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Car-sharing - Bulgaria

Bulgaria

Bulgaria is expected to witness a substantial growth in the Car-sharing market.
By the year 2024, the projected revenue in this market is estimated to reach US$6.56m.
Furthermore, it is anticipated that the revenue will grow annually at a rate of 4.46% between 2024 and 2028, resulting in a projected market volume of US$7.81m by 2028.
The Car-sharing market is expected to have around 86.84k users users in Bulgaria by 2028, with a user penetration of 1.2% in 2024 and 1.4% by 2028.
The average revenue per user (ARPU) is expected to be US$82.46.
Additionally, 94% of the total revenue in the Car-sharing market will be generated through online sales by 2028.
It is noteworthy that United States is expected to generate the most revenue in the Car-sharing market globally, with a projected revenue of US$3,066m in 2024.
Car-sharing services in Bulgaria are gaining popularity among urban residents as a convenient and cost-effective alternative to owning a car.

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

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Analyst Opinion

The Car-sharing market in Bulgaria is experiencing significant growth and development.

Customer preferences: Many customers in Bulgaria are increasingly opting for car-sharing services due to their convenience and cost-effectiveness. Car-sharing allows individuals to access a vehicle whenever needed, without the financial burden of owning a car. This appeals to a wide range of customers, including young professionals who may not have the means to purchase a car, as well as environmentally conscious individuals who prefer shared transportation options.

Trends in the market: One key trend in the car-sharing market in Bulgaria is the emergence of digital platforms that facilitate easy access to car-sharing services. These platforms provide users with a seamless booking and payment experience, making it more convenient for customers to access shared vehicles. Additionally, car-sharing companies are expanding their fleet to include a variety of vehicle types, catering to different customer needs and preferences. This trend is driven by the increasing demand for car-sharing services and the need to provide a diverse range of options to attract and retain customers.

Local special circumstances: Bulgaria's urban areas, such as Sofia, are experiencing rapid population growth and increasing traffic congestion. This has led to a greater demand for alternative transportation options, including car-sharing. The availability of car-sharing services allows individuals to avoid the hassle of finding parking spaces and navigating through congested streets, making it a more attractive option for many residents.

Underlying macroeconomic factors: The growing car-sharing market in Bulgaria is also influenced by macroeconomic factors. The country's improving economic conditions and rising disposable incomes have contributed to an increase in consumer spending. This has made car-sharing services more affordable and accessible to a larger segment of the population. Additionally, the government's efforts to promote sustainable transportation and reduce carbon emissions have created a favorable environment for the growth of the car-sharing market. In conclusion, the car-sharing market in Bulgaria is experiencing significant growth and development, driven by customer preferences for convenience and cost-effectiveness. The emergence of digital platforms and the expansion of vehicle options are key trends shaping the market. The local special circumstances of urbanization and traffic congestion further contribute to the demand for car-sharing services. The underlying macroeconomic factors, such as improving economic conditions and government initiatives, also play a significant role in the market's growth.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car-sharing 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.