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Car Rentals - Austria

Austria

Austria is expected to witness a significant growth in the Car Rentals market.
According to the projections, the revenue in this market is expected to reach US$212.60m in 2024.
Moreover, the market volume is expected to grow annually at a rate of 0.28% between 2024 and 2028, resulting in a projected market volume of US$215.00m by 2028.
In terms of users, it is expected that the Car Rentals market in Austria will have 0.72m users users by 2028, with a user penetration of 7.7% in 2024 and 8.0% by 2028.
The average revenue per user (ARPU) is projected to be US$0.31k.
Additionally, by 2028, 81% of the total revenue in the Car Rentals market is expected to be generated through online sales.
It is worth noting that, in comparison to other countries, United States is projected to generate the highest revenue in the Car Rentals market, with an estimated revenue of US$30,440m in 2024.
Car rental companies in Austria are increasingly offering environmentally-friendly vehicles in response to the country's strong emphasis on sustainability.

Key regions: China, South America, Germany, United States, Malaysia

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Analyst Opinion

The Car Rentals market in Austria has been experiencing steady growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Austria have been shifting towards more flexible and convenient transportation options, which has contributed to the growth of the car rental market. Many customers are opting for rental cars instead of owning their own vehicles, as it allows them to have access to a car when needed without the hassle and costs associated with ownership. Additionally, tourists visiting Austria often prefer to rent a car to explore the country at their own pace, further fueling the demand for car rentals. Trends in the market are also playing a role in the growth of the car rental industry in Austria. One significant trend is the rise of online booking platforms, which have made it easier for customers to compare prices and book rental cars in advance. This has increased transparency and competition in the market, leading to more affordable and accessible car rental options for consumers. Furthermore, there has been a shift towards offering a wider range of vehicle options, including electric and hybrid cars, to cater to the growing demand for sustainable transportation solutions. Local special circumstances in Austria, such as its picturesque landscapes and well-developed tourism industry, have also contributed to the growth of the car rental market. Many tourists visit Austria to explore its scenic countryside and visit popular tourist destinations, which often require a car for convenient transportation. The availability of car rental services allows tourists to easily access these attractions and enhance their overall travel experience. Underlying macroeconomic factors have also played a role in the growth of the car rental market in Austria. The country's stable economy and high disposable income levels have allowed consumers to afford car rental services. Additionally, Austria's strategic location in the heart of Europe has made it a popular destination for business travelers and international tourists, further driving the demand for car rentals. In conclusion, the Car Rentals market in Austria has been experiencing growth due to customer preferences for flexible transportation options, trends in the market such as online booking platforms and sustainable vehicle options, local special circumstances such as tourism, and underlying macroeconomic factors including a stable economy and high disposable income levels. As these factors continue to influence the market, the car rental industry in Austria 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.