Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia
The Car Rentals market in South America is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend. Customer preferences in the Car Rentals market in South America are shifting towards convenience and flexibility. Customers are increasingly looking for hassle-free and affordable transportation options, and car rentals provide them with the flexibility to explore different destinations at their own pace. Additionally, the rise of online booking platforms has made it easier for customers to compare prices and choose the most suitable option for their needs. Trends in the market show an increase in domestic and international tourism in South America. The region is known for its diverse landscapes, rich cultural heritage, and vibrant cities, attracting a growing number of tourists from around the world. As a result, the demand for car rentals has been on the rise, as tourists seek convenient and reliable transportation to explore the region. Local special circumstances also play a role in the development of the Car Rentals market in South America. The region's infrastructure, including roads and transportation networks, has been improving over the years, making it easier for tourists and locals alike to travel within and between countries. Additionally, the emergence of ride-hailing services has created competition in the transportation sector, prompting car rental companies to innovate and offer unique services to attract customers. Underlying macroeconomic factors are also contributing to the growth of the Car Rentals market in South America. Economic stability and rising disposable incomes in some countries have led to an increase in domestic travel. Additionally, the depreciation of local currencies in certain countries has made it more affordable for international tourists to visit South America, further boosting the demand for car rentals. In conclusion, the Car Rentals market in South America is experiencing growth and development due to customer preferences for convenience and flexibility, the increasing tourism in the region, improving infrastructure, competition from ride-hailing services, and underlying macroeconomic factors such as economic stability and currency depreciation. These factors are driving the demand for car rentals and creating opportunities for companies in the market to expand their services and cater to the evolving needs of customers.
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.
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