Latest News- Multi Utility Vehicle (MUV) Rental Market: Passenger vehicles is expected to lead the Type segment during 2024-2028

The Multi Utility Vehicle (MUV) Rental Market is being driven by Growth of travel and tourism industry

The Multi Utility Vehicle (MUV) Rental Market is expected to grow at a CAGR of 23.59% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 14126.2 million. In the burgeoning Multi-Utility Vehicle (MUV) rental market, operators are leveraging technology to enhance customer convenience and tap into expansive customer bases. Streamlined membership processes enable prompt car availability. The pervasive use of the Internet and the subsequent proliferation of smartphone users serve as primary catalysts for this technological reliance. Presently, most MUV rental companies heavily rely on mobile applications and online platforms for conducting business. These digital mediums facilitate fare information, discount coupons, promotional deals, real-time vehicle availability, and live tracking details. Moreover, MUV rental providers extensively utilize smartphones for advertising purposes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Passenger vehicles
  • Cargo vehicles
• Application
  • Leisure
  • Commercial
• Geography
  • North America
    • US
  • Europe
    • Germany
    • France
    • Italy
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of travel and tourism industry
• Increase in vehicle ownership costs
• Easy availability of MUV rental

However, the market also witnesses some limitations, which are as follows:

• Rising number of car-sharing services
• Increasing preference for rental sports utility vehicle (SUV)
• Limited customer awareness about MUV rentals

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Market Scope in Multi Utility Vehicle (MUV) Rental Market Research Report

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Research Analysis Overview

The Multi Utility Vehicle (MUV) Rental Market utilizes advanced technologies such as fleet tracking software, rental software, and booking engines to streamline operations. Maintenance software, customer portals, and mobile apps enable real-time monitoring and communication. Reporting modules and data visualization tools provide valuable insights for risk and compliance management, regulatory reporting, pricing optimization, and demand forecasting. Key performance indicators like revenue maximization, customer retention, and cost reduction strategies are essential for profitability analysis and operational improvements. Additionally, features like driver safety, vehicle inspection, fuel efficiency, and performance indicators enhance the customer experience and user experience. Service level agreements, contract management, payment processing, account management, and support ticketing systems ensure seamless business operations. Vehicle and driver scheduling further optimize fleet utilization and efficiency.

Market Research Overview

The global MUV rental market is a significant segment of the larger passenger ground transportation industry, encompassing businesses providing multi-utility vehicle rentals, fleet management services, rental booking systems, customer relationship management, vehicle maintenance scheduling, and insurance integration. According to Technavio's market analysis, the passenger ground transportation market size is determined by the consolidated revenue of companies operating in the passenger land transportation sector, which includes vehicle rental, leasing, ridesharing, on-demand ride-sharing platforms, and other passenger logistics. Factors driving market growth include the increase in disposable income and the proliferation of self-driving car rentals, revolutionizing travel options for consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/