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Car Rentals - China

China

China is projected to see a significant growth in the Car Rentals market, with revenue expected to reach €21.17bn by 2024.
This projection is based on an annual growth rate of 2.58% (CAGR 2024-2029), resulting in a projected market volume of €24.05bn by 2029.
The number of users in this market is expected to reach 228.90m users by 2029, with a user penetration of 10.8% in 2024 and 16.1% by 2029.
The average revenue per user (ARPU) is projected to be €137.40.
Furthermore, 74% of the total revenue in the Car Rentals market will be generated through online sales by 2029.
It is worth noting that United States is expected to generate the most revenue globally in this market, with €29,240m projected in 2024.
China's car rental market is experiencing a surge in demand due to the increasing popularity of self-driving tours and the growing number of domestic travelers.

Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia

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Analyst Opinion

The Car Rentals market in China 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 China have shifted towards convenience and flexibility. With the rise of the sharing economy, consumers are increasingly looking for on-demand transportation options that are easily accessible and affordable. Car rentals provide a convenient solution for individuals who want to travel at their own pace and explore different destinations. Additionally, the growing number of tourists visiting China has also contributed to the increased demand for car rentals, as travelers seek to explore the country's vast landscapes and cultural sites. Trends in the Car Rentals market in China are also driving its growth. The development of online platforms and mobile applications has made it easier for consumers to book and access car rental services. This has increased the efficiency and convenience of renting a car, attracting more customers to the market. Furthermore, the emergence of new business models, such as car-sharing and peer-to-peer car rental platforms, has expanded the options available to consumers and encouraged competition in the market. Local special circumstances in China have also played a role in the development of the Car Rentals market. The country's vast size and diverse landscapes make it an ideal destination for road trips and self-guided tours. This has created a demand for car rentals, especially in popular tourist destinations such as Beijing, Shanghai, and Guangzhou. Additionally, China's improving infrastructure, including the expansion of highways and the development of scenic routes, has made it easier for travelers to explore the country by car. Underlying macroeconomic factors have also contributed to the growth of the Car Rentals market in China. The country's rising middle class and increasing disposable income have made car rentals more affordable and accessible to a larger segment of the population. Additionally, the government's efforts to promote domestic tourism and encourage travel within the country have further boosted the demand for car rentals. In conclusion, the Car Rentals market in China has experienced significant growth due to shifting customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The convenience and flexibility offered by car rentals, coupled with the development of online platforms and the increasing popularity of road trips, have contributed to the market's expansion. With the continued growth of China's middle class and the government's focus on promoting domestic tourism, the Car Rentals market is expected to continue its upward trajectory in the coming years.

Methodology

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.