenience. This has led to the establishment of car rental companies in popular tourist destinations, offering a wide range of vehicles to cater to the diverse needs of tourists.

Underlying macroeconomic factors: The car rentals market in Romania is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and consumer spending. This has contributed to the growth of the car rentals market, as more people have the financial means to afford car rentals for leisure and business purposes. Furthermore, the increasing urbanization in Romania has led to a higher demand for car rentals in cities. As cities become more congested and parking becomes limited, people are opting for car rentals instead of owning a car. This trend is also fueled by the availability of public transportation options in urban areas, making it easier for people to rely on car rentals for occasional use. In conclusion, the Car Rentals market in Romania is witnessing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing popularity of online booking platforms, the shift towards environmentally friendly car rentals, the demand from tourists, and the steady economic growth in the country are all contributing to the expansion 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.