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..
![Technavio has announced its latest market research report titled Global multi utility vehicle (MUV) rental market 2024-2028 Technavio has announced its latest market research report titled Global multi utility vehicle (MUV) rental market 2024-2028](https://mma.prnewswire.com/media/2463294/20231214100226_bw_info_v4.jpg)
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Type (Passenger
vehicles and Cargo vehicles), Application (Leisure and Commercial),
and Geography (North America, Europe, APAC, Middle East and Africa,
and South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
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.
|
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.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This multi utility vehicle (muv) rental market report
extensively covers market segmentation by
- Type
- 1.1 Passenger vehicles
- 1.2 Cargo vehicles
- Application
- 2.1 Leisure
- 2.2 Commercial
- 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.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017 - 2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global electric car rental market is experiencing robust
growth driven by increasing environmental consciousness and
governmental incentives promoting sustainable transportation
options. Companies like Zipcar and Enterprise are expanding their
electric vehicle (EV) fleets to meet rising demand for clean,
convenient urban mobility solutions.
The global automotive service market is thriving with
advancements in vehicle diagnostics and maintenance technologies.
Key players such as Bosch and Continental are innovating in
predictive maintenance and digital service platforms, enhancing
efficiency and customer satisfaction.
The global automotive dual variable valve timing market is
growing as automakers adopt advanced engine technologies for
improved performance and fuel efficiency. Companies like Toyota and
Honda are integrating dual VVT systems across their vehicle ranges,
optimizing engine performance across diverse driving
conditions.
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
-
- 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: media@technavio.com
Website: www.technavio.com/
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