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Car Rentals - Bulgaria

Bulgaria

The Car Rentals market in Bulgaria is expected to experience a surge in revenue, with projections indicating that it will reach US$57.61m by 2024.
This expected growth is further complemented by a projected Compound Annual Growth Rate (CAGR) of 0.70% between 2024 and 2028, resulting in an estimated market volume of US$59.24m by 2028.
Additionally, the number of users in the Car Rentals market is expected to increase, with projections indicating an estimated 459.80k users users by 2028.
The user penetration rate is expected to rise from 6.7% in 2024 to 7.2% by 2028.
The average revenue per user (ARPU) is estimated to be US$129.80, indicating a promising future for the Car Rentals market in Bulgaria.
Furthermore, online sales are expected to contribute significantly to the revenue generated in this market, with projections indicating that 89% of the total revenue will be generated through online sales by 2028.
In comparison with other countries, United States is expected to generate the highest revenue in the Car Rentals market, with projections indicating a revenue of US$30,440m in 2024.
Bulgaria's car rental market is seeing an increase in demand from tourists due to the country's affordable prices and scenic driving routes.

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

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Analyst Opinion

The Car Rentals market in Bulgaria has been experiencing steady growth over the past few years, driven by various factors such as increasing tourism, changing customer preferences, and favorable macroeconomic conditions. Customer preferences in the Car Rentals market in Bulgaria have been shifting towards convenience and flexibility. With the rise of online booking platforms and mobile applications, customers are now able to easily compare prices, choose from a wide range of car options, and make reservations in advance. This has led to an increase in demand for car rentals, as it offers a convenient and cost-effective transportation option for both domestic and international travelers. Trends in the Car Rentals market in Bulgaria indicate a growing demand for eco-friendly and electric vehicles. As sustainability becomes a key concern for many customers, car rental companies are increasingly offering electric and hybrid vehicles as part of their fleet. This trend is in line with the global shift towards sustainable transportation and reflects the growing awareness and preference for environmentally-friendly options among customers. Another trend in the Car Rentals market in Bulgaria is the emergence of car sharing services. This trend is driven by the increasing popularity of ride-hailing platforms and the sharing economy. Car sharing services provide customers with the option to rent a car for short periods of time, often by the hour, which is particularly appealing for urban dwellers and those who only need a car for occasional use. This trend is expected to continue as more people opt for flexible and cost-effective transportation options. Local special circumstances in Bulgaria, such as the country's rich cultural heritage and natural attractions, have contributed to the growth of the Car Rentals market. Bulgaria is known for its picturesque landscapes, historical sites, and vibrant cities, which attract a large number of tourists each year. As a result, there is a high demand for car rentals among tourists who want to explore the country at their own pace and visit off-the-beaten-path destinations. Underlying macroeconomic factors, such as a stable economy and increasing disposable income, have also played a significant role in the growth of the Car Rentals market in Bulgaria. The country has experienced steady economic growth in recent years, which has led to an increase in consumer spending power. As a result, more people are able to afford car rentals for leisure and business purposes, further driving the demand in the market. In conclusion, the Car Rentals market in Bulgaria is experiencing growth due to changing customer preferences, including a shift towards convenience and sustainability. Trends such as the demand for eco-friendly vehicles and the emergence of car sharing services are shaping the market. Local special circumstances, such as the country's tourism potential, and favorable macroeconomic conditions, including a stable economy and increasing disposable income, are also contributing to the growth of the market.

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.