Are you looking for a rental vehicle? If that's the case, you're not alone. Rental cars are becoming increasingly popular, especially among tourists and company owners. However, before you select a rental car firm, it's critical to be aware of recent data. That is why we have put up this blog post for your convenience.
Keep an eye out for further information on car rentals statistics, including market share and average rates. We hope that by sharing this knowledge with you, you will be able to make the greatest decision possible when it comes time to hire a car. Thank you for taking the time to read this!
Who rents cars?
People rent cars for a variety of reasons. It is sometimes more cost-effective to rent than to buy an automobile outright for some individuals.
Others may require a vehicle for just a brief time (e.g., while traveling), and they don't want to deal with the hassle of owning one. And, lastly, others may choose renting over ownership due to the flexibility it provides them in changing their transportation needs as their demands evolve.
Whatever the cause, it's obvious that renting automobiles is becoming increasingly popular. In fact, the worldwide car rental industry is projected to reach $84 billion in 2024, up from $58 billion in 2016.
Demographics
Who is renting the cars? The answer may come as a surprise to you. Millennials are not the only ones who rent automobiles, contrary to popular belief. In reality, most car renters are baby boomers.
This is probably due to the fact that baby boomers have more disposable income and are therefore more likely to rent vehicles.
However, millennials are still a significant component of the car rental market. In fact, 36% of all automobile renters are people between the ages of 25 and 34.3 This is perhaps owing to the fact that many millennials are putting off major life events (such as marriage or home ownership).
Key Market Trends
The fact that the rental car market is shifting toward subscription-based models is one of the most significant information. This is probably due to the increased convenience and flexibility that subscription-based systems provide.
You may terminate or pause your service at any time using a subscription-based model, as opposed to traditional rental vehicle firms that usually demand you to sign up for at least one month.
Furthermore, a monthly fee for a service is frequently offered as part of a subscription-based model. This might save you a lot of money in the long run.
Biggest Car Rental Market in UAE
The United Arab Emirates is the world's largest car rental market. This is presumably due to the fact that the UAE has a significant number of tourists and business people visiting. In reality, in 2018, the UAE's automobile rental market was worth $1.8 billion.
Want the Best Car Rental Service? Book a Car From Amex Dubai!
Amex Dubai, the largest vehicle rental company in the United Arab Emirates is Amex Dubai. We provide a variety of vehicles, including economy, luxury, and SUV models.
The Bottom Line
Rental cars are becoming more popular, especially among tourists and company executives. However, before selecting a rental car firm, you should consider several factors.
