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Car Rentals - Kazakhstan

Kazakhstan

It is expected that the Car Rentals market in Kazakhstan will generate a revenue of US$117.10m in 2024.
The projected market volume is estimated to reach US$114.40m by 2028, indicating an annual growth rate (CAGR 2024-2028) of -0.58%.
In terms of the number of users, the Car Rentals market is expected to have 1.48m users users by 2028.
The user penetration rate is projected to increase from 6.6% in 2024 to 7.2% in 2028.
The average revenue per user (ARPU) is estimated to be US$89.61.
By 2028, 81% of the total revenue in the Car Rentals market is expected to be generated through online sales.
When compared globally, United States is expected to generate the most revenue, with a projected revenue of US$30,440m in 2024.
Despite the growing popularity of ride-sharing services, car rentals remain a preferred choice for tourists in Kazakhstan due to its vast, scenic landscapes.

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

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Analyst Opinion

The Car Rentals market in Kazakhstan has been experiencing significant growth in recent years, driven by several factors.

Customer preferences: Customers in Kazakhstan are increasingly opting for car rentals instead of purchasing their own vehicles. This can be attributed to a number of factors, including the convenience and flexibility that car rentals offer. Renting a car allows individuals to have access to a vehicle without the financial burden of owning one. Additionally, car rentals provide customers with the opportunity to choose a vehicle that best suits their needs, whether it be for a short trip or a longer duration.

Trends in the market: One of the key trends in the car rentals market in Kazakhstan is the growing popularity of online booking platforms. Customers are increasingly using online platforms to compare prices, check availability, and make reservations. This trend is driven by the convenience and ease of use that online platforms offer, as well as the ability to access a wide range of options in terms of vehicle type, price, and location. Another trend in the market is the increasing demand for eco-friendly and fuel-efficient vehicles. Customers are becoming more conscious of their environmental impact and are opting for car rentals that offer greener options. This trend is in line with global efforts to reduce carbon emissions and promote sustainability.

Local special circumstances: Kazakhstan is a vast country with diverse landscapes, ranging from mountains to deserts. This presents unique challenges and opportunities for the car rentals market. Customers often require different types of vehicles depending on their destination and the terrain they will be traveling on. For example, customers traveling to mountainous regions may prefer a 4x4 vehicle, while those traveling to urban areas may opt for a compact car. Car rental companies in Kazakhstan need to cater to these specific customer needs in order to remain competitive in the market.

Underlying macroeconomic factors: The growth of the car rentals market in Kazakhstan can also be attributed to the country's overall economic development. Kazakhstan has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, more individuals are able to afford car rentals and are choosing to utilize this service for their transportation needs. Additionally, the growth of the tourism industry in Kazakhstan has also contributed to the expansion of the car rentals market, as both domestic and international tourists require transportation during their travels.

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.