Multi Utility Vehicle (MUV) Rental Market size is set to grow by USD 14.12 billion from 2024-2028, Growth of travel and tourism industry to boost the market growth, Technavio

NEW YORK, July 18, 2024 /PRNewswire/ -- The global multi utility vehicle (MUV) rental market  size is estimated to grow by USD 14.12 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  23.59%  during the forecast period.  Growth of travel and tourism industry is driving market growth, with a trend towards growing incorporation of advanced digital technologies in car rental services. However, rising number of car-sharing services  poses a challenge. Key market players include Airport Van Rental, Aspark Holidays Pvt. Ltd., Autorent Car Rental LLC, Avis Budget Group Inc., Carzonrent India Pvt. Ltd., Centauro Rent a Car S.L.U., DriiveMe Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Getaround Inc., GO Rentals Auckland Ltd., Hertz Global Holdings Inc., Localiza Rent a Car SA, Movida Participacoes SA, SIXT SE, Turismo Gargo SA de CV, Turo Inc., Uber Technologies Inc., and Zoomcar India Pvt. Ltd..

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Key Market Trends Fueling Growth

MUV rental operators are leveraging technology to enhance customer convenience and tap into larger markets. They utilize mobile applications and online websites for business operations, offering features like real-time vehicle availability, fare information, discount coupons, and promotional offers. Digital advertisements through smartphones are also popular. Companies continually update their applications with new features, such as Uber's swipe-and-choose vehicle option, which displays vehicle details and rental agreement information. These technological advancements are expected to significantly grow the MUV rental market. 

The Multi Utility Vehicle (MUV) rental market is thriving, with fleet management becoming a key trend. Rental providers offer high-quality services through car rental apps and online booking platforms, providing discounts and packages for frequent travelers. MUV models with advanced features, safety systems, and connectivity options are popular among personal users for leisure and commercial purposes. In logistics and construction industries, specialized MUV configurations like cargo vans and utility trucks are in demand. Autonomous vehicles and AI are on the horizon, bringing automated technologies and rental management software to streamline operations. E-commerce companies and logistics providers use MUVs for bulk luggage and cross-border travel. Corporate events and hospitality industries also rely on reliable transportation options for group outings and business trips. 

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Market Challenges

• Car sharing is a growing trend in urban mobility, particularly in both developed and developing economies. This shared mobility concept aims to reduce carbon emissions and alleviate city traffic congestion. Unlike traditional car rental services, car sharing enables the use of freely parked vehicles for short-term periods in city areas or business districts. Car-sharing platforms, such as carpooling services, connect car owners and passengers for city-to-city travel, creating an economic model for long-distance journeys. This shift towards car sharing is expected to negatively impact the growth of the Multi Utility Vehicle (MUV) rental market during the forecast period.
• The Multi Utility Vehicle (MUV) rental market faces several challenges in today's business landscape. Remote diagnostics, fuel level monitoring, and position tracking are essential for modern tourists seeking convenience. The online segment is growing, but traditional rental offices continue to cater to walk-in queries and phone reservations. Passenger capacity and cargo space are key considerations for group outings, weekend vacations, and road excursions. The short-term segment requires continuous expenditures on insurance, maintenance, and fleet management. Corporate clients, travel agencies, tour operators, business travelers, and group reservations demand tailored rental solutions with exclusive corporate rates and loyalty programs. Durability, stability, looks, and recreational vehicle parks and campgrounds are essential for attracting air travelers and millennials. Online registration, self-service kiosks, driver face verification, and machine learning help streamline operations and mitigate potential incidents. Predictive analytics tools and inventory management software are crucial for optimizing fleet usage and reducing downtime.

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Segment Overview 

This multi utility vehicle (muv) rental market report extensively covers market segmentation by

1. Type 
• 1.1 Passenger vehicles
• 1.2 Cargo vehicles
2. Application 
• 2.1 Leisure
• 2.2 Commercial
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Passenger vehicles-  The passenger vehicle market, specifically Multi Utility Vehicles (MUVs), has gained popularity due to the cost-effective nature of renting instead of buying. Major players like Enterprise Holdings and Sixt offer these vehicles at an average price of USD300 per day. Urbanization and increased internet penetration have boosted awareness about MUV renting. The ability to accommodate multiple passengers and the option to upgrade to new models after rental periods make MUVs an attractive choice. Subscription-based car rental programs from vendors, including premium MUVs, further enhance revenue and brand penetration. These factors collectively contribute to the growth of the MUV rental market.

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Research Analysis

The Multi Utility Vehicle (MUV) rental market is experiencing significant growth in the global tourism sector, with car sharing and subscription services becoming increasingly popular among infrequent users. MUV rentals offer flexibility for travelers, allowing them to explore various destinations without the long-term commitment of automobile ownership. The World Tourism Organization reports that MUVs are popular choices for logistics, construction, and vehicle fleet management due to their durability, stability, and advanced features. MUV models come in various looks and sizes, catering to diverse customer needs. Cost-conscious customers appreciate the cost savings of renting an MUV instead of purchasing one. Recreational vehicle parks and campgrounds are popular destinations for MUV renters, providing an opportunity to explore nature and scenic areas. Air travelers also opt for MUV rentals for convenient and affordable transportation. Online registration, self-service kiosks, and fleet management systems make the rental process seamless. Safety systems, connectivity options, and specialized MUV configurations add value to the rental experience. Car rental companies are investing in advanced features and safety systems to meet the evolving demands of customers. Passenger vans are also a popular choice for large groups and families.

Market Research Overview

The Multi Utility Vehicle (MUV) rental market is experiencing significant growth in the global tourism sector, driven by car sharing, subscription services, and leasing choices. Infrequent MUV users prefer these options over automobile ownership, making rental companies a popular choice for cost-conscious customers. The market includes both online and traditional rental segments, catering to modern tourists who value convenience and high-quality services. Rental companies offer real-time tracking, remote diagnostics, fuel level monitoring, and position tracking through telematics. These advanced features are increasingly important for both short-term and long-term rentals. The online segment is growing rapidly, with booking platforms simplifying the process and reducing paperwork. MUV rentals are popular for weekend vacations, road excursions, group outings, special events, and temporary needs. Corporate clients, travel agencies, tour operators, business travelers, and group reservations also contribute significantly to the market. Tailored rental solutions, exclusive corporate rates, and loyalty programs are becoming essential offerings. Fleet management software, predictive analytics tools, inventory management, and fleet management are crucial for rental companies to optimize their operations. MUV models with durability, stability, looks, and advanced features are in high demand, catering to various industries like construction, logistics, and recreational vehicle parks. The digital market is transforming the rental industry with automated technologies, rental management software, and AI-powered solutions. Autonomous vehicles and machine learning are potential game-changers, offering convenience, safety, and cost savings. Millennials, who value mobility and flexibility, are driving the demand for MUV rentals and mobile apps.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Passenger Vehicles
• Cargo Vehicles
• Application
• Leisure
• Commercial
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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