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Car Rentals - Switzerland

Switzerland

The revenue in Switzerland's Car Rentals market is predicted to reach €0.61bn by 2024.
Furthermore, it is expected to display a compound annual growth rate (CAGR 2024-2029) of 2.50%, resulting in a projected market volume of €0.69bn by 2029.
The number of users in this market is expected to be 1.27m users by 2029, with a user penetration of 12.6% in 2024 and 13.9% by 2029.
The average revenue per user (ARPU) is expected to be €0.55k.
By 2029, 80% of the total revenue in this market will be generated through online sales.
When compared globally, United States is expected to generate the most revenue, with a predicted revenue of €28,940m in 2024.
Switzerland's car rental market is experiencing a surge in demand for eco-friendly and luxury vehicles.

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

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Analyst Opinion

The Car Rentals market in Switzerland is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Switzerland is known for its picturesque landscapes and well-maintained road infrastructure, making it an ideal destination for road trips and exploring the country at one's own pace. This has led to a high demand for car rentals among both domestic and international tourists. Additionally, Swiss residents often opt for car rentals for their vacations, as it provides them with the flexibility to travel to different parts of the country without the hassle of owning a car.

Trends in the market: One of the key trends in the Car Rentals market in Switzerland is the increasing popularity of electric and hybrid vehicles. The Swiss government has been actively promoting sustainable transportation and has implemented various incentives and subsidies to encourage the adoption of electric vehicles. As a result, many car rental companies in Switzerland have started offering electric and hybrid vehicles in their fleets to cater to the growing demand for eco-friendly transportation options. Another trend in the market is the rise of online platforms and mobile applications for car rentals. Customers can now easily compare prices, book cars, and manage their reservations through user-friendly online platforms and apps. This convenience factor has significantly contributed to the growth of the Car Rentals market in Switzerland, as it allows customers to quickly and efficiently rent a car for their travel needs.

Local special circumstances: Switzerland is a landlocked country with a small geographical area, which makes it easier for car rental companies to operate and manage their fleets. The country has a well-developed transportation infrastructure, including an extensive network of highways and well-maintained roads, which makes it convenient for customers to rent cars and travel around the country. Furthermore, Switzerland is known for its high standard of living and disposable income levels. This has created a favorable environment for the Car Rentals market, as customers have the financial means to afford car rentals for their travel needs.

Underlying macroeconomic factors: The Swiss economy has remained stable and resilient, which has positively impacted the Car Rentals market. The country has a strong tourism industry, with millions of tourists visiting every year. This influx of tourists contributes to the demand for car rentals, as visitors often prefer to explore the country independently. Additionally, Switzerland has a high rate of car ownership, but many residents prefer to rent cars for specific occasions or vacations instead of owning a car year-round. This preference for car rentals among Swiss residents further drives the growth of the Car Rentals market. In conclusion, the Car Rentals market in Switzerland is experiencing steady growth due to customer preferences for flexibility and convenience, trends such as the popularity of electric and hybrid vehicles and online platforms, local special circumstances including a well-developed transportation infrastructure and high disposable income levels, and underlying macroeconomic factors such as a stable economy and a high rate of car ownership.

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.