The North America MUV rental market size is projected to generate USD 7.76 billion by 2025. It is also expected to register a 4.0% CAGR over the forecasted years, 2019 to 2025. The rising adoption of the rental car services prevailing among the working population and shifting demographic preferences are projected to drive the market growth in the upcoming years.
The of-airport application segment is projected to register the highest share across the North America market from 2019 to 2025 due to the increasing trend prevailing among the working population to rent vehicles for the daily commute. On the other hand, the application segment of on-airport is anticipated to witness significant growth due to the rising number of air travelers.
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The passenger vehicles segment dominated the global market in 2018 on account of its features like hassle-free and instant pickup services. Also, as the requirement of transportation of cargo, food, and parcels is increasing continuously, the demand for rental cargo vans and vehicles is gaining traction across this region.
The U.S. dominated the market across North America owing to the rising tourism industry and an increase in the movement of cargo. While, Canada is anticipated to witness substantial growth with CAGR of 5.0% due to the rising number of international air travelers, and lower unemployment rates across Canada.
The market for North America MUV rental includes key players such as Budget Rent A Car System; Sixt SE; Alamo; and Airport Van Rental. They are engaged in expanding their geographical reach to earn more profits. Further, many mobile applications are also being developed by these players to provide enhanced services to their premium and regular customers.
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Further key findings from the report suggest:
• The of-airport application segment dominated the market in 2018.
• Canada is anticipated to witness growth with CAGR of around 5.0% across the North America market.
• The U.S. held the largest share across the North America MUV rental market in 2018.
• The key players in this market are Budget Rent A Car System; Sixt SE; Alamo; and Airport Van Rental.
Million Insights 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)
• On-airport
• Off-airport
North America MUV Rental MUV Type Outlook (Revenue, USD Million, 2015 – 2025)
• Passenger Vehicles
• Cargo Vehicles
North America MUV Rental Country Outlook (Revenue, USD Million, 2015 – 2025)
• U.S.
• Canada
• Mexico
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