Car Rentals - Turkey

Turkey

Highlights

By 2024, the Car Rentals market in Turkey is expected to generate a revenue of US$1.21bn.
The projected market volume by 2029 is US$1.75bn, which reflects an annual growth rate (CAGR 2024-2029) of 7.65%.
The number of users in this market is projected to increase to 8.57m users by 2029, with a user penetration rate of 8.4% in 2024 and 9.7% by 2029.
The average revenue per user (ARPU) is expected to be US$167.10.
By 2029, 49% of the total revenue generated in the Car Rentals market in Turkey will come from online sales.
It is noteworthy that in global comparison, United States is expected to generate the highest revenue in this market, with a projected revenue of US$32bn by 2024.
Turkey's car rental market is seeing an increase in demand for locally-made vehicles due to economic factors and patriotic sentiments.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Turkey 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 Turkey have shifted towards convenience and flexibility. With an increase in domestic and international travel, customers are looking for hassle-free transportation options. Renting a car provides the freedom to explore different destinations at one's own pace, allowing for a more personalized travel experience. Additionally, the rise of online platforms and mobile applications has made it easier for customers to compare prices and book rental cars, further driving the demand for car rentals in Turkey. One of the key trends in the Car Rentals market in Turkey is the emergence of car-sharing services. This trend is driven by the growing popularity of ride-sharing platforms and the desire for cost-effective transportation options. Car-sharing services allow individuals to rent a car for a short period of time, often by the hour, making it a convenient alternative to traditional car rentals. This trend is particularly appealing to urban dwellers who may not own a car but need occasional access to one. Another trend in the Car Rentals market in Turkey is the increasing demand for environmentally-friendly vehicles. As sustainability becomes a global concern, customers are seeking out rental companies that offer electric or hybrid cars. This trend is driven by both environmental consciousness and government incentives, such as tax breaks and subsidies for eco-friendly vehicles. As a result, rental companies in Turkey are expanding their fleet to include more electric and hybrid options to cater to this growing demand. Local special circumstances in Turkey have also contributed to the growth of the Car Rentals market. Turkey is a popular tourist destination, attracting millions of visitors each year. The country's diverse landscapes and historical sites make it an ideal location for road trips and exploration. Additionally, Turkey has a well-developed infrastructure, including a network of highways and well-maintained roads, making it easy for tourists and locals alike to navigate the country by car. Underlying macroeconomic factors have also played a role in the development of the Car Rentals market in Turkey. The country has experienced steady economic growth in recent years, resulting in a growing middle class with increased disposable income. As a result, more people are able to afford travel and leisure activities, including renting cars for their vacations or business trips. Additionally, the depreciation of the Turkish lira has made Turkey an attractive destination for international tourists, further driving the demand for car rentals. In conclusion, the Car Rentals market in Turkey is experiencing growth due to customer preferences for convenience and flexibility, the emergence of car-sharing services, increasing demand for environmentally-friendly vehicles, local special circumstances such as tourism and well-developed infrastructure, and underlying macroeconomic factors including economic growth and currency depreciation. These factors have created a favorable environment for the car rental industry in Turkey, and the market is expected to continue to expand in the coming years.

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.