Enjoy complimentary customisation on priority with our Enterprise License!
The MUV rental market size is forecast to increase by USD 14.13 billion, at a CAGR of 23.59% between 2023 and 2028. Several significant factors are contributing to this growth. The expansion of industries such as travel and tourism is a primary driver, as individuals continue to explore new destinations. Advanced digital technologies are increasingly integrated into car rental services, improving the customer experience and convenience. Additionally, the popularity of car-sharing services and car rental has risen, providing flexible and cost-effective mobility solutions. These trends are expected to persist, creating opportunities for market participants to innovate and address evolving consumer needs. The MUV rental market is poised for substantial growth in the coming years.
_Rental_Market_size_abstract_2024_v1.jpg.webp?v4.1.20)
To learn more about the multi utility vehicle rental market report, Request Free Sample
The market is witnessing significant growth due to the increasing demand from the global tourism sector. According to the World Tourism Organization, international tourist arrivals reached 1.4 billion in 2018, and this number is projected to reach 1.8 billion by 2030. MUVs are popular among travelers for their durability, stability, and ability to accommodate large groups. Car sharing, subscription services, and leasing choices are emerging trends in the MUV rentals market, providing cost-effective alternatives to automobile ownership for infrequent users. Car rental companies are responding to this trend by expanding their offerings to include MUV models with advanced features, safety systems, and connectivity options.
MUVs are also popular among recreational vehicle park and campground visitors, air travelers, and those with higher living standards. Online registration, self-service kiosks, and logistics solutions have streamlined the rental process, making it more convenient for customers. Construction and vehicle fleet management companies also rely on MUVs for their durability and versatility. Specialized MUV configurations, such as passenger vans, are in high demand for transportation of large groups and cargo. Fleet management systems and specialized safety features are essential for these applications. Overall, the MUV rentals market is poised for growth, driven by the increasing demand from various industries and the availability of advanced features and configurations.
The MUV rental market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The passenger vehicles segment is estimated to witness significant growth during the forecast period. The Multi-Utility Vehicle (MUV) rental market is witnessing significant growth due to the increasing preference for cost-effective transportation solutions among consumers. Companies such as Enterprise Holdings and Sixt offer exclusive corporate rates and loyalty programs, making MUV rentals an attractive option for both personal and business use. Advanced fleet management software, predictive analytics tools, inventory management systems, and digital marketplaces facilitate seamless online registration, self-service kiosks, and driver face verification. MUV models, known for their durability, stability, and recreational appeal, are increasingly popular among air travelers, millennials, and frequent travelers. Advanced features like machine learning algorithms, potential incident prediction, and automated technologies enhance the rental experience.
The construction and logistics industries also rely on MUV rentals for their fleet management needs. The growing trend towards high-quality services, discounts, and packages caters to the evolving living standards and tourism demands. The integration of artificial intelligence and digital marketplaces further streamlines the rental process, enabling real-time bookings and online mode transactions. Autonomous vehicles and rental management software are expected to revolutionize the industry in the future.
_Rental_Market_segments_abstract_2024_v2.jpg.webp?v4.1.20)
Get a glance at the market share of various segments. Request Free Sample
The passenger vehicles segment was valued at USD 3.68 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 35% to the growth of the global MUV rental market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
_Rental_Market_regions_abstract_2023_geo_v2.jpg.webp?v4.1.20)
For more insights on the market share of various regions, Request Free Sample
The multi utility vehicle rental market is experiencing significant growth due to exclusive corporate rates and loyalty programs that cater to frequent travelers. Advanced fleet management software, incorporating predictive analytics tools, enhances inventory management, ensuring a diverse range of durable and stable MUV models with appealing looks are always available. Recreational vehicle parks, campgrounds, and air travelers increasingly prefer MUVs for their living standards. Online registration, self-service kiosks, and driver-face verification streamline the booking process. Machine learning and AI integrate into rental management software, anticipating potential incidents and offering personalized discounts and packages. Millennials favor mobile apps for car rental services, demanding high-quality services.
Logistics, construction, and vehicle fleet management industries benefit from MUV models' advanced features. Autonomous vehicles and automated technologies are revolutionizing the digital market, further expanding opportunities.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the travel and tourism industry is the key driver of multi utility vehicle rental market growth. The market is witnessing significant growth due to the increasing preference for reliable and efficient transportation solutions for various commercial and leisure purposes. With the rise in travel and tourism, there is a heightened demand for MUVs, including passenger vans, cargo vans, minivans, utility trucks, and specialized configurations, to cater to diverse customer needs. Online booking platforms and mobile applications have revolutionized the rental process, enabling users to effortlessly reserve MUVs and avoid the inconvenience of long queues and inflexible public transportation schedules. Advancements in technology have further drive the market growth. Fleet management systems, safety systems, and connectivity options have become essential features in MUV rentals.
