Key regions: Europe, Germany, India, United States, Malaysia
The Car-sharing market in Latvia has been experiencing steady growth in recent years, reflecting the global trend towards shared mobility solutions.
Customer preferences: Customers in Latvia are increasingly looking for convenient and cost-effective transportation options, which has led to a rise in the popularity of car-sharing services. The flexibility and ease of access to vehicles without the commitment of ownership appeal to a wide range of consumers, including urban dwellers and environmentally conscious individuals.
Trends in the market: One notable trend in the Latvian car-sharing market is the expansion of services to smaller cities and rural areas, beyond the capital city of Riga. This trend indicates a growing demand for shared mobility solutions beyond major urban centers, driven by factors such as increasing traffic congestion and limited parking spaces in city centers.
Local special circumstances: Latvia's relatively small size and population density contribute to the success of car-sharing services in the country. With shorter distances to travel between cities and towns, car-sharing becomes a practical and efficient option for both residents and tourists. Additionally, the government's support for sustainable transportation initiatives further promotes the adoption of car-sharing services in Latvia.
Underlying macroeconomic factors: The overall economic stability and growth in Latvia have also played a role in the development of the car-sharing market. As disposable incomes rise and consumer spending power increases, more individuals are willing to explore alternative transportation options like car-sharing. Additionally, the emphasis on environmental sustainability and reducing carbon emissions aligns with the values of many Latvian consumers, further driving the demand for shared mobility services.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car-sharing 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
