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Car Rentals - Lithuania

Lithuania

By 2024, the Car Rentals market in Lithuania is projected to reach a revenue of US$70.96m.
The revenue is expected to grow at an annual growth rate (CAGR 2024-2028) of 2.36%, resulting in a projected market volume of US$77.91m by 2028.
In the same market, the number of users is expected to amount to 275.80k users by 2028.
It is projected that user penetration will be 9.5% in 2024 and 10.6% by 2028.
The average revenue per user (ARPU) is estimated to be US$276.40.
Furthermore, it is expected that 57% of the total revenue in the Car Rentals market will be generated through online sales by 2028.
Finally, in a global comparison, it is anticipated that United States will generate the most revenue (US$30,440m in 2024).
Car rental companies in Lithuania are expanding their fleets and offering more flexible rental options to meet the growing demand for transportation services.

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

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Analyst Opinion

The Car Rentals market in Lithuania has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Car Rentals market in Lithuania have been shifting towards more flexible and convenient transportation options. With an increasing number of people traveling for business and leisure purposes, there is a growing demand for rental cars that can provide a hassle-free and comfortable experience. Customers are looking for vehicles that are well-maintained, fuel-efficient, and equipped with modern features such as GPS navigation and Bluetooth connectivity. Trends in the Car Rentals market in Lithuania also contribute to its development. One notable trend is the rise of online booking platforms, which have made it easier for customers to compare prices, check availability, and make reservations. This has increased transparency and competition in the market, leading to more affordable and accessible car rental options for consumers. Additionally, there has been a growing trend towards environmentally-friendly vehicles, with an increasing number of rental companies offering electric or hybrid cars to cater to the demand for sustainable transportation. Local special circumstances in Lithuania have also played a role in the development of the Car Rentals market. The country's strategic location in the Baltic region makes it a popular destination for both business and leisure travelers. As a result, there is a constant influx of tourists and business visitors who require transportation services during their stay. The presence of international airports and a well-developed road infrastructure further contribute to the demand for car rentals in the country. Underlying macroeconomic factors have also had an impact on the Car Rentals market in Lithuania. The country has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. As a result, more people are able to afford renting a car for their travel needs. Additionally, the growing number of international companies establishing their presence in Lithuania has led to an increase in business travel, further driving the demand for car rentals. Overall, the Car Rentals market in Lithuania is developing due to customer preferences for flexible transportation options, market trends such as online booking platforms and environmentally-friendly vehicles, local special circumstances including the country's strategic location and well-developed infrastructure, and underlying macroeconomic factors such as economic growth and increased business travel. As these factors continue to evolve, the market is expected to further expand in the coming years.

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.