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North America MUV Rental Market Size, 2019-2025 | Industry Report

North America MUV Rental Market Analysis Report By Application, By MUV Type, By Country And Segment Forecasts From 2019 To 2025

Report ID: MN17619909  |  Published: July 2020  |  No of Pages: 66
Format: Electronic (PDF)  |  Industry: Automotive and Parts  |  Publisher: Grand View Research

Industry Insights

The North America MUV rental market size was valued at USD 5.86 billion in 2018. It is projected to witness 4.0% CAGR during the forecasted period, 2019 to 2025. This can be attributed to the increasing need for MUVs for daily commute coupled with the rising need for traveling for leisure and business purposes. Further, features like preference over vehicle selection and mobility freedom are expected to fuel up the market growth in the upcoming years.

The number of trips for business is surpassing leisure trips which are driving the MUV rental market across North America. The major players providing such services have started offering packages, premium services, and discounts to their frequent customers. Also, the rising presence of aggregator platforms to compare vehicle rents based on vehicle models, features and rental plans for the exact selection of vehicles is anticipated to boost the market growth.

U.S. MUV rental market

The business for passenger van renting is gaining traction across North America. The key players in this market are focusing to offer better services and to widen their geographical reach. They have also started implementing several technologies to train their employees, enhance customer support, and to promote sales & marketing activities.

The new entrants across this market are focusing to maximize their vehicle usage. In the days of decreased demand, they lower the rental fares or reduce the fleet size which can stimulate the demand. They have also started renting vehicles for a longer duration to gain more profit and reduce the vehicle's downtime. These factors are anticipated to propel the demand for MUV rental during the forecasted years, 2019 to 2025.

Application Insights

The North America MUV rental market can be categorized into off-airport and on-airport based on application. In 2018, the of-airport application segment held the largest share and is projected to continue its dominance in the upcoming years. This can be associated with the increasing trend prevailing among the working population to rent vehicles for the daily commute. Moreover, the surging number of business travelers across the globe requiring cars or vans on the rental basis is anticipated to drive the growth of this segment.

The on-airport application segment is also projected to register considerable growth from 2019 to 2025. This can be attributed to the surging number of air travelers, reduced carrier costs and enhanced living standards prevailing among the masses. Several major players are establishing their offices near major airports to cater to the increasing passenger demands.

MUV Type Insights

The market can be segmented into cargo vehicles and passenger vehicles based on MUV type. In 2018, the segment of passenger vehicles dominated the market. It is also projected to continue its dominance from 2019 to 2025. The surging number of online bookings coupled with hassle-free and instant pickup services provided by the service providers is anticipated to drive the demand.

Enhanced customer services like online check-in, loyalty programs, and self-service kiosk are projected to optimize the booking procedure. A shifting trend towards usage of car renting through online mode is prevailing across the millennial population. For the exact selection of MUVs, majority of the players have started providing information about the vehicle fleets on the mobile apps. These facilities promote the usage of car rental services across North America.

Country Insights

In 2018, the U.S. held the largest share across the North American market. It is also anticipated to continue its dominance from 2019 to 2025. This growth can be attributed to the rising tourism industry and increase in movement of cargo across the U.S. Further, surging disposable income prevailing among the millennial population across the country is anticipated to drive the market demand for MUV rental in the upcoming years.

North America MUV rental market

Canada is projected to register considerable growth with 5.0% CAGR in the upcoming years. This can be associated with features like the rising number of international air travelers, lower unemployment rates, and an increase in per capita income among the working population.

North America MUV Rental Market Share Insights

The key players in the market are Sixt SE; Alamo; Budget Rent A Car System; and Dollar Rent A Car, Inc. These players are constantly engaged in expansion of geographical reach and fleet size of their vehicles to enhance their margins of profits. Further, they have also started developing mobile applications to provide instant and hassle-free service to their customers. For example, a subsidiary of Enterprise Holdings, Inc. named Alamo had launched a smartphone app in September 2018. Similarly, Sixt SE had launched its mobile application in 2019, to provide users with many services like car-sharing, car renting, and cab-hailing.

These players are also engaged in implementing strategies like collaborations and partnerships for gaining competitive advantage over other players. For instance, Fetch Truck Rental had partnered with Budget Truck Rental, LLC in 2019 for providing cargo vans, box trucks and pickup trucks on a rental basis.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Country Scope

U.S., Canada, and Mexico

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at the regional, and country levels and provides an analysis of the latest industry trends from 2015 to 2025 in each of the sub segments. For the purpose of this study, Million Insights has segmented the North America MUV rental market on the basis of application, MUV type, and country:

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • On-airport
    • Off-airport

• MUV Type Outlook (Revenue, USD Million, 2015 - 2025)
    • Passenger Vehicles
    • Cargo Vehicles

• Country Outlook (Revenue, USD Million, 2015 - 2025)
    • U.S.
    • Canada
    • Mexico

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