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Car Rentals - Turkmenistan

Turkmenistan

The projected revenue for the Car Rentals market in Turkmenistan is expected to reach €24.42m by 2024.
Furthermore, it is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 5.48%, resulting in a projected market volume of €31.89m by 2029.
The expected number of users in this market is projected to be 0.63m users by 2029.
The user penetration is also expected to increase from 7.0% in 2024 to 9.0% by 2029.
The average revenue per user (ARPU) is expected to be €52.78.
Additionally, it is projected that 51% of the total revenue generated by the Car Rentals market will be through online sales by 2029.
Finally, in the global comparison, United States is expected to generate the most revenue in this market with a projected revenue of €28,940m in 2024.
Turkmenistan's car rental market is primarily driven by government demand for official delegations and foreign investors.

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

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Analyst Opinion

The Car Rentals market in Turkmenistan is experiencing steady growth due to several factors. Customer preferences are shifting towards the convenience and flexibility offered by car rentals, while local special circumstances and underlying macroeconomic factors are also contributing to the development of the market.

Customer preferences: In Turkmenistan, customers are increasingly opting for car rentals as their preferred mode of transportation. This can be attributed to the convenience and flexibility that car rentals offer. Renting a car allows customers to have control over their travel itinerary and explore the country at their own pace. Additionally, car rentals provide a cost-effective alternative to owning a car, especially for individuals who do not require a vehicle on a daily basis. The rise of online platforms and mobile applications has made it easier for customers to book car rentals, further fueling the growth of the market.

Trends in the market: One of the key trends in the car rentals market in Turkmenistan is the growing demand for eco-friendly and fuel-efficient vehicles. As environmental concerns continue to gain prominence worldwide, customers in Turkmenistan are also becoming more conscious of their carbon footprint. Car rental companies are responding to this trend by offering a range of hybrid and electric vehicles, providing customers with greener transportation options. Another trend in the market is the increasing popularity of long-term car rentals. Many individuals and businesses in Turkmenistan are opting for long-term rentals instead of purchasing vehicles. This trend can be attributed to the high costs associated with car ownership, such as maintenance, insurance, and depreciation. Long-term car rentals offer a cost-effective solution, allowing customers to have access to a vehicle without the financial burden of ownership.

Local special circumstances: Turkmenistan's tourism industry is growing rapidly, attracting both domestic and international visitors. This has created a demand for car rentals as tourists seek convenient and flexible transportation options to explore the country. The government of Turkmenistan has also been investing in infrastructure development, including the construction of new roads and highways, which has further contributed to the demand for car rentals.

Underlying macroeconomic factors: The overall economic growth in Turkmenistan has had a positive impact on the car rentals market. As the country's economy continues to develop, more individuals and businesses have disposable income to spend on transportation services. Additionally, the increasing urbanization and population growth in major cities have led to higher demand for car rentals as people seek convenient mobility solutions. In conclusion, the Car Rentals market in Turkmenistan is experiencing steady growth due to customer preferences for convenience and flexibility, the popularity of eco-friendly vehicles, and the increasing demand for long-term rentals. Local special circumstances, such as the growth of the tourism industry and infrastructure development, are also contributing to the market's development. Furthermore, underlying macroeconomic factors, including economic growth and urbanization, are fueling the demand for car rentals in Turkmenistan.

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.