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Car Rentals - Serbia

Serbia

The Car Rentals market in Serbia is expected to witness a steady growth in revenue, with projections indicating a rise from US$72.79m in 2025 to US$88.97m by 2029, at a Compound Annual Growth Rate (CAGR 2025-2029) of 5.15%.
The number of users is also expected to increase to 0.79m users by 2029.
In 2025, user penetration is projected to be 9.9%, with an increase to 11.5% by 2029.
The average revenue per user (ARPU) is expected to be US$103.70.
Online sales are predicted to account for 68% of the total revenue in the Car Rentals market by 2029.
It is worth noting that among all countries, United States is projected to generate the highest revenue of US$32,690m in 2025 in the Car Rentals market.
Car rental companies in Serbia are seeing increased demand from international tourists due to the country's growing reputation as an off-the-beaten-path travel destination.

Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia

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Analyst Opinion

The Car Rentals market in Serbia has been experiencing steady growth in recent years, driven by various factors such as increasing tourism, changing consumer preferences, and favorable economic conditions. Customer preferences in the Car Rentals market in Serbia have been evolving, with more people opting to rent cars for their travel needs. This can be attributed to the convenience and flexibility that car rentals offer, allowing travelers to explore different destinations at their own pace. Additionally, the availability of a wide range of car models and rental options has made it easier for customers to find a vehicle that suits their specific requirements. One of the key trends in the Car Rentals market in Serbia is the growing popularity of online booking platforms. These platforms provide customers with a convenient way to compare prices, check availability, and make reservations, saving them time and effort. The increasing use of smartphones and internet access has further facilitated the adoption of online booking, making it a preferred choice for many customers. Another trend in the market is the rise of eco-friendly car rentals. With growing awareness about environmental issues, there is a growing demand for electric and hybrid vehicles. Car rental companies in Serbia are responding to this demand by adding eco-friendly options to their fleets, attracting environmentally conscious customers who want to reduce their carbon footprint. Local special circumstances in Serbia also play a role in shaping the Car Rentals market. The country's rich cultural heritage and natural beauty make it an attractive tourist destination, leading to an increase in the number of visitors. This has created a higher demand for car rentals as tourists seek to explore the country's various attractions. Additionally, Serbia's strategic location in the heart of the Balkans makes it a convenient base for travelers looking to explore the wider region. Underlying macroeconomic factors have also contributed to the growth of the Car Rentals market in Serbia. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed more people to afford car rentals, driving demand in the market. In conclusion, the Car Rentals market in Serbia is experiencing growth due to changing customer preferences, including the adoption of online booking platforms and the demand for eco-friendly options. Local special circumstances, such as Serbia's tourist attractions and strategic location, further contribute to the market's development. Favorable macroeconomic factors, such as stable economic growth and increased disposable income, also play a role in driving demand for car rentals.

Methodology

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.