According to a report, “North America MUV Rental Market Size, Share & Trends Analysis Report By Application (On-airport, Off-airport), By MUV Type (Passenger Vehicles, Cargo Vehicles), By Country, And Segment Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc.
The North America MUV rental market size is projected to reach USD 7.76 billion by 2025, registering a CAGR of 4.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. A combination of factors such as an upsurge in the number of air travelers opting for vehicle rental services and the growing adoption of renting recreational vehicles for leisure purposes have fueled the regional market growth. Changing preferences of demographics, regarding vehicle ownership, are expected to have a positive influence on the market growth over the forecast period.
The increase in number of internet users has encouraged numerous local and global players in the MUV rental marketplace to have an international presence through their online website and mobile applications. The regional MUV rental market is expected to undergo a transformation from the conventional rental business operations to innovative business models. The North America market has witnessed a significant growth over the past few years owing to continuous economic growth. Numerous states in the U.S. are establishing tie-ups with van rental companies for providing transport facilities from airports to the city centers and other locations.
The key strategies adopted by the prominent players to acquire a higher market share include replacement of older fleet with newer ones, expansion of their operational reach, and adoption of a competitive pricing model. Major companies across the region are implementing a mix of operating models, including company owned stores, franchise, and agencies. With the advent of state-of-the-art technologies, vehicle renting has become a preferred option for travelers. Various players have started introducing mobile apps for customers as these apps provide benefits such as easy vehicle tracking and faster payment & booking process.
Further key findings from the report suggest:
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A majority of service providers in developed countries such as the U.S. are increasingly implementing advanced technology solutions to streamline the vehicle renting/booking processes
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The demand across the leisure group is high during the peak seasons. Prominent players are providing premium services and offering discounts & packages to frequent travelers
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The trend of renting camper vans or Recreational Vehicles (RVs) has also increased in recent years. Tourists mainly prefer renting RVs for traveling to remote locations or for camping purposes
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Some of the key players in the north america muv rental market include Enterprise Holdings, Inc.; Dollar Rent A Car, Inc.; Budget Rent A Car System, Inc.; and Sixt SE.
Country Insights
The companies operating in the market for North America MUV rental are focusing on implementing various technologies in their business processes to maintain transparency and to improve convenience for customers. A few MUV vehicle rental companies are introducing black box recorders in their fleet of vehicles. This technology incorporates GPS tracking to ascertain the location of the vehicle at any point of time. The companies are adopting this technology as a part of their strategy to limit the number of vehicles lost due to theft and to identify the customers violating speeding regulations during the journey.
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The U.S. dominated the North America MUV rental market in 2018 and is expected to retain its dominance over the next six years. The upsurge in the number of tourists, coupled with the rise in cargo movement across the country, is expected to drive the country’s growth over the forecast period. Moreover, healthy economic conditions, along with rising disposable income, have also stimulated the growth of the MUV rental market in the country. The key players in the U.S. have started expanding their presence across all major metropolitan as well as micropolitan areas across the country to effectively address the increasing customer base.
Canada is anticipated to witness considerable growth, registering a CAGR of over 5% from 2019 to 2025. The country has witnessed an increase in the number of air travelers, the industry’s highest-revenue-generating source, along with gains in per capita disposable income and reduction in the rate of unemployment. The MUV rental market in Canada has been witnessing consolidation among the players over the last few years. Rising number of domestic travelers and the growth of the Canadian economy are expected to provide considerable opportunities for the country’s MUV rental market growth over the forecast period.
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Grand View Research has segmented the North America MUV rental market on the basis of application, MUV type, and country.
North America MUV Rental Application Outlook (Revenue, USD Million, 2015 – 2025)
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On-airport
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Off-airport
North America MUV Rental MUV Type Outlook (Revenue, USD Million, 2015 – 2025)
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Passenger Vehicles
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Cargo Vehicles
North America MUV Rental Country Outlook (Revenue, USD Million, 2015 – 2025)
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U.S.
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Canada
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Mexico
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