High power impulse magnetron sputtering (HiPIMS) discharges with a zirconium target are studied experimentally and by applying the ionization region model (IRM). The measured ionized flux fraction lies in the range between 25% and 59% and increases with increased peak discharge current density ranging from 0.5 to 2 A/cm2 at a working gas pressure of 1 Pa. At the same time, the sputter rate-normalized deposition rate determined by the IRM decreases in accordance with the HiPIMS compromise. For a given discharge current and voltage waveform, using the measured ionized flux fraction to lock the model, the IRM provides the temporal variation of the various species and the average electron energy within the ionization region, as well as internal discharge parameters such as the ionization probability and the back-attraction probability of the sputtered species. The ionization probability is found to be in the range 73%–91%, and the back-attraction probability is in the range 67%–77%. Significant working gas rarefaction is observed in these discharges. The degree of working gas rarefaction is in the range 45%–85%, higher for low pressure and higher peak discharge current density. We find electron impact ionization to be the main contributor to working gas rarefaction, with over 80% contribution, while kick-out by zirconium atoms and argon atoms from the target has a smaller contribution. The dominating contribution of electron impact ionization to working gas rarefaction is very similar to other low sputter yield materials.