Car Rentals - Sweden

Sweden

Highlights

The Car Rentals market in Sweden is anticipated to achieve a revenue of US$473.50m by 2024.
Furthermore, it is expected to exhibit a Compound Annual Growth Rate (CAGR) of 2.61% between 2024 and 2029, leading to a projected market volume of US$538.50m by 2029.
The number of users in this market is predicted to reach 1.53m users by 2029, with an estimated user penetration of 12.0% in 2024 and 13.9% by 2029.
The Average Revenue Per User (ARPU) is expected to be US$369.70.
By 2029, it is projected that 67% of the total revenue in the Car Rentals market will be generated through online sales.
It is noteworthy that United States is expected to generate the most significant revenue in comparison to other countries, with an estimated revenue of US$32bn by 2024.
"Sweden's car rental market is shifting towards eco-friendly options, with an increasing demand for electric and hybrid vehicles."

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Sweden is experiencing steady growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Car Rentals market in Sweden are influenced by convenience, flexibility, and cost-effectiveness. Many customers prefer renting a car rather than owning one due to the convenience it offers. Renting a car allows customers to have access to a vehicle whenever they need it, without the hassle of maintenance, insurance, and parking. Additionally, car rental services provide customers with the flexibility to choose a vehicle that suits their specific needs, whether it is a small compact car for city driving or a larger SUV for family trips. Moreover, car rental services often offer competitive pricing, making it a cost-effective option for customers. Trends in the Car Rentals market in Sweden are also contributing to its development. One notable trend is the rise of online platforms and mobile applications that enable customers to easily book and rent cars. These platforms provide a seamless and convenient experience for customers, allowing them to compare prices, choose from a wide range of vehicles, and make reservations with just a few clicks. Furthermore, there is a growing demand for environmentally-friendly and electric vehicles in Sweden. Car rental companies are responding to this trend by expanding their fleet with electric and hybrid vehicles, providing customers with sustainable transportation options. Local special circumstances in Sweden further shape the Car Rentals market. Sweden is known for its vast natural landscapes and scenic routes, attracting both domestic and international tourists. Many tourists prefer to rent a car to explore the country at their own pace and visit remote areas that are not easily accessible by public transportation. This creates a significant demand for car rentals, especially during the peak tourist seasons. Additionally, Sweden has a well-developed infrastructure with a network of highways and roads, making it easy for customers to travel and explore different regions of the country. Underlying macroeconomic factors also play a role in the development of the Car Rentals market in Sweden. The country has a stable economy with a high standard of living, allowing individuals to afford car rental services. Moreover, Sweden has a strong tourism industry, attracting millions of visitors each year. These tourists contribute to the demand for car rentals, boosting the growth of the market. Furthermore, the government in Sweden has been supportive of sustainable transportation initiatives, providing incentives and subsidies for electric vehicles. This favorable environment encourages car rental companies to invest in electric and hybrid vehicles, catering to the growing demand for sustainable transportation options. In conclusion, the Car Rentals market in Sweden is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience, flexibility, and cost-effectiveness of car rentals, along with the rise of online platforms and the demand for sustainable transportation options, are driving the market's growth. Furthermore, Sweden's natural landscapes, well-developed infrastructure, stable economy, and strong tourism industry contribute to the demand for car rentals. With these factors in place, the Car Rentals market in Sweden is expected to continue its upward trajectory.

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.