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MUV Rental Market Analysis
The online segment accounted for a market share of around 65% in 2023. Online platforms are available 24/7 and accessible from any location, removing the need to visit traditional rental offices during business hours. This adaptability is especially enticing to modern tourists who prioritize ease and flexibility. In the online segment, booking may be performed in minutes with minimum information and effort. This saves time and streamlines the rental procedure compared to traditional phone reservations or walk-in queries. Lastly, online platforms allow users to filter MUV options based on specific criteria such as passenger capacity, cargo space, features & budget, ensuring that they find the perfect vehicle for their needs.
The short-term segment holds around 67% market share in 2023. Renting for short durations avoids the continuous expenditures of automobile ownership such as insurance, maintenance, and depreciation. This is especially appealing for people or families who do not need an automobile on a daily basis. MUVs are frequently used for short-term purposes such as weekend vacations, road excursions, group outings, and special events. Short-term rentals provide these temporary needs without the commitment of long-term ownership. Lastly, short-term rental platforms offer a diverse range of MUV options, allowing users to select the perfect vehicle for their specific needs and within their budgets.
North America region dominates global MUV rental market with a major share of around 40% in 2023. The popularity of MUVs in North America stems from their suitability for various purposes including transporting large groups of people, carrying bulky luggage or equipment, and navigating diverse terrain. This versatility makes MUVs a preferred choice for rental companies looking to cater to a wide range of customer needs. Along with this, there has been a notable shift toward more environmentally friendly transportation options, driven by increasing awareness of sustainability and environmental concerns.
What is the size of the MUV (multi utility vehicle) rental market?
MUV rental industry was worth USD 8.7 billion revenue in 2023 and is set to expand at over 5.5% CAGR between 2024 and 2032 driven by the increasing demand for travel and tourism.
Why is online booking for MUV rentals increasing?
Multi utility vehicle rental industry from the online booking segment accounted for 65% revenue share in 2023 and is estimated to grow considerably through 2032 owing to the 24/7 availability and accessibility of online platforms for eliminating the need to visit traditional rental offices during business hours.
How big is the North America MUV rental industry?
North America MUV rental market held 40% revenue share in 2023 and is estimated to expand at a notable growth rate through 2032 owing to their rising popularity due to their suitability for various purposes including transporting large groups of people across the region.
Who are the leading players operating in the MUV rental industry?
Some of the top firms engaged in the multi utility vehicle rental market include Avis, Enterprise, Fox Rent A Car, Getaround, Hertz, Europcar, Lyft, Inc., Sixt, Uber, and Zoomcar.