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MUV (Multi Utility Vehicle) Rental Market Trends

Report ID: GMI8232
Published Date: Feb 2024
Report Format: PDF

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MUV Rental Market Trends

The MUV rental industry is witnessing significant technological advancements in booking platform. The introduction of various applications has made the booking process easier, enabling consumers to browse for vehicles, make bookings, and unlock vehicles right from their smartphones. This minimizes paperwork and wait periods, increasing convenience & efficiency. In addition to this, MUVs equipped with telematics and real-time tracking provide valuable information to rental companies & users and features including remote diagnostics, fuel level monitoring & position tracking to boost operating efficiency. These technologies provide further convenience and security by allowing users to access & pay for rentals without the need for actual keys or interactions, thereby accelerating the rental process.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.