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Car Rentals - Jordan

Jordan

Jordan is expected to witness a steady growth in the Car Rentals market, with revenue projected to reach €64.13m by 2024, and a CAGR of 2.75% estimated between 2024-2029, leading to a market volume of €73.45m by 2029.
It is expected that the number of users will reach 0.81m users by 2029, with a user penetration of 6.0% projected for 2024 which is expected to increase to 6.8% by 2029.
The expected ARPU in this market is €94.12.
Furthermore, it is projected that 69% of the total revenue in this market will be generated through online sales by 2029.
It is worth noting that in terms of global comparison, United States is expected to generate the most revenue in the Car Rentals market, with a projected revenue of €28,940m in 2024.
Car rental services in Jordan are thriving due to the country's growing tourism industry and the convenience of having a personal mode of transportation.

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

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Analyst Opinion

The Car Rentals market in Jordan has experienced significant growth in recent years, driven by several factors including changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Car Rentals market in Jordan have shifted towards convenience and flexibility. With an increasing number of tourists and business travelers visiting the country, there is a growing demand for rental cars as a convenient mode of transportation. Customers prefer the flexibility of being able to explore the country at their own pace and visit multiple destinations without relying on public transportation. Trends in the market also contribute to the development of the Car Rentals market in Jordan. The rise of online platforms and mobile applications has made it easier for customers to compare prices, book rental cars, and access additional services such as GPS navigation and roadside assistance. This has increased competition among car rental companies and led to more competitive pricing and improved customer service. Local special circumstances in Jordan have also played a role in the growth of the Car Rentals market. The country is known for its historical and cultural attractions, such as the ancient city of Petra and the Dead Sea. These attractions attract a large number of tourists, who often prefer to rent cars to explore the country and visit these sites. Additionally, Jordan has a well-developed road infrastructure, making it easy for tourists and locals alike to travel around the country by car. Underlying macroeconomic factors have also contributed to the development of the Car Rentals market in Jordan. The country has experienced stable economic growth in recent years, which has increased disposable income and the ability of individuals to afford rental cars. Additionally, the government has implemented policies to promote tourism and attract foreign investment, which has further boosted the demand for rental cars. In conclusion, the Car Rentals market in Jordan is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience and flexibility offered by rental cars, along with the rise of online platforms and mobile applications, have driven the growth of the market. The country's historical and cultural attractions, well-developed road infrastructure, and stable economic growth have also contributed to the increasing demand for rental cars.

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.