Car Rentals - Zimbabwe

Zimbabwe

Highlights

The Car Rentals market in Zimbabwe is expected to see a surge in revenue in the coming years.
By 2024, the projected revenue is estimated to reach US$17.79m, with an annual growth rate (CAGR 2024-2029) of 47.24%.
This growth trajectory will result in a market volume of US$123.10m by 2029.
As for the number of users in the Car Rentals market, it is projected to increase to 1.68m users by 2029.
In terms of user penetration, there is an expected rise from 5.9% in 2024 to 8.9% by 2029.
The average revenue per user (ARPU) is expected to be US$17.86.
Furthermore, 65% of the total revenue in the Car Rentals market is projected to be generated through online sales by 2029.
Lastly, when compared globally, United States is expected to generate the highest revenue in the Car Rentals market, with an estimated revenue of US$32bn in 2024.
Despite the challenging economic environment in Zimbabwe, the car rental market is slowly growing due to increased tourism and business travel.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Zimbabwe has been experiencing significant growth in recent years, driven by several key factors. Customer preferences have shifted towards the convenience and flexibility offered by car rentals, leading to an increased demand for these services. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the Car Rentals market in Zimbabwe.

Customer preferences: In Zimbabwe, customer preferences have shifted towards car rentals due to their convenience and flexibility. Many individuals and businesses prefer to rent cars instead of purchasing them outright, as it allows them to have access to a vehicle without the long-term commitment and financial burden of ownership. Car rentals provide the freedom to choose the type of vehicle that best suits their needs, whether it be for a short trip or a longer duration. Additionally, car rental companies often offer additional services such as chauffeur services, which further enhance the convenience factor for customers.

Trends in the market: One of the key trends in the Car Rentals market in Zimbabwe is the increasing popularity of online booking platforms. Customers now have the option to book their rental cars online, allowing for a seamless and efficient booking process. This trend has been driven by the growing internet penetration in the country and the convenience it offers to customers. Additionally, car rental companies have also embraced technology by introducing mobile applications, making it even easier for customers to book and manage their rentals. Another trend in the market is the growing demand for eco-friendly and fuel-efficient vehicles. As environmental consciousness increases globally, customers in Zimbabwe are also opting for cars that have a lower carbon footprint. Car rental companies have responded to this trend by expanding their fleet to include hybrid and electric vehicles, providing customers with more sustainable transportation options.

Local special circumstances: Zimbabwe has a growing tourism industry, with visitors from around the world flocking to explore its natural beauty and cultural heritage. This has created a significant demand for car rentals, as tourists prefer the flexibility and convenience of having their own vehicle to explore the country. Additionally, the country's business sector also contributes to the demand for car rentals, as many companies require transportation for their employees and clients.

Underlying macroeconomic factors: The Car Rentals market in Zimbabwe is also influenced by underlying macroeconomic factors. The country has seen improvements in its economic stability in recent years, leading to increased disposable income among its population. This has resulted in a higher demand for car rentals, as more individuals are able to afford these services. Additionally, the government has implemented policies to attract foreign investment and promote tourism, which has further boosted the Car Rentals market. In conclusion, the Car Rentals market in Zimbabwe has experienced significant growth due to customer preferences for convenience and flexibility, as well as local special circumstances such as the growing tourism industry. The market has also been influenced by underlying macroeconomic factors, including improvements in economic stability and government policies to attract investment. These factors have contributed to the development and expansion of the Car Rentals market in Zimbabwe.

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.