Moreover, GPS tracking systems facilitate real-time vehicle location monitoring, while e-commerce and logistics providers leverage these capabilities for seamless delivery services. Moreover, the integration of electric MUV fleets and micro mobility options caters to the growing concerns for carbon emissions and ecological sustainability. The MUV rental market serves various industries, such as corporate events, hospitality, and cross-border travel, and accommodates bulky luggage and group outings, making it an indispensable transportation solution for business trips and leisure activities. Despite the challenges of traffic congestion and parking restrictions in urban areas, MUV rentals remain a preferred choice for their versatility and convenience.
The growing incorporation of advanced digital technologies in car rental services is the upcoming trend in the MUV rental market. The market is witnessing significant growth due to the integration of advanced technologies and customer-centric offerings. Safety systems, such as airbags and anti-lock braking systems, are becoming standard features in MUVs to ensure passenger safety. Connectivity options, including fleet management systems, GPS tracking, and mobile applications, enable real-time vehicle tracking and streamlined rental processes. Specialized MUV configurations, including passenger vans, cargo vans, minivans, utility trucks, and electric MUV fleets, cater to various customer needs. Rental providers are leveraging e-commerce platforms and online booking systems to offer convenience and flexibility. E-commerce companies and logistics providers rely on MUVs for bulk cargo transportation and cross-border travel.
Further, MUVs are an increasingly reliable transportation option for corporate events, hospitality industries, family vacations, group outings, business trips, and leisure activities. With the rise of e-commerce, traffic congestion, and parking restrictions, MUV rentals offer a practical solution for urban commuters. The adoption of carbon emissions reduction initiatives and ecological sustainability concerns is driving the demand for electric MUV fleets and micro-mobility options. Mobile applications and online booking platforms enable customers to access real-time vehicle availability, pricing, and promotional offers. Rental providers use these digital channels for advertising and customer engagement. The penetration of the internet and smartphone users has made technology an integral part of the MUV rental industry.
The rising number of car-sharing services is a key challenge affecting multi utility vehicle rental market growth. The market is experiencing significant growth due to the increasing demand for reliable and flexible transportation solutions. MUVs, including passenger vans, cargo vans, minivans, utility trucks, and specialized configurations, cater to various needs such as commercial purposes, corporate events, hospitality industries, cross-border travel, family vacations, and group outings. Rental providers leverage advanced technologies like connectivity options, fleet management systems, and mobile applications for seamless online booking platforms.
Safety systems, such as GPS tracking systems, are essential features in MUV rentals, ensuring the security of both the vehicle and passengers. With the rise of e-commerce and logistics providers, electric MUV fleets and micro mobility options are becoming increasingly popular for ecological sustainability and reducing carbon emissions.
In contrast to traditional vehicles, MUV rentals offer a reliable transportation option, mitigating issues like traffic congestion and parking restrictions.
The multi utility vehicle rental market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the MUV rental market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
_Rental_Market_customer_landscape_abstract_2023_geo_v1.jpg.webp?v4.1.20)
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Airport Van Rental - The company offers a selection of Multi-Utility Vehicles (MUVs) for rent, including cargo vans and passenger vans.
The multi utility vehicle rental market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The MUV rental industry is experiencing notable expansion due to the escalating trend in global tourism, as reported by the World Tourism Organization. In response to this growing demand, alternative transportation solutions such as car sharing, subscription services, and leasing are increasingly preferred by infrequent MUV users over vehicle ownership. Rental companies are addressing the needs of budget-conscious consumers by providing user-friendly online booking platforms equipped with real-time tracking, telematics, remote diagnostics, fuel level monitoring, and position tracking. The online rental segment is gaining ground over traditional rental offices, with contemporary tourists favoring phone reservations and walk-in queries.
Passenger capacity and cargo space are essential factors for MUV renters, with the short-term rental segment leading the market due to the continuous spending on weekend getaways, road trips, group outings, and special events. Insurance, temporary needs, and corporate clients represent significant market drivers. Travel agencies and tour operators also play a pivotal role in the MUV rental industry, catering to business travelers and group reservations. Customized rental solutions are increasingly popular, providing flexibility and convenience for various temporary requirements.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
153 |
|
Base year |
2023 |
|
Historic period |
2018- 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 23.59% |
|
Market Growth 2024-2028 |
USD 14.17 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
17.79 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 35% |
|
Key countries |
US, China, Germany, Italy, and France |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
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. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our multi utility vehicle rental market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this MUV rental market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
